MORNING NEWS

Siegfried, a leading global Contract Development and Manufacturing Organization (CDMO) for the pharmaceutical industry headquartered in Zofingen, Switzerland, today inaugurates its new large-scale production facility for API manufacturing in Minden, Germany. The facility adds 100 m³ of reactor capacity and strengthens Siegfried's position as one of the leading global CDMOs for small molecule drug substances.

Shares in SpaceX soared 19% Friday as Elon Musk’s rocket maker pulled off the largest initial public offering ever and one of the smoothest in recent history. The company, valued at $1.77 trillion when it sold $75 billion worth of shares a day earlier, ended its first day of trading with a market value of around $2.2 trillion, putting it ahead of Broadcom and Tesla to make it the sixth-most valuable public company in the U.S. The offering handed longstanding SpaceX investors and employees billions in collective gains and turned Musk into the world’s first trillionaire.

ORCL reported higher profit as surging revenue from it cloud infrastructure business more than offset a decline in its software during the fourth quarter. The cloud-computing and software company on Wednesday reported a 47% increase in its cloud revenue, to $9.9 billion, which includes a 93% increase in cloud-infrastructure revenue. Growth in the company’s Oracle Cloud Infrastructure business reflects continuing strong demand for artificial-intelligence computing workloads, co-Chief Executive Officer Clay Magouyrk said on an analyst call. “AI infrastructure makes the existing cloud infrastructure market look small. Everything we see shows this market size is trillions of dollars per year,” Magouyrk said.

OpenAI, which kick-started the artificial-intelligence boom with the 2022 release of ChatGPT, is officially preparing to stage an initial public offering that will test investor appetite for AI companies. The company led by Sam Altman confidentially filed IPO paperwork with the Securities and Exchange Commission, the startup said in a written statement. The filing sets up the company to potentially go public as soon as this fall, though OpenAI said it hasn’t yet decided on timing.

Campbell’s said weak demand for snacks continued to pressure sales in the latest quarter, but the company is seeing some signs of progress in efforts to connect with consumers. Chief Executive Mick Beekhuizen said snacks consumption was soft in the quarter due to efforts to stabilize fresh bakery operations, including work to improve availability and customer fill rates. Beekhuizen also cited weak demand for salty snacks like chips and pretzels. “I recognize that our performance remains well below expectations,” Beekhuizen said during a call with analysts.

Google has agreed to rent data-center capacity from SpaceX, expanding the rocket company’s artificial-intelligence business ahead of its initial public offering. Google will pay SpaceX $920 million a month from October 2026 to June 2029 in a deal that includes the computing capacity of at least 110,000 Nvidia NVDA chips, according to a SpaceX securities filing on Friday. The deal will ramp up over the summer, and Google has the right to cancel the agreement in October if SpaceX doesn’t provide the promised chips, SpaceX said. Either party can cancel the agreement starting next year with 90 days’ notice. This is the second major deal SpaceX has made in recent months to rent out computing capacity to a competitor.

Lululemon cut its outlook for the year, citing fresh challenges, including a spike in negative commentary around the brand and a lackluster response to new products. The headwinds derailed what the athleisure company said were some budding signs of positive traction in the fiscal first quarter as it worked to improve results in North America, its largest market.

Broadcom declined late Wednesday as guidance failed to impress, overshadowing the semiconductor company’s better-than-expected results. For the fiscal second quarter, Broadcom notched record quarterly earnings and revenue, amid supercharged growth in its artificial intelligence chip business. Still, Broadcom shares were down 6.1% in after-hours trading after ending Wednesday’s regular session down 0.5% to $479.23. Broadcom reported adjusted earnings of $2.44 a share for the quarter ended May 3, compared with $1.58 a share a year ago and above Wall Street’s expectation of $2.40 a share. Revenue grew 48% to $22.19 billion, edging by the analyst consensus call for $22.13 billion, according to FactSet.

Palo Alto Networks reported higher revenue in the third quarter and lifted its outlook as customers continued to beef up their cybersecurity in the face of heightened threats from artificial-intelligence models. Chief Executive Officer Nikesh Arora said the results should demonstrate that fears of a so-called “SaaS-Pocalypse,” in which AI-native firms will come to displace legacy software incumbents, are misplaced as applied to the cybersecurity industry. “Actually, the capabilities of these models, especially in the cyber space, are causing a renewed interest from our customers to go ahead and deploy much more modern solutions, acting more as a tailwind to the cybersecurity industry as opposed to the death of the cybersecurity industry,” Arora said in an interview.

Anthropic, the artificial intelligence lab recently valued at nearly $1 trillion, said Monday it has filed confidentially for an initial public offering, setting up a blockbuster year for IPOs. The filing could put the company behind the Claude AI model on a path to go public this fall. Elon Musk’s SpaceX is preparing to stage what is likely to be the largest IPO ever next week. The Wall Street Journal reported last month that Anthropic’s chief rival, OpenAI, was preparing to submit its own IPO filing imminently.