Private Equity

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SoftBank Founder’s Starstruck Bet on OpenAI Raises Concern

As SoftBank Group Corp. began investing billions of dollars in OpenAI last year, some executives asked Masayoshi Son what would happen in the event — however unlikely — that the ChatGPT developer should fail. Son, who has said he believes Sam Altman is leading this century’s most vital technology shift, dismissed such questions on multiple occasions, often so brusquely that his lieutenants stopped bringing them up, according to people familiar with the conversations.

By Min-Jeong Lee and Mayumi Negishi

Tencent-Backer IDG Capital Sets Sights on $2 Billion Growth Fund

IDG Capital, an investment firm that has backed Tencent Holdings Ltd. and Coinbase Global Inc., is seeking to raise about $2 billion for a growth fund, according to people familiar with the matter.

Cleveland Browns Said to Sell Stake at Valuation Over $9 Billion

The Cleveland Browns said it sold a stake to Arctos Partners, adding to the private equity firm’s investments in NFL teams.

SpaceX Is Planning to Buy Startup Cursor 30 Days After IPO

SpaceX expects to proceed with its acquisition of artificial intelligence coding startup Cursor 30 days after Elon Musk’s company begins trading publicly, according to people familiar with the matter.

Goldman Sachs Is Said to Lead SpaceX’s Mega-IPO Bank Lineup

Goldman Sachs Group Inc. has the leading role on the cover of SpaceX’s initial public offering, according to people familiar with the matter, giving the firm a prominent position in potentially the biggest listing of all time.

Matt Levine’s Money Stuff: Predicting Is the New Public Market

Matt Levine discusses private companies and selling shares to the public, the Anthropic crackdown on trading its shares, the HPS and Citi partnership, the Musk vs. OpenAI kerfuffle, and the new UpsideOnly platform.

Bank Executives’ AI Talk Takes Frightening Turn for Workers

Wall Street leaders’ rhetoric about the impact of artificial intelligence on their firms has taken a dystopian turn.

McDermott Investors Suing Over CB&I Merger Get Subclass Leader

McDermott International Inc. investors who alleged losses from the engineering firm’s 2018 acquisition of Chicago Bridge & Iron Co. received a leader for their proposed subclass.

AI Data Center Borrowing Rapidly Climbs Wall Street’s Risk List

Borrowing tied to the AI data-center boom is quickly climbing Wall Street’s list of potential credit threats, as investors increasingly worry that the breakneck pace of financing could sow the seeds of the next market shock.

Canada’s Wealth Fund Not Aimed at Lowering Taxes, Champagne Says

Canada’s finance minister said the country’s planned sovereign wealth fund will be designed to allow citizens to contribute to major nation-building projects, but isn’t intended to reduce their tax burdens.