Iran reopens Hormuz as oil plunges 10%

Google is negotiating omnibus agreements with Blackstone, KKR, and EQT to distribute AI models across their portfolio companies, turning private equity into the most powerful distribution channel for enterprise AI. The deals would standardise access to Gemini and other Google models across hundreds of mid-market companies, bypassing traditional enterprise sales cycles. Blackstone launched a dedicated AI division while Anthropic closed a $1.5 billion joint venture with PE partners to provide competing AI tooling. With Blackstone and KKR managing over $2 trillion combined, these partnerships could determine which AI models become the default for middle America's businesses.

Meta is developing a consumer AI agent codenamed 'Hatch' based on its internal OpenClaw system, slated for testing by June 2025 as Zuckerberg pushes for products that justify the company's $40 billion annual AI spending. A separate agentic shopping tool targets Instagram integration for launch later this year, potentially transforming the platform's $100 billion-plus commerce ecosystem. The moves position Meta's 3 billion users as the testing ground for autonomous AI agents that could book travel, make purchases, or manage workflows without human intervention. Hatch could become the first mainstream consumer agent if Meta's scale advantage translates to adoption.

OpenAI president Greg Brockman told a San Francisco federal court that Elon Musk demanded 62.5% control of the company in 2017, prompting a confrontation where Brockman feared physical attack. The testimony came during Musk's $157 billion lawsuit seeking to unwind OpenAI's for-profit structure, with Brockman describing Musk's anger after the board rejected his control bid. Text messages showed Musk threatening that Brockman and Sam Altman would become 'the most hated men in America' if settlement talks failed. The case exposes the power struggle that split Silicon Valley's most influential AI founders just as the technology reaches commercial scale.

Coinbase terminated software engineer Austin Starks for developing NexusTrade, an AI trading platform, despite Starks claiming full disclosure during his hiring process and no work-hour violations. The firing came one week after Coinbase suspended Starks on March 25, coinciding with the company's December 2025 launch of a competing 'Coinbase Advisor' AI product. CEO Brian Armstrong cited 'missed learnings' on hiring as the company plans to cut 14% of staff amid AI-driven efficiency pushes. The case highlights Silicon Valley's growing tensions around employee side projects as companies race to build AI products while punishing internal competition.

Regal Partners reported funds under management surpassing A$20 billion as of September 2025, driven by A$723 million in quarterly net inflows into inflation-sensitive strategies including royalties and tactical opportunities funds. The alternative investment manager's hedge funds reached A$9.9 billion with A$316 million in new client money as institutions seek protection against persistent price pressures. Recent acquisitions of Merricks Capital and Ark Capital Partners expand the platform into commercial real estate debt and hotel opportunities, positioning Regal to capture more of Australia's A$1.3 trillion superannuation pool. Growth accelerated despite leadership changes at VGI Partners following A$17.6 million losses.

Atlas Arteria's board is evaluating an unsolicited A$4.75 per share takeover offer from largest shareholder IFM Investors, which rises to A$5.10 if IFM exceeds 45% ownership before closing. The Australian toll road operator trades at A$4.32 pre-bid, making the 10% premium modest for assets including France's 4,400km APRR network and Sydney's WestConnex holdings. IFM already owns 35% of the company but faces complex conditions requiring French regulatory consent and third-party approvals that analysts flag as potentially difficult to satisfy. The hostile approach tests infrastructure valuations after toll revenues struggled with post-COVID traffic patterns and rising interest rates compressed asset multiples.

Major PE firms used the Milken Institute conference to position AI as the solution to overvalued software investments made during the 2020-2022 remote-work boom, with Ares, Blackstone, and Blue Owl deploying proprietary scorecards to reassure investors about portfolio protection. Private credit firms face concentrated exposure to PE-backed software companies just as AI threatens to cannibalise their revenue streams, triggering redemption pressure at retail-focused business development companies. IBM's $4.5 billion in productivity gains from AI across 400 workflows serves as the proof-of-concept PE firms cite for portfolio-wide deployment. The narrative masks deeper anxiety about whether AI will enhance software company value or destroy it entirely.

Vice President JD Vance made his first Iowa trip as VP, defending economic policies amid reports of a sputtering economy while positioning for the 2028 Republican nomination race. Iowa Republicans tell Vance his presidential hopes hinge entirely on Trump's success, echoing concerns about the 'Kamala Harris problem' that saw her 107-day campaign fail after skipping primaries and struggling with economic messaging. Harris raised record $1.4 billion but lost key areas, including 35,000 fewer votes in Philadelphia than Biden managed in 2020. Vance faces the vice-presidential curse: inheriting Trump's base while needing independent political gravity to survive potential policy failures or Trump fatigue by 2028.

Business leaders embrace a minimalist framework: identify your three most important tasks, three things that make no sense, and three areas where AI could 10x your output.