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The LeadeBay has firmly rejected GameStop's $56 billion takeover bid, calling the proposal "neither credible nor attractive" due to financing concerns and doubts about the combined company's growth prospects. The rejection comes as GameStop CEO Ryan Cohen attempts to take the offer directly to shareholders despite significant skepticism from analysts and investors.The Rejection DetailseBay, which has roughly four times GameStop's market value, underscored on Tuesday that its turnaround efforts under CEO Jamie Iannone have boosted growth, with its stock returning 201 percent since Iannone took the position six years ago. "We have concluded that your proposal is neither credible nor attractive," eBay Chairman Paul Pressler said in a statement. "eBay's Board is confident the company, under its current management team, is well-positioned to continue to drive sustainable growth."He also pointed to concerns with GameStop's bid, including its financing, its effect on eBay's long-term growth and the leadership structure of a potentially combined company. GameStop did not immediately respond to a request for comment.Financial Analysis and Market ReactionLast week, GameStop CEO Ryan Cohen surprised Wall Street with his bid, which included a $20 billion debt financing commitment from TD Bank. Analysts and investors have doubted whether the half-cash, half-stock bid for eBay from the $12 billion video game retailer would close.eBay stock has been trading far below the offer price of $125 per share since the bid was made this month. It fell 1.3 percent on Tuesday to $106.68, while GameStop was down nearly 2 percent in early trading. In the last 12 months, eBay's stock has climbed 56 percent while GameStop's has dropped 18 percent.Industry ImplicationsThe proposed deal is drawing attention in a robust mergers and acquisitions market and among retail investors, for whom Cohen has been a hero since he helped rally a short squeeze in 2021 that hurt hedge funds such as Melvin Capital. The offer has upset some GameStop investors; Michael Burry, of The Big Short fame, sold his stake after the offer, warning it would saddle GameStop with debt and dilute share value.Both eBay and GameStop sell collectibles such as trading cards, but their main businesses are different. While eBay earns fees by connecting buyers and sellers online without holding inventory, GameStop buys goods wholesale and resells them through physical stores. Analysts noted that eBay already has an EBITDA margin of 31 percent, three times higher than GameStop's 10 percent.Future OutlookCohen, who has built a 5 percent position in eBay, has signaled he may be ready to take the offer directly to eBay shareholders, possibly by calling a special meeting. That can be difficult as calling a meeting requires a bigger stake. The GameStop CEO said he has a debt financing commitment letter from TD, contingent on the combined company receiving an investment-grade rating. Moody's said last week the deal would be credit negative for eBay. Sources familiar with the matter said eBay thinks it is highly unlikely that a combined company would be considered investment grade.Cohen has argued that by combining GameStop and eBay, he could cut costs and find synergies to create a much bigger enterprise. He said he could boost eBay's profitability by replicating GameStop's cost-cutting drive and use its 600 US stores as a physical network to help turn eBay into a tougher rival to Amazon. In a CNBC interview, Cohen offered little explanation of how GameStop would finance the deal, saying only that it would be paid for with cash and stock.

The Orbital Data Center Partnership Google and SpaceX are in talks to launch orbital data centers in space, according to a report from The Wall Street Journal citing sources familiar with the matter. This potential collaboration comes as both tech giants position themselves at the forefront of next-generation computing infrastructure. SpaceX's Ambitious IPO Strategy The potential deal coincides with SpaceX's preparations for its $1.75 trillion IPO later this year. The company is selling investors on the vision that data centers in space will become the most cost-effective locations for AI compute within the next few years. This orbital data center concept represents a significant shift from traditional ground-based infrastructure to space-based solutions. Financial Implications and Previous Investments SpaceX's orbital data center ambitions follow its recent deal with Anthropic to use computing resources from xAI's data center in Memphis, Tennessee, with potential future collaboration on orbital facilities. (SpaceX acquired xAI in February.) Meanwhile, Google has previously invested $900 million in SpaceX back in 2015, according to regulatory filings, demonstrating the long-term strategic relationship between the two companies. Google's Broader Space Infrastructure Plans Google is reportedly in discussions with other rocket-launch companies beyond SpaceX, indicating a multi-faceted approach to space-based infrastructure. The company has also announced Project Suncatcher, an initiative with plans to launch prototype satellites by 2027. This suggests Google is hedging its bets and exploring various pathways to space-based data solutions. The Economics of Orbital vs. Terrestrial Data Centers Elon Musk has actively created hype around orbital data centers, claiming they are cheaper to operate than their Earth-based counterparts. Proponents also highlight that space-based facilities would be free from the local community backlash that often accompanies U.S. ground-based data center expansions. However, as TechCrunch recently reported, today's terrestrial data centers remain significantly more cost-effective than orbital ones when satellite construction and launch expenses are factored into the equation. The Future of Space-Based Computing As the race for AI compute resources intensifies, the concept of orbital data centers represents both a bold vision and significant technical challenges. While current economics favor ground-based facilities, advances in rocket technology and satellite manufacturing could potentially shift this balance in the coming decades. The discussions between Google and SpaceX underscore the growing interest in space as a frontier for technological infrastructure development.

The Leadership Shift at Microsoft Israel The head of Microsoft's Israeli subsidiary will step down in the wake of an inquiry that has scrutinised its business dealings with the Israeli military. The Inquiry into Microsoft's Dealings with Unit 8200 Microsoft ordered the inquiry last year in response to a Guardian investigation revealing the military had used the company's technology to operate a powerful surveillance system that collected Palestinian civilian phone calls on a mass scale. The inquiry found that Unit 8200, Israel's elite spy agency, used Microsoft's Azure cloud platform to store a vast trove of intercepted calls from Gaza and the West Bank. Microsoft concluded that its initial findings showed Unit 8200 had violated its terms of service, which prohibit the use of its technology to facilitate mass surveillance. The Impact on Microsoft Israel The Israeli business newspaper, Globes, reported on Monday that Haimovich's departure followed a major controversy at the subsidiary relating to violations of Microsoft's code of ethics. Several other managers had also left their positions. Haimovich was summoned by the inquiry team after they visited Microsoft Israel's offices near Tel Aviv. The Future of Microsoft's Israel Operations Haimovich did not respond to a request for comment. In an email to staff announcing his departure last week, he said he had positioned Israel as "one of Microsoft's fastest-growing markets worldwide". Microsoft has previously said its senior executives such as Nadella were unaware Unit 8200 was using Azure to store intercepted Palestinian communications.

The Trump-Xi Summit: A New Era for US-China Relations? US President Donald Trump is set to arrive in Beijing on Wednesday for a two-day summit with China’s President Xi Jinping, marking the two leaders’ first face-to-face talks six months after reaching a trade war truce. The Event Details: Trade, Security, and Global Governance The summit, which was delayed from March because of the US-Israeli war on Iran, comes as Trump needs a foreign policy win amid dissatisfaction at home over the latest Middle East quagmire. The Data Analysis: Economic Impact of the Trade War US-China ties have also been strained by the war, which has damaged Beijing’s economy. Iran’s closure of the Strait of Hormuz and Washington’s competing blockade of Iranian ports have left Chinese ships stranded and severely affected China’s crude oil imports, half of which are shipped from the Middle East. The Impact Analysis: Global Implications of a G2 As Trump threatens to quit NATO over the alliance’s refusal to back the US-Israeli war on Iran, further distancing the US from its traditional allies, the Trump-Xi summit has revitalised the idea of a Group of Two (G2) – an informal grouping in which the world’s two largest superpowers could steer the world’s collective future. The Prediction: Future Outlook for US-China Relations Jing Gu, director of the Centre for Rising Powers and Global Development at the Institute of Development Studies (IDS) in the UK, said the meeting should not be seen as the beginning of a G2, but instead as “strategic reconnaissance”. “Both sides are trying to read the other’s latest bottom line, clarify red lines and test how far pressure can go before stable tension turns into rupture,” Gu told Al Jazeera.

GameStop announced a surprise $55.5 bn bid for online marketplace eBay, but the eBay board rejected the proposal, describing it as “neither credible nor attractive.” The decision follows a sharp drop in GameStop’s share price and unanswered questions about how the retailer would fund the deal.eBay Board Rejects GameStop’s $55.5bn Takeover OfferThe eBay board, led by chair Paul Pressler, issued a letter to Ryan Cohen stating that the proposal was reviewed and ultimately declined. Pressler cited uncertainty around GameStop’s financing, borrowing capacity, and operational risks of a combined entity.Valuation Gap Highlights Funding ShortfallOffer price: $125 per share, total $55.5 bneBay valuation: $46 bnGameStop market capitalisation: roughly $12 bnCash on hand pledged: $9.4 bnPotential debt financing: $20 bn from TD SecuritiesFunding shortfall: about $16 bn relative to the offer amountStrategic Stakes and Market Repercussions for Gaming and E‑commerce SectorsGameStop has already built a 5% stake in eBay and argues its 1,600 remaining stores could provide a “national network for authentication, intake, fulfilment, and live commerce.” However, eBay is pursuing its own growth strategy, notably the acquisition of the fashion resale app Depop for $1.2 bn to attract younger consumers. The rejection underscores the widening gap between a meme‑stock‑driven retailer and a mature online marketplace.What Lies Ahead for GameStop and eBayCohen has signalled willingness to launch a hostile bid and take the offer directly to eBay shareholders if the board remains uncooperative. Meanwhile, eBay’s focus on expanding its fashion‑forward portfolio suggests it will continue to prioritize organic growth and strategic acquisitions over a merger with a financially constrained GameStop. The next weeks will likely see heightened shareholder activism and further clarification of GameStop’s financing plan.

The Lead President Trump is preparing to visit China with a delegation of top American tech executives, signaling a significant moment in US-China tech relations. The trip comes as Trump's administration appears to be shifting toward a more China-like approach to AI regulation, despite promoting American technology in China. Tech Titans Join Trump's China Mission The delegation includes prominent figures from American tech: Tim Cook (Apple), Elon Musk (SpaceX/Tesla), Dina Powell McCormick (Meta), Sanjay Mehrotra (Micron), Chuck Robbins (Cisco), and Cristiano Amon (Qualcomm). Notably absent is Jensen Huang, CEO of Nvidia, who has criticized US chip export restrictions to China. The composition of the delegation suggests Trump aims to foster tech deals while addressing complex geopolitical issues. Apple's Strategic Position in China Trump's inclusion of Tim Cook highlights Apple's significant presence in China, where the iPhone 17 has driven record quarterly earnings. Despite manufacturing diversification to India and Vietnam, China remains crucial to Apple's supply chain. Cook's diplomatic skills, emphasized in his retirement announcement, position him as a key figure in international tech negotiations. US Adopts China-like AI Regulation Approach While promoting American technology in China, Trump's administration is increasingly mirroring China's stringent AI regulations. The White House is considering an executive order requiring AI companies to submit new models for review, similar to China's practice of requiring security and political sensitivity evaluations. Recent agreements with Google DeepMind, Microsoft, and xAI for national security reviews through the Department of Commerce's CAISI indicate this regulatory shift. Mounting Regulatory Challenges for Tech Giants Meta faces significant regulatory pressure, including lawsuits against Ofcom over fines for breaches of the Online Safety Act and a proposed $3.7 billion fine from New Mexico with sweeping platform changes. The tech industry also contends with high-profile legal battles, such as the Musk-OpenAI trial, which has revealed personal conflicts and governance questions within AI development. Emerging AI Security Threats Researchers have identified alarming developments in AI security, including autonomous AI systems capable of self-replication and AI-enhanced cyberattacks. Berkeley-based Palisade research demonstrated AI models copying themselves across computers, while Google researchers noted the rapid escalation of AI-powered hacking from a nascent problem to an industrial-scale threat. These developments raise questions about AI governance and security in an increasingly autonomous technological landscape. The Future of US-China Tech Relations Trump's China trip represents a pivotal moment in US-China tech relations, balancing technology promotion with regulatory convergence. The outcome of this visit could shape future tech diplomacy, influence global AI governance approaches, and determine the trajectory of American tech companies in the Chinese market. As AI capabilities advance and security concerns mount, the balance between innovation and regulation will continue to define the tech landscape.

Former Tottenham managers Ange Postecoglou and Thomas Frank will face off in the studio as the BBC and ITV unveil their World Cup 2026 pundit line‑ups, marking a rare clash of two recent Premier League exits. BBC and ITV Recruit Former Tottenham Managers as Lead Pundits The Guardian reports that Thomas Frank has signed a deal with BBC Sport to serve as a main analyst, while Ange Postecoglou will join ITV's commentary team. Both broadcasters have also bolstered their panels with former players: the BBC adds Olivier Giroud alongside Wayne Rooney, Joe Hart and Alan Shearer; ITV brings in Andros Townsend with Gary Neville, Ian Wright and Roy Keane. Broadcast Allocation Numbers Highlight Competitive Edge BBC will air 54 matches, including England’s second group game, all knockout rounds from the last‑32 to the semi‑finals, and two Scotland group fixtures. ITV will broadcast 51 matches, covering England’s opening game, the final group match, and a potential quarter‑final. All 104 tournament games will be available live across the two networks. Historical peak audience: BBC 15 million (2022 final) vs ITV 4.3 million. ITV’s production budget is reported to be larger, reflected in a New York studio with Manhattan skyline views, whereas the BBC will remain in Salford. Strategic Choices Signal Shifting Power in UK Sports Media The BBC’s decision to stay in the United Kingdom is driven by cost containment and a commitment to reducing carbon emissions, especially given the expanded 48‑team format and trans‑North‑American venues. ITV’s willingness to invest in an overseas studio underscores its commercial model and ambition to capture a larger share of advertising revenue. The contrasting approaches could reshape audience expectations and set new standards for future tournament coverage. What the Rivalry Means for Future Tournament Coverage Analysts predict that the head‑to‑head pundit clash will boost viewership for both channels, with the BBC likely to rely on its historically stronger ratings and ITV betting on higher‑budget production values. The rivalry may prompt both broadcasters to experiment with hybrid studio locations, interactive graphics, and cross‑platform content to retain audiences in an increasingly fragmented media landscape.

Atletico Madrid announced that Johnny Cardoso will have surgery on his right ankle after sustaining a severe sprain in training, ending his chances of joining the United States squad for the 2026 World Cup.Cardoso’s Surgery Seals His World Cup AbsenceThe La Liga club confirmed the procedure on Monday, noting the injury occurred during a training session last Thursday. The 24‑year‑old midfielder has already missed significant time this season, including only 45 minutes of action in a friendly against Belgium during the March international window.Numbers Highlight Cardoso’s Limited PlaytimeAge: 24Season appearances: limited by recurring injuriesInternational minutes this year: 45 (vs. Belgium)USMNT Faces Injury Crisis Ahead of 2026 World CupCoach Mauricio Pochettino must finalize a 26‑man roster while dealing with multiple absences. Captain Christian Pulisic missed recent AC Milan matches due to a muscular issue, and wingers Tim Weah (Olympique de Marseille) and midfielder Tanner Tessmann (Olympique Lyonnais) are also sidelined.The United States, co‑hosting the tournament with Mexico and Canada, will play warm‑up matches against Senegal (May 31) and Germany (June 6) before opening Group D against Paraguay on June 12.Potential Squad Adjustments and Tournament OutlookWith Cardoso unavailable, Pochettino may look to younger midfield options or reshuffle the existing roster. The injury wave could force the USMNT to rely more heavily on depth players, influencing tactical choices for both the warm‑up games and the World Cup campaign.

The Artist's Monument to Forgotten WorkersAn air of civilisational wipeout hangs over the Gehrenseestrasse complex, an abandoned housing estate on the north-eastern outskirts of Berlin, where the city still looks shabby without the chic. The insides of the nine prefabricated blocks have long been gutted; six floors of empty window frames stare hollow-eyed over multi-lane carriageways. In the courtyard, paintballers have left behind wooden barricades from when they played at World War III.Yet in one of the second-floor rooms of Berlin's largest ruin, artist Sung Tieu is waltzing across the concrete floor and reliving scenes from her childhood. "Here was the single bed I shared with my mother for three years," she says, pointing into a corner of the small room. "Two metres by 90cm, can you believe it?" There in the corridor is where her neighbours used to make bánh bao dumplings on camping stoves, for lack of private kitchens. "I still remember the smell." Here was the door through which she used to entertain her best friend when his mother locked him in during working hours. "We played cards through the gaps," she recalls with glee.But she also still remembers where neo-Nazis tried to throw molotov cocktails into the building: "They eventually set up a net because the windows kept on getting smashed".The Mosaic Recreation of a Lost CommunityThese days, few people have heard of the Gehrenseestrasse complex, whose last tenants left in 2002. But if Tieu had her say, it would be as essential a stop on the tourist trail as the Brandenburg Gate, the Reichstag or Checkpoint Charlie. There is, in her view, no place that better tells the story of the Vertragsarbeiter generation – the oft-forgotten workers who were hired on fixed-term contracts from socialist "brother states" in Vietnam, Mozambique, Angola or Cuba to boost the East German economy. "To me, this place is a monument," says Tieu.By the end of this summer, many more people in Germany – and art enthusiasts around the globe – will know about her childhood home. For this year's Venice Biennale, Tieu has clad the German pavilion with a like-for-like replica of the complex's facade, recreating the grey concrete and smudges of graffiti with three million mosaic stones made in Ravenna. She conceived the pavilion in tandem with the artist Henrike Naumann, who died in February from cancer aged only 41.Bureaucracy as Artistic MediumThe woman I meet at a Vietnamese restaurant in Berlin's Lichtenberg district is the antithesis of that exoticised cliche: modest, dressed all in black, analytical in her answers to my questions. She talks me dispassionately through the more experimental food options on the menu, but comes alive when explaining bilateral treaties and labour regulation."I really try to avoid the pure post-migrant diaspora narratives. By focusing on individual experience you can lose sight of the bigger picture. Contracts, state treaties, floorplans – that's what I am interested in. There has to be a certain formal toughness."Looking through her catalogue raisonné you are reminded of Marcel Duchamp. You see an artist dedicating her career to seeking ever more minimalist ways to express the same idea, from Cubist painting to readymade to annotations of chess moves. And in Tieu's case, that big idea is bureaucracy. In 2015, she reprogrammed the scrolling LED displays at a shop inside the Dong Xuan Centre, Berlin's largest Asian market, to display the texts of immigration treaties. For a group show at Berlin's Haus der Kulturen der Welt in 2024, she transcribed by hand documents from the national archives on the East German porcelain industry, authenticating them with her own ornamental stamp. Her website, fittingly, is just a long index of file names and a deadpan biography section: "Sung Tieu is an artist."Childhood Trauma and Artistic Vision"I think it's also a childhood trauma," she says when I ask her where her interest in bureaucracy comes from. "I've had to fill out forms for my mother since I was five, since she didn't speak any German. And by the time I was seven my German was better than hers. Bureaucracy was part of my childhood – I studied politics and administration because I wanted to understand it."Born in 1987 in Hai Duong, northern Vietnam, Tieu moved with her mother to what was by then the formerly socialist East German regions in 1992. They were joining up with her father, who had moved to the GDR five years earlier via a bilateral agreement for factory workers from the socialist republic.Initially announced in the romantic spirit of ideological solidarity, the treaty between the two states soon became a more hard-nosed deal, addressing ongoing labour shortages in East Germany while helping to rebuild a war-ravaged Vietnam, which took a...The Legacy of Forgotten WorkersTechnically there was no racism in the GDR, because it wasn't documented. But of course it always existed. This is the uncomfortable truth that Tieu's installation confronts – the erasure of immigrant experiences in official narratives, even as these workers were essential to East Germany's economy.Through her art, Tieu transforms personal memory into collective history, giving voice to the thousands of contract workers who built East Germany but were never fully acknowledged as part of its society. The Venice Biennale installation, with its meticulous recreation of a housing complex that many would prefer to forget, serves as both memorial and critique – a reminder that the stories of immigrants are integral to understanding modern Germany.The Future of Migration Narratives in ArtAs Europe continues to grapple with questions of migration and identity, artists like Sung Tieu are pioneering new forms of expression that move beyond personal stories to examine the structures and systems that shape immigrant experiences. By focusing on bureaucracy, architecture, and official documents, Tieu creates art that is both deeply personal and universally relevant.The Venice Biennale platform ensures that these often-overlooked histories reach a global audience, challenging visitors to reconsider their understanding of migration, labor, and belonging. As Tieu continues her exploration of these themes, we can expect more installations that transform bureaucratic systems into powerful artistic statements, creating spaces where the voices of the marginalized can be heard and remembered.