🗞Weekly Digest by PBC - Keeping you in the loop on what matters.

🤖 AI: OpenAI files for IPO — targeting $1 trillion valuation
On May 22, OpenAI confidentially filed its S-1 with the SEC. Target valuation: $852B–$1T. Goldman Sachs, Morgan Stanley, and JPMorgan are leading the deal. Public listing targeted for Q4 2026, possibly September. The company loses $1.22 for every $1 of revenue — but is growing at $25B annualized run rate.
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⚖️ Law: Musk loses OpenAI trial — jury dismisses all claims in under 2 hours
On May 18, a federal jury in Oakland unanimously rejected all of Musk's claims against OpenAI and Sam Altman. Reason: statute of limitations — he waited too long to sue. The verdict never reached the merits of the case. Musk attacked the judge on X after the verdict. OpenAI's attorney called it "a hypocritical attempt to sabotage a competitor."
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🚀 Startups: SpaceX files S-1 — the biggest IPO in history
SpaceX filed its public S-1 on May 20, targeting $1.75T valuation and raising up to $75B. Roadshow starts June 8, pricing June 18–30 on Nasdaq. Starlink hit 10M subscribers and $10B+ revenue. But xAI merger turned a profitable company into a loss-maker — $4.3B net loss in Q1 2026 alone. Retail investors get same IPO price as institutions.
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💻 Tech: Samsung's 45,000 workers strike over AI bonus gap
Samsung's largest union launched an 18-day strike. Memory chip workers get bonuses up to 607% of salary — logic chip workers get 50–100%. The AI boom made memory hugely profitable; foundry division is still losing. Analysts warn of $14–21B operating profit at risk.
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🇬🇪 Local: Georgian cuisine is having a global moment
Georgia welcomed 5.5M tourists in 2025 — up 8.4% year-over-year. The driver isn't just scenery anymore: food. Tbilisi's restaurant scene is redefining the country's tourism identity, with Georgian cuisine increasingly drawing visitors as a destination in its own right. Borjomi's parent holding reported record $704M revenue in 2025. Seventeen new hotels opened last year, with 300+ more planned by 2028.
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