Key Events
👉 Jobless claims increase to highest levels since August
Initial claims for unemployment benefits have hit their highest levels since last summer, signaling that the strong labor market is starting to cool down.
Jobless claims increased 22,000 to a seasonally adjusted total of 231,000 for the week ended May 4th.
This data follows the news last week that the economy added the fewest jobs in six months, while job openings dropped to a three-year low in March.
👉 OpenAI preparing to announce Google search competitor
OpenAI plans to unveil its AI powered search product on Monday.
The company’s search platform will be an extension of ChatGPT, enhancing the platform by pulling information directly from the internet and citing sources.
The new product will also compete with startup Perplexity, which is another AI search interface valued at $1B.
👉 Taiwan Semiconductor Manufacturing (TSM) posts strong revenue growth
TSM reported a 60% y/y revenue gain for the month of April, totaling $7.3B. Stock climbed 4.5%.
The world’s largest chip manufacturer is pacing far ahead of revenue estimates for Q2, given continued demand for semiconductors and a revival of the consumer electronics market.
Mergers and Acquisitions
Brightstar Capital Partners acquires global gaming supplier PlayAGS for $1.1B.
Private Equity
Bain Capital acquired a minority stake in Sikich for $250M.
Initial Public Offerings
Silvaco raised $114M in an offering of 6M shares priced at $19.
Venture Capital
Bluejay Therapeutics raised $182M in Series C funding.