Leveraged buyouts thrive on predictability. Video games do not. EA’s $55 billion take-private deal forces one of the most creatively volatile industries to operate under one of the most financially rigid ownership structures.

Johnson & Johnson dropped $14.6 billion on a company whose value rests almost entirely on one psychiatric drug. Caplyta may be a blockbuster, or it may be the most expensive overreach in biotech since 2022. This is a high-risk, high-premium gamble at a moment when Big Pharma can’t afford missteps.

One activist email can now do what used to take a full proxy war: topple a CEO. With record campaigns and the Universal Proxy Card turning every board seat into open combat, corporate governance has become faster, louder, and far more ruthless than ever before.

Alkermes just placed a $2.1 billion bet on sleep with a sleep drug few investors saw coming. Alkermes isn’t just buying Avadel, it’s buying time and maybe the future of mental health medicine.

LVMH’s sharpest sales drop since 2008 is more than a fashion story. Luxury’s downturn has historically foreshadowed recessions, and today it coincides with weakening confidence, asset stress, and slowing global demand.

As Vice Chairman of the Financial Services Committee, Tim Moore helps set the rules for America’s markets. He is also betting millions that those markets, and the small businesses they support, are about to fail.

Elon Musk just paid $17 billion for spectrum licenses, most experts call worthless, 100 times the going rate. On paper, the deal looks insane. Through Washington’s lens, it’s the smartest move SpaceX has ever made.

Beijing can move markets with decrees, but it cannot rewrite the fundamentals dragging the economy down.

The United States has just converted a national security tool into a revenue stream, forcing Nvidia and AMD to surrender 15% of their China chip sales to Washington. What began as a semiconductor export control is now a blueprint for governments to claim stakes in private companies’ earnings.

While everyone piles into AI stocks, the big banks are sandbagging earnings and loading their loan books for the windfall that comes when millions need credit to survive automation.