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Gold Fields is weighing its next move after Northern Star rejected a roughly $27 billion takeover proposal, potentially setting the stage for one of the gold industry’s biggest consolidation battles. One of the biggest takeover battles in global mining may not be finished. Gold Fields is considering its next move after Australia's Northern Star Resources rejected a takeover proposal worth roughly $27.1 billion. A successful combination would create the world's second-largest gold producer, making the potential deal one of the most consequential mining transactions in years. Northern Star shares climbed sharply following the rejection and traded above the implied value of the initial proposal, indicating investors are watching closely for what happens next. Buying gold in the ground Gold Fields is now attempting to build support among Australian investors and could potentially increase the cash component of its proposal. The wider investment story goes beyond the two companies. Strong gold prices have improved balance sheets and cash generation across the sector, giving major miners greater capacity to pursue acquisitions. At the same time, developing a large new mine can require billions of dollars and years of permitting and construction. Buying an established producer provides another route to increasing reserves and production. That combination could encourage further consolidation across the industry. Whether Gold Fields ultimately succeeds or walks away, its pursuit of Northern Star shows how valuable large, established gold assets have become — and how aggressively major miners may be willing to compete for them.

Novartis has struck an RNA licensing agreement with China’s Abogen worth up to $7.8 billion, highlighting Big Pharma’s continued race to secure promising new drug technologies. Novartis is making another major bet on emerging biotechnology. The pharmaceutical giant has agreed to a licensing deal with China’s Abogen that could be worth approximately $7.8 billion, giving Novartis rights to experimental RNA medicines and access to a broader development platform. At the centre of the agreement is ABO2203, an experimental therapy developed using Abogen’s RNA technology. Novartis will receive exclusive rights to the treatment as well as options covering additional medicines developed through the platform. The enormous headline value does not mean $7.8 billion will immediately change hands. Much of the potential payment depends on future development, regulatory and commercial milestones. Big Pharma keeps shopping for innovation For investors, the deal highlights an important pharmaceutical strategy. Developing drugs internally is expensive, slow and uncertain. Large pharmaceutical companies are increasingly using licensing agreements and acquisitions to bring promising technologies into their pipelines before they reach the market. RNA technology remains particularly attractive because of its potential applications across multiple diseases. For Novartis, the agreement adds another potential growth platform without requiring the company to build the technology entirely from scratch. Whether the deal ultimately justifies its multibillion-dollar price tag will depend on the medicines it produces. But the scale of the agreement shows how aggressively Big Pharma is competing for the next generation of biotechnology.

Accelevation’s disappointing Nasdaq debut suggests AI exposure alone may no longer guarantee investor enthusiasm as Wall Street becomes increasingly selective about valuations across the infrastructure boom. Wall Street's enthusiasm for artificial intelligence isn't translating into automatic success for every company attached to the boom. AI infrastructure company Accelevation fell around 2.5% in its Nasdaq debut after its initial public offering was already priced below expectations. The company and existing shareholders raised approximately $540 million at $18 per share, below the previously marketed range of $20 to $24. That is notable because Accelevation operates directly within one of the hottest areas of the AI investment cycle: data-centre infrastructure. AI exposure isn't enough Accelevation's growth has been substantial, revenue increased from less than $3 million in 2021 to almost $448 million in 2025, as spending on computing infrastructure accelerated. Yet investors still pushed back against the valuation originally sought. That could be an important signal for the broader AI trade. For much of the boom, exposure to data centres, chips or computing infrastructure has been enough to attract investor attention. As spending reaches hundreds of billions of dollars, however, markets are increasingly asking harder questions about valuations, margins and returns. The AI infrastructure buildout remains enormous. But Accelevation's muted debut suggests investors may be becoming more selective about how much they are willing to pay to participate in it.

The Pentagon is investing $65 million in Hertha Metals as Washington pushes deeper into critical-minerals processing and the infrastructure needed to rebuild America's rare-earth supply chain. The US government is putting more money directly behind efforts to rebuild America's critical-minerals supply chain. Texas-based Hertha Metals has raised approximately $134 million, including a $65 million equity investment from the Department of Defense, as it prepares to build a new facility producing high-purity iron used in rare-earth magnets. The planned plant is expected to cost roughly $100 million and eventually produce around 10,000 metric tons annually. Washington moves deeper into critical minerals Rare-earth permanent magnets are essential components across advanced technology and defense, including aircraft and missile systems. That has made reducing America's dependence on overseas processing an increasingly important investment theme. The Hertha deal is particularly notable because the Pentagon isn't simply providing a grant. By taking an equity position, the government is directly backing the development of domestic processing capacity. The Department of Energy has separately announced $29.5 million for 17 National Laboratory projects focused on improving domestic mining and critical-minerals technologies. For investors, the trend is becoming clearer. US critical-minerals policy is moving beyond encouraging new mines. Capital is increasingly flowing toward the processing, refining and manufacturing infrastructure required to turn raw materials into strategically important products. This could broaden opportunities well beyond traditional mining companies.

Eli Lilly’s retatrutide delivered weight loss exceeding 25% for more than a third of high-dose patients, potentially strengthening the drugmaker’s position in the next generation of obesity treatments. Eli Lilly's next-generation obesity drug is raising expectations for what weight-loss treatments may eventually achieve. Full Phase 3 data for retatrutide showed that more than one-third of patients receiving the highest dose lost at least 25% of their body weight. The treatment also produced improvements across several cardiovascular risk measures, including triglycerides, non-HDL cholesterol, blood pressure and waist circumference. Lilly plans to seek FDA approval in early 2027. The obesity race is moving forward Retatrutide is particularly important because it targets three hormone receptors — GIP, GLP-1 and glucagon — rather than relying on the approach used by earlier obesity medicines. That could make the drug an important test of what comes after the current generation of blockbuster treatments. For Eli Lilly, the stakes are significant. The company has already established a powerful position in the obesity market, while pharmaceutical competitors are spending heavily to develop rival treatments. If retatrutide reaches the market with compelling efficacy, Lilly could strengthen that position just as competition intensifies. For investors, the obesity market is therefore becoming about more than today's drug sales. The next battle is over which companies can successfully replace their existing blockbusters with even more effective treatments. Retatrutide suggests Lilly intends to remain at the front of that race.

Anthropic’s confidential IPO filing reveals billions in operating losses and significant payments to cloud partners, giving investors a clearer picture of the economics behind one of AI’s fastest-growing companies. Anthropic’s confidential IPO filing is giving investors a rare look inside the economics of one of artificial intelligence’s fastest-growing companies. The Claude developer recorded a net loss of approximately $42 billion, according to details reported by Reuters. Most of that came from financing-related accounting charges, but Anthropic still generated an operating loss of more than $8 billion. For investors, that distinction matters. Anthropic has built enormous commercial momentum, but the filing shows just how expensive competing at the frontier of AI remains. Big Tech takes its cut Anthropic also relies heavily on the cloud companies helping distribute and run its models. Around 16% of revenue generated through cloud partners reportedly flows back to those platforms, highlighting how companies such as Amazon and Google can benefit from AI growth even when customers choose models they did not develop themselves. Meanwhile, Anthropic's seven co-founders would collectively retain 50.1% of voting power following an IPO through a special founder-controlled structure. The numbers provide a useful reality check for the AI trade. Demand for Claude may be growing rapidly, but Anthropic must eventually prove that enormous spending on computing infrastructure can translate into sustainable profits. For public-market investors, that could become one of the defining questions surrounding an eventual Anthropic IPO.

Varda Space has raised $250 million to expand its orbital manufacturing business. Its long-term pharmaceutical opportunity is intriguing, but commercial drug production remains at an early stage and the company is privately held. Varda Space has raised $250 million in a funding round that values the private company at $1.6 billion. The US startup is developing unmanned capsules that can manufacture pharmaceutical products in orbit and return them to Earth. The round brings Varda’s total funding since 2021 to $598 million. It plans to launch two capsules together for the first time on Thursday. Drug manufacturing is the longer-term bet Microgravity may allow some pharmaceutical formulations to be made with properties that are difficult to achieve on Earth. Varda has completed six orbital missions, though one capsule failed to return successfully. Government customers currently make up much of its business. Varda expects commercial pharmaceutical work to account for a growing share over time, but its chief executive says testing a space-made formulation in a human patient is a milestone still expected around the turn of the decade. For investors, the funding shows continued interest in the technology while its pharmaceutical business remains at an early stage. Varda is privately held, so there is no Varda stock available to public-market investors.

Treasury yields are near their highest level since 2007, but US stocks have remained relatively resilient. Today’s inflation report could test that balance by changing expectations for the Federal Reserve’s next move. US Treasury yields have climbed sharply this month, yet stocks have held up better than bonds. On Wednesday morning, the 10-year Treasury yield stood near its highest level since 2007 as investors awaited a closely watched inflation report. Higher yields raise borrowing costs for companies and give investors a more attractive return on bonds. They can also put pressure on the valuations of growth stocks whose expected profits lie further in the future. Inflation is the next test Investors are watching the August personal consumption expenditures report for clues about the Federal Reserve’s next interest rate decision. Expectations for an October rate increase have eased over the past week, leaving markets sensitive to a surprise in the data. Strong corporate earnings and enthusiasm for AI have helped support shares through September’s bond sell-off. For US investors, the question is how long that support can offset higher financing costs if inflation remains elevated. The report could shift rate expectations quickly. It has not been released at the time of writing.

Northern Star has rejected Gold Fields’ $27.1 billion takeover proposal, saying it undervalues the Australian miner. Gold Fields still wants to engage, leaving investors to assess the deal’s potential against its cost. Gold Fields wants to create one of the world’s largest gold miners. Northern Star says its proposed price is too low. The Australian miner has rejected an unsolicited A$38.7 billion ($27.1 billion) offer from Gold Fields. The proposal combined cash with Gold Fields shares and would have created the world’s second-largest gold producer, behind Newmont. Northern Star said the bid undervalued its mines and would leave its shareholders exposed to risks associated with owning Gold Fields stock. The offer’s implied value had also fallen as Gold Fields’ share price declined. Gold Fields argues that joining the companies could create $4 billion to $5 billion in savings and other benefits. It says it wants to continue discussions with Northern Star’s board, but has not committed to a higher offer. Investors now have two questions to weigh. Can Gold Fields make a bid attractive enough to win support? And can Northern Star deliver more value on its own? The market’s initial reaction showed the tension: Northern Star shares rose after the offer became public, while Gold Fields shares fell.

Robinhood is adding weekend stock trading and AI agents as it competes for active investors. The new tools could lift engagement, though their effect on trading activity and revenue remains to be seen. Robinhood wants customers to trade selected US stocks 24 hours a day, seven days a week. The brokerage has also unveiled AI agents that can research markets, develop strategies and place trades on a customer’s behalf. The announcements extend Robinhood’s push to win more active traders. Its shares rose in premarket trading on Wednesday. More reasons to stay on the platform Weekend trading could appeal to customers who want to react to news before Monday’s regular session. AI tools could make Robinhood’s platform more useful to frequent traders and give the company another way to deepen customer engagement. The investor test is whether those features produce sustained activity and revenue. Robinhood says the products are beginning to roll out, with access becoming available to customers over time. Their commercial impact is therefore still unproven. Trading outside regular market hours can also bring different risks for customers, including limited liquidity. How Robinhood manages that experience will matter as it expands access.

Jana Partners wants Fiserv to more than double its planned cost savings and consider Palantir software. Investors will watch whether management adopts the proposals as it works to revive the payments company. Fiserv is under pressure to move faster on its turnaround after losing more than half its market value over the past year. Activist investor Jana Partners wants the payments company to increase its cost savings target from $500 million to $1.25 billion by 2029. Jana has also urged Fiserv to use Palantir’s software to identify technology savings and simplify its operations. The proposals came in a letter viewed by Reuters. They are Jana’s recommendations; Fiserv has not announced the larger savings target or a Palantir partnership. Fiserv’s new chief executive has already said the company is reviewing its businesses and could make further divestments. Jana wants management to set out a more ambitious plan when it reports third-quarter results. The investor case rests on execution. Deeper savings could improve profits if Fiserv can deliver them without disrupting the services its customers rely on. Its next results will show whether management shares Jana’s view of how much more the business can cut.

GM battery supplier Vianode is seeking a partner or buyer to fund its Ontario synthetic graphite plant. The search highlights both the demand for battery materials outside China and the cost of building new supply. Vianode, a supplier of battery materials to General Motors, is seeking a partner to fund its next stage of expansion. The Norwegian company says it is open to a strategic investment, partnership or full takeover. Vianode produces synthetic graphite, a material used in electric vehicle batteries. It is building a plant in Ontario that could eventually supply enough material for approximately 2 million EVs a year, but the project needs additional funding. A supply chain opportunity with a funding challenge China dominates the supply of battery-grade graphite, giving automakers a reason to develop alternative sources. Vianode already has a multibillion-dollar supply agreement with GM. Its search for capital shows how difficult it can be to turn that strategic demand into new production. EV demand has cooled, manufacturers have scaled back some plans, and Vianode’s Ontario plant is now scheduled to start production in 2029. For investors, the outcome of the funding process could indicate how much capital remains available for North American battery supply chains. Vianode hopes to secure a partner by year-end; no transaction has been agreed.