Deals and listings

Nvidia is in talks to buy Reflection AI or invest more in it, having already put in $800m. It is the chipmaker's latest bet on open AI models made in America.

Revolut's chief executive says the digital bank is targeting a primary US listing, citing the depth of American markets. The US holds 43.7% of the world's stock market value.

Paramount closed its Warner Bros. Discovery takeover and is now Skydance. It paid about $78bn in cash, funded by $47bn of equity and $41.4bn of secured bonds.

Schneider Electric will pay $205 a share in cash for PTC, the design software maker. Its shares fell 10% on the news, while PTC's still trade below the offer.

Novo Nordisk will pay up to $2.6bn for an early-stage weekly pill from Hengrui. Its shares are down more than 70% from the peak, as Lilly wins in America and generics undercut Novo abroad.

The smart-ring maker cited uncertainty in the market. Anthropic’s listing could be the largest ever, and companies that can afford to wait are keeping out of its way.