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Testifying in the Musk v. Altman trial on 12-13 May 2026, Satya Nadella revealed Microsoft has poured over $100 billion into OpenAI and renegotiated the once-exclusive deal into a non-exclusive, 27 % equity stake arrangement that ties OpenAI to buy $250 billion of Azure compute while freeing both sides to build rival frontier models.
On 11-12 May 2026 President Trump publicly dismissed Iran’s latest 14-point proposal, warning the month-old ceasefire that began 7 April has only a “1 %” chance of surviving and hinting at renewed U.S. strikes if the Strait of Hormuz remains closed.
In a 51-45 mostly party-line vote on 12 May 2026, the Senate installed Kevin Warsh to a 14-year seat on the Federal Reserve Board, the procedural hurdle that had to fall before a separate vote later this week to replace Jerome Powell as chair when Powell’s term expires on 15 May.
On 10-11 May 2026 multiple reports confirmed Apple and Intel have struck a preliminary deal for Intel to fabricate a slice of Apple’s A- and M-series chips, prompting analyst re-ratings for Intel and a brief sell-off in TSMC.
On 11-12 May 2026, after receiving Iran’s 10-May reply, President Trump said the April-7 ceasefire has only a “1 % chance” of survival and threatened renewed strikes unless Tehran drops demands over the Strait of Hormuz and sanctions relief.
On 10 May 2026, Prime Minister Narendra Modi issued seven austerity-style appeals—cut fuel use, skip foreign travel, postpone gold purchases, revive WFH, curb oil and fertiliser consumption—framing them as “economic self-defence” against the West Asia war; within 24 hours Congress leaders Rahul Gandhi and Sachin Pilot demanded a parliamentary briefing, calling the appeals proof of policy failure and price spikes.
On 11 May 2026, President Donald Trump urged lawmakers to pass a temporary “gas-tax holiday,” seeking to halt the federal levy while U.S. pump prices spike in the wake of the stalled Iran cease-fire.
Saudi Aramco’s Q1 2026 net income leapt 25% to about $32.5 billion as it diverted up to 7 million barrels a day through its East-West pipeline, cushioning a market hit by Iran’s two-month closure of the Strait of Hormuz that has already removed roughly 1 billion barrels from global supply.
Nintendo will raise the Switch 2’s MSRP by roughly 10-20% worldwide—starting with a ¥10,000 jump in Japan on May 25 and a US$50 increase elsewhere on September 1—citing sustained component and tariff pressures.
Between 8-10 May 2026, Apple quietly signed a first-stage agreement for Intel’s U.S. 18A fabs to build some of its future A- and M-series processors, breaking Apple’s single-supplier dependence on TSMC.
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