The Information : SoftBank, Altimeter, D1 to Invest in Thrive Holdings’ $2 Billi

SoftBank, Altimeter, D1 to Invest in Thrive Holdings’ $2 Billion Financing

The Takeaway
  • SoftBank, Altimeter, D1 to invest in Thrive offshoot.
  • Thrive Holdings acquires services firms to transform them with AI.
  • OpenAI holds a stake and provides talent to Thrive Holdings.

Some of the biggest backers of OpenAI and its rivals are pooling their money in an offshoot of Thrive Capital that buys controlling stakes in accounting and other services firms and aims to transform them with AI.

Thrive Holdings, a one-year-old holding company started by OpenAI investor Thrive Capital, is raising around $2 billion from investors including Altimeter, D1 Capital Partners and SoftBank, according to a person familiar with the fundraising. It’s the first time outside investors have put money into the holding company. It previously raised $1 billion from existing institutional backers of Thrive Capital, the venture firm founded by Josh Kushner.

Thrive Capital has about $50 billion in assets under management, ranking it among the largest venture capital firms.

The planned financing will give the three AI investors another way to benefit from increased business spending on the technology. SoftBank has committed to invest more than $64 billion in OpenAI. Altimeter and D1 have backed both OpenAI and Anthropic.

Those AI rivals are aggressively pursuing the IT budgets of companies and have introduced tools targeting specific industries. Earlier this year, OpenAI and Anthropic both set up separate joint ventures with private equity firms and consultancies to place applied AI engineers inside companies and help them integrate AI into their workflows.

Thrive Holdings typically takes controlling stakes in companies that have purchased smaller services businesses, which the holding company revamps with AI tools. The owners of the rolled-up firms retain “meaningful equity” in their companies, allowing them to benefit from the AI-enabled growth of their businesses, Kushner said in a June blog post. The initiative is part of a wave of firms loosely modeled on conglomerates like Constellation Software that have pursued roll-ups of traditional businesses, intending to transform them with AI.

OpenAI late last year took a stake in Thrive Holdings and is providing researchers as well as product and engineering talent for the initiative. Boris Power, OpenAI’s head of applied research, also works for Thrive Holdings in a joint role.

Last year, Thrive Holdings invested in Current, formerly called Crete Professionals Alliance, which has said it purchased 48 accounting firms it is overhauling with AI.

Thrive Holdings then works to modernize the businesses with AI tools. For example, employees from Thrive and OpenAI say they co-built a tax-return processing agent with OpenAI’s coding agent, Codex, which Current uses. Anuj Mehndiratta, a partner at Thrive Capital and Thrive Holdings, told Reuters in December that the firm’s partnership with the ChatGPT maker doesn’t preclude the initiative from using other AI models, including open-source ones, where it makes sense for the business.

In February, Thrive Holdings invested $100 million in Shield Technology Partners, which provides IT and consulting for other businesses and has taken ownership stakes in at least a dozen other smaller companies.

Thrive Holdings may expand into verticals beyond IT and accounting, the person said.

Thrive Holdings is set up as a permanent capital vehicle, a structure that allows its investors to manage the funds over an unlimited time horizon as opposed to the roughly 10-year fund cycle typical of venture investing. Backers of Thrive Holdings receive an ownership stake in the entity in exchange for their investment, the person added. Bloomberg previously reported that Thrive Holdings was raising $2 billion.

WSJ : JPMorgan, Bank of America and Other Banks Explore a Deal to Shake Up Payme

JPMorgan, Bank of America and Other Banks Explore a Deal to Shake Up Payments World
A deal for a card network could allow bigger transaction fees, but some bank executives are worried about backlash

  • Large banks, including JPMorgan Chase, held preliminary discussions to acquire a network from Fiserv that could allow them to bypass federal debit-card fee caps.
  • The 2010 Dodd-Frank law’s Durbin amendment caps debit-card fees for large banks, which an owned network could exempt them from.
  • Some banks involved in the preliminary talks expressed concern about potential political backlash from lawmakers and regulators.

Some of the largest banks in the country have been exploring an acquisition that could allow them to get around one of the laws they hate most: the limits on fees they earn on debit-card transactions.

​​When Capital One Financial bought Discover Financial in a $50.6 billion deal, it got a network that cut out the need for a middleman in card transactions and allowed it to deal more directly with merchants.

Now, big banks are looking on with envy because owning a network can mean exemption from a federal law that caps debit-card fees. Those fees collectively amount to billions of dollars each year across the industry, but banks have long complained the government-defined cap limits their ability to offer customers debit-card rewards and other services.

Some have been exploring a small deal that could upend the rules, though they are worried about political backlash if they try.

Big banks including JPMorgan Chase JPM 1.43%increase; up pointing triangle, Bank of America, Wells Fargo WFC 2.27%increase; up pointing triangle and PNC Financial Services Group PNC 1.48%increase; up pointing triangle have in recent months held preliminary and tentative discussions about a deal to acquire a network owned by the financial-technology company Fiserv FISV -1.05%decrease; down pointing triangle, according to people familiar with the matter.

There is no certainty a deal will happen. Several of the banks that looked at the Fiserv network have already decided it would be unlikely for them to move forward, some of the people said.

Some have privately expressed concern that such a deal could prompt backlash from lawmakers, regulators and merchants, the people added.

The talks, even at a preliminary stage, are one more sign of how eager banks are to find an edge in payments wherever they can. The industry is grappling with rapid changes in the space, driven by the embrace of crypto and fintechs under the Trump administration.

A section within the 2010 Dodd-Frank law, called the Durbin amendment, caps fees large banks can collect from merchants on debit-card transactions, if they are routed through an outside network. But banks would be exempt from that cap if they also own the network, the infrastructure that underpins the transaction.

So-called interchange fees are paid by merchants when consumers shop with their debit cards and are mostly pocketed by banks and other financial institutions that issue those cards. The Durbin amendment gave the Federal Reserve the power to set caps for banks and other financial institutions with $10 billion or more in assets. (The fees on credit-card usage aren’t capped by the law, though they remain another intense fight.)

The fee has been part of a battle ever since. Banks have said interchange-fee revenue previously helped cover the costs associated with free checking accounts and debit-card rewards programs, which have been cut back. Bank of America even briefly threatened to charge $5 a month for debit cards after the rule took effect.

Merchants and the law’s supporters say lower interchange fees have been passed onto consumers and helped keep prices down.

Fiserv provides financial technology that connects Wall Street to Main Street. It owns two networks that process debit-card transactions, called STAR and Accel. The company has been in turmoil, with its stock down roughly 70% from a year ago.

WSJ : AI Giants Are Handing Out Tons of Free Computing Power to Grab Startup Sha

AI Giants Are Handing Out Tons of Free Computing Power to Grab Startup Share
Pitched battle for business users comes as AI companies seek lasting streams of revenue

  • OpenAI and Anthropic are offering millions in computing credits and perks to startups, competing for future business users.
  • OpenAI and Anthropic are offering Y Combinator startups free credits, with some deals requiring no equity.
  • The offers allow startups to delay fundraising and enable extensive AI usage, as model providers aim to secure lasting revenue streams.

Hans Ibarra, a founder building an AI-voice startup, has found himself on the receiving end of a big opportunity: Top artificial-intelligence companies such as OpenAI, Anthropic and others desperate to win his business are ramping up discounts.

Across Silicon Valley, startup founders like Ibarra are enjoying a wave of computing credits and fielding competing offers from AI-model makers racing to land new enterprise customers. Cursor, the AI-coding company bought by Elon Musk’s SpaceX, offered a 75% discount through July 5.

The offers from growing AI-sales armies at companies such as OpenAI and Anthropic are so rich that some early-stage startup founders say they won’t need to raise money as soon as they expected, and others have been able to play AI companies off one another. Startups have received offers that in some cases amounted to more than $3 million in credits from multiple companies for cloud computing and tokens, the central units used to measure and charge for AI usage, founders say. That is the size of the median U.S. seed round, according to PitchBook.

Alphabet’s GOOGL 1.82%increase; up pointing triangle Google Cloud is giving some startups up to $500,000 in cloud credits and early access to Gemini models. It also occasionally offers special access to DeepMind engineers, a Google spokesman said. Microsoft and Amazon Web Services also offer startups special perks.

The pitched battle for business users comes as AI companies seek lasting streams of revenue. They hope that by winning startups as customers early in the life of new companies, their tools will become integral to the venture’s growth over time.

OpenAI and Anthropic are offering a string of promotions and one-time bonuses, even as both companies face enormous pressure to improve their margins ahead of expected initial public offerings. They also face competition from increasingly powerful “open weight,” or free models, as well as cheaper ones, many of which were developed in China.

The token deals available to founders “directly correlate to the scale you can grow your product,” said Ibarra, co-founder of Dialogus. “If you’re not getting this deal, you will need to raise money to buy those.”

Anthropic’s revenue skyrocketed late last year as millions of new users tapped their Claude Code and Cowork software to autonomously complete a range of tasks. Claude’s viral popularity helped launch the “agentic” AI era, in which top AI companies are increasingly focused on building tools that customers can use to complete long-running knowledge-work tasks, such as coding and deep research.

For months, OpenAI struggled to match the strength of Anthropic’s coding-focused models and products, giving its younger rival the advantage in the lucrative enterprise market. Companies initially nudged employees to use AI more in their work, but soon some saw the bills as prohibitively high.

OpenAI’s fortunes began to change after the March release of a new model, called GPT-5.4, that matched many of Anthropic’s capabilities. The company has since deployed its salespeople to sell its Codex tool, which is powered by its GPT model, to startups across Silicon Valley, oftentimes offering volume discounts and other sweeteners to win new customers.

Semianalysis, an AI-infrastructure data and consulting firm, recently published research showing how heavily the companies are subsidizing power users.

Subscribers to Anthropic’s Claude Max plan, which costs $200 a month, are able to burn tokens worth $8,000 in their usage-based plans administered through an application programming interface, or API, which allows them to integrate Anthropic’s technology into their products. Maximum use of OpenAI’s ChatGPT Pro 20x plan, which also costs $200 a month, can burn tokens worth $14,000.

In their quest to secure new business customers, Anthropic and OpenAI have zeroed in on startups participating in Y Combinator, the Silicon Valley institution that launched Airbnb and Stripe. In May, Sam Altman announced that OpenAI would give $2 million in token credits to every startup participating in the accelerator program in exchange for equity in those companies.

Around the same time, Anthropic began offering Y Combinator startups $500,000 in free credits, a sharp increase from the $30,000 it previously offered, an Anthropic spokeswoman said. Anthropic’s offer doesn’t require startups to give up equity.

Soon afterward, in recent weeks, OpenAI adjusted its deal, offering startups $500,000 in free credits—no equity required—with an optional additional $1.5 million in credits in exchange for equity, according to people familiar with the matter.

The back-and-forth reflects the intense battle the companies are in to sway young startups that could become large customers in the future. Model providers hope that by offering these companies discounts, they can lock them into their ecosystem.

At an event hosted to kick off the summer season of Y Combinator’s program, representatives from OpenAI and Anthropic, among others, met with startup founders and offered advice about making the most of their token usage, including by embracing loop engineering, or teaching AI agents to repeat a task until they have achieved their assigned goal.

Touchmark, an AI startup that was accepted by Y Combinator in May, was immediately granted $1 million in token credits from OpenAI and Anthropic before the accelerator even kicked off its summer session.

For Ilia Bolgov, co-founder of Touchmark, the credits meant “quite a lot of time to go all-in on tokenmaxxing,” a term for using as many tokens as possible, he said. “It’s hard to imagine productivity now without these deals.”

The credits represent a massive potential investment on behalf of the model providers. Y Combinator runs four cohorts a year, with recent cohorts enrolling about 200 companies each, meaning OpenAI and Anthropic could offer up to $800 million in combined AI credits in the next year.

“The world of AI is being powered by OpenAI and Anthropic because they are giving startups the money to pay for it,” said Christopher Acker, co-founder of SuperPenguin, a firm that helps companies track their AI spending.

“If I’m choosing between a really cheap Chinese model that I actually have to pay for, and a very expensive Anthropic model that I don’t have to pay for, I’m going to pick the Anthropic model,” Acker said. “I’m always going to pick the one for which I have free credits.”

FT : EU to delay pre-authorised travel system after border chaos US-style pre-ch

EU to delay pre-authorised travel system after border chaos
US-style pre-checks unlikely to be rolled out this year

A new online system to pre-authorise entry to the EU is set to be delayed until next year, after the chaotic rollout of a separate electronic border-check system disrupted visits to the bloc.

About 1.4bn visa-exempt travellers to the EU — including those from the UK and US — will have to register through the European travel information and authorisation system, known as Etias, which mirrors the US Esta system. Applicants will pay €20 and undergo pre-travel security checks.

Discussions about delaying Etias follow technical glitches and slow deployment of the bloc’s new electronic entry/exit system (EES), which requires non-EU travellers to scan their fingerprints and facial images at its borders. The problems have led to long queues at some airports and land crossings, and prompted warnings from the aviation industry of a chaotic summer ahead.

EU-Lisa, the agency in charge of implementing Etias, has acknowledged that launching it by the end of this year as planned was no longer feasible, according to three people briefed on the matter.

EU-Lisa’s management board met in mid-June to discuss postponing the system to a later date, the people said. Two people said the board would meet again in September to discuss a new timeline.

A spokesperson for the agency confirmed the board discussed Etias’s “entry into operation” on June 17. “Since then, there have been no further developments on this topic,” they added.

The European Commission is responsible for setting a start date for the system, which it can only do after EU-Lisa has successfully tested Etias.

One person briefed on the discussions said that there were “still some IT issues” with Etias. “Let’s clean up EES first before you put another system that will double the line again,” they said.

EU home affairs commissioner Magnus Brunner wrote to aviation executives blaming national governments for the situation around the entry/exit system. “Other factors — unrelated to the EES — like insufficient staff or lack of adequate infrastructure, could be at the origin of delays,” Brunner said in the letter, seen by the FT.

EES was originally due to start in 2022 but was delayed repeatedly by procurement issues, technical troubles and slow rollout in some member states.

“Preparations for the launch of Etias are ongoing. Obviously, as with any large-scale IT system, many factors come into play when deciding when to launch it,” said a Commission spokesperson.

Several EU officials said they were not surprised about EU-Lisa, which manages EES and several other border systems in addition to Etias, struggling to meet the deadline. One official said the delay was likely not going to be long. “If they can’t do it, then they will say they need another quarter or another month,” they said.

But another person familiar with the matter said that launching the system this year was “illusory”.

FT : Thames Water creditors willing to bid for utility even if it is nationalise

Thames Water creditors willing to bid for utility even if it is nationalised
Future of indebted group is potentially expensive issue for the UK’s presumptive next prime minister

Thames Water’s lenders have said they would bid for the beleaguered utility even if the UK’s presumptive next prime minister Andy Burnham takes it into temporary taxpayer control.

Creditors have signalled their willingness to buy the UK’s biggest water company out of the government’s Special Administration Regime, a form of temporary nationalisation, according to people familiar with their thinking.

The future of Thames Water, which serves 16mn customers and is struggling under near-£20bn of debt, is one of the long-running and potentially expensive items Burnham would find in his Downing Street in-tray.

The utility’s senior creditors, including US hedge fund Elliott Management and private capital group Apollo Global Management, have been attempting to take ownership of Thames Water without a SAR after an emergency rescue by investment firm KKR fell through last year.

The creditors’ proposal is yet to be signed off by regulator Ofwat, despite concerns that Thames Water is due to run out of money in October. Ofwat must submit any deal to a three-month public consultation, while the transaction would also have to be signed off by the High Court. Creditors first went to Ofwat for approval in June last year.

Under the terms being reviewed by Ofwat, the London & Valley Water consortium of senior creditors would inject £3.35bn of new equity into the utility and provide £3.25bn of fresh debt, which could be topped up with more.

However, the government and regulators have known for some time that the creditors have a plan should Thames Water be put into a SAR and that they would still bid for the utility, according to people familiar with the matter.

Burnham, who is expected to become premier within two weeks, has previously said “public ownership” of Thames Water was “what should be done”. But he will face tough choices as a result of the UK’s tight fiscal position, with little headroom for extra spending.

In a statement in May, Burnham was more vague, leaving room for interpretation by saying there should be greater “public control” of utilities.

A SAR could mean the renationalisation of Thames Water does not ultimately cost the taxpayer — as long as a willing buyer can be found so the company can exit the regime. When the government agreed in 2022 to sell energy group Bulb to Octopus for £3bn, it ultimately recovered almost all the cost of temporarily nationalising the company.

Other potential bidders for Thames Water have called for the company to be brought into the SAR, including Hong Kong-based CK Infrastructure Holdings, majority owner of Northumbrian Water. Castle Water, which runs billing services for Thames Water’s business customers, has also indicated it would make a bid for the business.

One government figure said they expected multiple bidders to try to purchase Thames Water if it ended up in a SAR.

As such, it would be welcome if the creditors did bid again to take the company out of state control in that scenario, but it was unlikely to be the only option going forward, the person said.

The London & Valley Water consortium insists that the government remains supportive of its plan for a takeover without placing Thames Water into a SAR. One person close to the creditors said their solution was “the best possible plan for the company”.

“But if the special administration regime is triggered, the creditors will bid,” the person added. “The administrator would want creditors to support the SAR process as they have a duty to protect lender interests.”

Thames Water has been close to collapse for years. Under a SAR, an independent insolvency expert would be appointed to run the business on behalf of taxpayers, keep staff in place and maintain services before it would eventually be sold to new owners. 

Thames Water’s debt and interest payments could also be temporarily frozen, allowing cash to be invested in infrastructure, while the government negotiated a writedown of the debt ahead of a sale.

The government is concerned that putting Thames Water into a SAR risks triggering a domino effect among other debt-laden water providers, according to people familiar with the discussions.

It could also take several years to get the business out of a SAR, potentially distracting from work to improve the company’s assets.

The Department for Environment, Food and Rural Affairs said it was “prepared for any eventuality”.

“Thames Water customers have been let down for far too long, with 15 years of underperformance, increasing serious pollution and customers left to pick up the bill,” it said.

The creditors declined to comment. Thames Water said: “We continue to work with all parties to reach an agreement.” 

FT : Volkswagen needs leaders who can make sense of its challenges Carmaker will

Volkswagen needs leaders who can make sense of its challenges
Carmaker will have to cultivate capacity to improvise as it navigates the profound uncertainty it faces

Volkswagen chief executive Oliver Blume calls it “the greatest transformation our industry has ever seen”. To withstand accelerating and overlapping technological, demographic and competitive pressures, he is now considering closing four of the carmaker’s factories in Germany and cutting as many as 100,000 jobs.

VW workers can’t say there was no warning. A week or so before the restructuring leaked last month, Blume told shareholders the group had “mapped out a clear plan for the future”. Strategic actions to make the group “faster and more effective” include “leaner processes” and “clearer decision-making paths”.

The problem is that for VW, as for many companies, the future is not clear, and no amount of planning will make it so. VW does not need more decision makers; it needs more sense-makers.

Sense-making is a way of understanding uncertain, fast-evolving situations — in other words, coping with the world as it is. Sense-making leaders quickly develop a shared understanding of the new reality, giving team members the confidence to move forward.

The guru of this approach, though he would have laughed at the title, was the psychologist and organisational theorist Karl Weick, who died in May aged 89.

“Where others asked how organisations make decisions, allocate resources, or process information, Karl asked something more unsettling — how do people figure out what is happening at all?” wrote Kathleen Sutcliffe of Johns Hopkins Carey Business School, in one of many online tributes.

Much of Weick’s work focused on crises, as in his influential book Managing the Unexpected, co-authored with Sutcliffe, and how “high-reliability organisations”, such as air traffic control centres or nuclear plants, avoid them.

Increasingly, though, waves of disruption — pandemic, war, inflation, AI — mean his insights are applicable to leaders at all organisations. They are embroiled in what feels like endless crisis management. Commentators glibly urge them to practise “adaptability” and “agility”. Weick’s work suggests how. 

One of his most famous papers used the fatal 1949 Mann Gulch wildfire in Montana to illustrate how disorientation in the face of unexpected challenges can lead to calamity. Trapped by a fast-moving fire, all but three of a team of 16 firefighters perished after failing to heed an order from their boss to “drop their tools”, which were impeding their escape.

Think of VW engineers, steeped in the traditions, processes and organisational hierarchies of nearly a century of successful, profitable car manufacturing. To meet the competitive threat posed by Chinese rivals, selling cheaper electric vehicles, they are being asked, in a sense, to drop their old tools and adopt counterintuitive approaches. It should be no surprise if, like the Mann Gulch firefighters, they have the “frightening feeling that their old labels [are] no longer working”, as Weick wrote in a paper on the disaster. 

What sort of leadership does this perilous moment require? Neither “extreme confidence” nor “extreme caution”. “Both can destroy what organisations need in changing times,” he wrote, “namely, curiosity, openness and complex sensing.” 

Weick was determined to study the dynamic act of “organising” not static organisations. He recognised that, faced with the unknown, sometimes the only way forward was not to follow a map but to take action and respond to the consequences. A jazz enthusiast, he used the genre to illustrate his point: the performance evolves as the musicians play, improvising within an agreed framework of musical key and rhythm. In the 2015 edition of Managing the Unexpected, he and Sutcliffe expressed their impatience with the idea that organisations had to “change or die”. Instead, they advocated “continuing adaptation”.

In interviews and profiles, Blume has been depicted as an uncommonly good listener. That is heartening for VW. One key attribute of well-run organisations is mindfulness: not regular meditation sessions, but an unusual attention to any signals that may presage problems.

VW’s future now depends on Blume’s ability to cultivate in himself and his staff an improvisational capacity to meet the huge challenges they face and a willingness to correct course if his “clearer decision-making paths” lead nowhere. He may not succeed, so deeply embedded is VW’s industrial culture. But like business leaders everywhere, he has no choice but to try, and to go on trying, because, as Weick once wrote, “no sooner do people make sense of the world than that sense is out of date”.

FT : UAE’s Adnoc strikes $1bn deal for Shell’s South African fuels business Acqu

UAE’s Adnoc strikes $1bn deal for Shell’s South African fuels business
Acquistion of 580 service stations and other assets marks latest overseas expansion by Adnoc subsidiary

The UAE’s state energy company has agreed to buy Shell’s fuel supply business in South Africa, giving Abu Dhabi a significant foothold in the continent’s largest economy and marking the latest step in its international expansion drive.

Adnoc Distribution, a publicly listed subsidiary of Abu Dhabi National Oil Company, said the $1bn deal to acquire 580 service stations and other operations, is expected to close next year. The agreement caps a near two-year process during which the UK oil and gas major worked on divesting the business.

For Shell, the sale ends a more than century-long presence in South Africa’s fuel supply as the British energy group attempts to streamline its portfolio and focus on higher-return businesses. Shell said in 2024 it would divest its majority stake in Shell Downstream South Africa after a review of its operations across regions.

The acquisition is also the latest example of how state-backed Middle Eastern energy companies are using their financial strength to build global businesses outside their domestic market across oil, gas, chemicals and retail. Gulf energy companies, many flush with cash, have become more active buyers of overseas assets as western majors sell mature or lower-growth businesses.

“South Africa’s investments in critical transport infrastructure, alongside a growing driving-age population, reinforce the growth potential of fuel consumption,” Adnoc Distribution said.

Adnoc Distribution’s chief executive, Bader Saeed Al Lamki, said the deal reflected the group’s confidence in South Africa’s “high-potential, well-regulated” fuel retail market.

The transaction covers a network of 580 company and dealer-owned sites, as well as lubricants, commercial fuels, aviation, and marine businesses, Adnoc Distribution said.

The brand had fuel volumes of approximately 3.5bn litres and operated 360 convenience stores as of 2025.

Adnoc Distribution, which is listed on the emirate’s stock exchange, said acquiring the assets would bolster its earnings per share by 6 per cent in the first full year after completion.

South Africa is the fourth country where Adnoc Distribution has established a presence, following the acquisition of a 50 per cent stake in TotalEnergies Marketing Egypt in 2023 and the 2018 launch of its retail fuel stations in Saudi Arabia.

Adnoc Distribution would sell a 28 per cent stake of the entity to a local empowerment partner and employee stock option plan after completing the transaction, according to a statement. It plans to retain the Shell brand for retail service stations and lubricants businesses.

>>> US After Hours Summary: CRNX +99.9% soars on news it will be acquired by VRT

After Hours Summary: CRNX +99.9% soars on news it will be acquired by VRTX for $85/share in cash; LAES +0.7% ticks higher on guidance; RXST -1.8% lower after updating guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: LAES +0.7% (guidance), ABBV +0.1% (guidance)

Companies trading higher in after hours in reaction to news: CRNX +99.9% (to be acquired by VRTX for $85/share in cash, representing an equity value of approximately $10 bln), TTRX +2.7% (to present findings from interim analysis of its ongoing adaptive Phase 2 trial of GX-03 in atopic dermatitis), FTI +1.9% (awarded contract for Eni's Baleine Phase 3 development offshore Côte d'Ivoire), ALC +1.7% (non-exclusive collaboration with RXST), GLXY +1.4% (completes delivery of first phase of power at Helios data center campus), TM +0.6% ($3.6 bln expansion at its San Antonio plant), LHX +0.6% (awarded a $499.5 mln Missile Defense Agency contract), NUVB +0.1% (full exercise of greenshoe option in convertible notes offering)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: RXST -1.8% (updates guidance in connection with ALC collaboration)

Companies trading lower in after hours in reaction to news: RIVN -7.9% (stock offering; also guidance), VRTX -2.2% (to acquire Crinetics Pharmaceuticals for $85/share in cash), LMT -0.2% (awarded a $142.9 mln Air Force contract), WMT -0.1% (to lower prices)