Astra Zeneca and Bristol Myers Squibb are negotiating a potential $400bn merger, which would be the largest pharma deal since Pfizer’s $90bn acquisition of Warner-Lambert in 2000. Talks have sparked mixed reactions, with analysts like Markus Manns calling it “neither strategic nor financial sense.” Concerns about antitrust risks and shareholder pushback, alongside a 9% drop in Astra Zeneca’s stock, signal investor skepticism. Meanwhile, Apollo Global is opening a second HQ in Austin, Texas, signaling a strategic pivot toward the semiconductor, tech, and energy sectors.

The move aligns with CEO Marc Rowan’s vision of leveraging Texas’ growing business ecosystem. In Wall Street, Morgan Stanley is capitalizing on its $74bn in IPO-related assets, aiming to dominate the employee equity plan market. Bud Light’s decline and Jefferies’ financial review highlight broader market volatility. Monte dei Paschi and Aston Martin also face internal and legal challenges.