China Blocks Meta’s $2B AI Acquisition, OpenAI Partners with Qualcomm on Smartphone

April 27, 2026

AI Summary

5 min read

This Monday episode of The Rundown previews a busy week for markets, highlights multiple OpenAI developments, and covers China's block of Meta's AI acquisition alongside select stock moves.

Market Recap and Week Ahead

Stocks extended gains for a fourth straight week, with the S&P 500 up 0.5% and Nasdaq up 1.5%, both hitting record highs Friday. Semiconductors drove the rally, as Intel, Nvidia, and AMD reached all-time highs—Intel's first record close in 26 years. Geopolitics added caution: Trump canceled U.S. participation in Iran peace talks in Pakistan due to Iranian leadership infighting, though Iran reportedly sent a new proposal to reopen the Strait of Hormuz and end the war. Oil held steady, with Brent at $106/barrel and WTI at $95.

The week ahead stands out as potentially the market's most critical, featuring earnings from Microsoft, Google, Amazon, and Meta after Wednesday's close, followed by Apple on Thursday. A Federal Reserve meeting concludes Wednesday, with no rate cut expected but focus on Chair Jerome Powell's comments amid a new Fed chair transition. These clustered reports could dominate trading.

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What you'll learn

1 (00:34) **Market Recap** - S&P 500 and Nasdaq hit record highs, driven by semiconductor surges like Intel's first record in 26 years
2 (01:05) **Iran Geopolitics Update** - Trump cancels US delegation to peace talks amid Iranian leadership confusion; new Strait of Hormuz proposal reported
3 (01:38) **Week Ahead Preview** - Big Tech earnings cluster (Microsoft, Google, Amazon, Meta on Wednesday; Apple Thursday) plus Fed meeting
4 (02:29) **OpenAI-Qualcomm Smartphone Rumor** - Partnership with Qualcomm, MediaTek, Luxshare for AI phone; mass production eyed for 2028
5 (03:32) **OpenAI-Microsoft Partnership Revamp** - Cloud deal no longer exclusive, allowing ties to Amazon; 20% revenue share to Microsoft capped through 2030
6 (03:59) **Musk vs. OpenAI Trial Begins** - $134B lawsuit in Oakland court over nonprofit promise breach; Musk and Altman to testify
7 (04:29) **China Blocks Meta's $2B Manus Acquisition** - Regulators order unwind of closed deal despite Singapore HQ move; founders restricted, tech integration halted

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Show Notes

Market update for April 27, 2026.

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In today’s episode:

Big Tech earnings and the Fed meeting set up a massive week for investors
Qualcomm jumps on reports it may help power OpenAI’s future AI smartphone
OpenAI reworks its Microsoft partnership as its legal battle with Elon Musk begins
China blocks Meta’s $2 billion acquisition of AI startup Manus
Verizon rises on strong subscriber growth, while Domino’s drops after weak earnings
Adidas gets a major win after the first official sub-2-hour marathon in history