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Image: REUTERS/Dado Ruvic/Illustration/File Photo
Wake up to the shifts shaping the future.
From boardroom shakeups and billion-dollar bets to the latest tech breakthroughs rewriting the rules, The Company Brief is your front-row seat to the stories moving markets and mindsets.
We cut through the noise so you can stay ahead of the curve, one bold business move at a time.
SpaceX acquires xAI in record-setting deal
Elon Musk said on Monday that SpaceX has acquired his artificial-intelligence startup xAI in a record-setting deal that unifies Musk's AI and space ambitions by combining the rocket-and-satellite company with the maker of the Grok chatbot. The deal, first reported by Reuters last week, represents one of the most ambitious tie-ups in the technology sector yet, combining a space-and-defence contractor with a fast-growing AI developer whose costs are largely driven by chips, data centres, and energy. It could also bolster SpaceX’s data-centre ambitions as Musk competes with rivals like Alphabet's Google, Meta, Amazon-backed Anthropic and OpenAI in the AI sector. The transaction values SpaceX at $1 trillion, and xAI at $250 billion, according to a person familiar with the matter. Investors in xAI will receive 0.1433 shares of SpaceX for every share of xAI as part of the acquisition, this person said. Some xAI executives may also opt for cash instead of SpaceX stock at $75.46 per share, the person said.
US to cut tariffs on India to 18%
U.S. President Donald Trump on Monday announced a trade deal with India that slashes U.S. tariffs on Indian goods to 18% from 50% in exchange for India halting Russian oil purchases and lowering trade barriers. Trump announced the deal on social media following a call with Indian Prime Minister Narendra Modi, noting that India would now buy oil from the U.S. and potentially Venezuela. A White House official told Reuters that the U.S. was rescinding a punitive 25% duty on all imports from India over its purchases of Russian oil that had stacked on top of a 25% "reciprocal" tariff rate. U.S.-listed shares of major Indian companies rallied on the news. IT consulting firm Infosys closed 4.3% higher, consultancy Wipro rose 6.8%, HDFC Bank gained 4.4%, and the iShares MSCI India exchange-traded fund rallied 3%.
Tesla introduces new Model Y variant in the US
Electric-vehicle maker Tesla has introduced a new all-wheel drive variant of its bestselling Model Y SUV in the United States, priced at $41,990, according to the company's website on Monday. The new AWD model sits above the cheaper rear-wheel drive "Standard" version. The launch follows Tesla's October rollout of lower-priced "Standard" versions of the Model Y and Model 3 sedan, priced about $5,000 below the previous base models. These trims have become a key part of Tesla's 2026 strategy, lowering entry prices to attract more cost-conscious buyers without waiting for a new mass-market vehicle. In the U.S., Tesla's "Standard" variants bring prices closer to pre-federal incentive levels, helping offset higher effective purchase costs. In other markets, the trims cut roughly $5,000, a more visible reduction aimed at boosting demand amid heightened competition.
Palantir CEO defends surveillance tech as US government contracts boost sales
Palantir Technologies CEO Alex Karp defended the firm's surveillance technology as it reported a big jump in sales on Monday, saying it has safeguards to prevent government overreach, without mentioning U.S. immigration enforcement efforts in Minnesota that have drawn widespread protests. The data analytics company said revenue derived from the U.S. government spiked 66% in the fourth quarter from the year-ago period to $570 million. Total sales of $1.41 billion exceeded analysts' estimates and the firm anticipates a big jump in sales, in part due to government contracts in 2026.