OpenAI's big buy

Good morning. OpenAI acquires ex-Apple design chief Jony Ive's io. A world crazy for chicken is losing its biggest supplier. And demand for Formula One memorabilia is surging. Listen to the day's top stories.

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OpenAI is expanding its empire. The startup will acquire io—the AI device firm co-founded by Apple alum Jony Ive—for almost $6.5 billion, marking its largest-ever purchase. Ive and OpenAI Chief Executive Officer Sam Altman plan to work together on a family of gadgets once the deal is completed, with the first debuting next year. The British-born designer worked with Steve Jobs to craft the look and feel of the iPhone, in addition to the iPod, iPad and Apple Watch. Apple shares dropped in a sign that the new tie-up may present another hurdle for the tech giant.

Why Apple Still Hasn't Cracked AI

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Luxury weakness in China is still battering LVMH, with the firm warning investors and analysts that demand is still flagging after it missed revenue estimates for the first three months of the year, according to people familiar. The luxury conglomerate is also contending with the fallout of the trade war and impacts on Cognac. CEO Bernard Arnault urged the European Union to hold constructive talks with the US as he questioned the course of current negotiations.

Faring better in China, Baidu posted a surprise rise in revenue in its latest earnings report. China's internet search leader benefited from demand for computing in the post-DeepSeek AI development boom, helping offset a decline in advertising.

Back in the states, Disney notified its Florida-based employees who are losing temporary legal residency in the US that their jobs would be terminated next month after the Supreme Court ruled the Trump administration could revoke protections for 350,000 Venezuelans.

Bitcoin started the day strong, briefly hitting a record high of $109,856 before paring gains, as progress on US stablecoin legislation stoked hopes of regulatory clarity under Donald Trump. Stocks slumped, with lackluster demand for a $16 billion Treasury sale stoking Wall Street concerns about America's status as a safe haven.

Deep Dive: Flying the Coop

A world crazy for chicken is losing its biggest supplier. The detection of bird flu in a single poultry in southern Brazil is ravaging the industry, with shipments being suspended to voracious consumers from China to Europe. The bans so far have shut down markets that account for more than $4 billion a year in export revenues, 40% of the total.

That spells trouble for Brazil's JBS, the world's largest meat supplier. Last quarter, its chicken operations in North America and Brazil accounted for 71% of its earnings before items such as interest and taxes.
China and South Korea are some of the most affected buyers. Both nations—which rely on Brazil for more than 70% of their imports—have implemented nationwide bans.
Stateside, many are wondering whether the Trump administration is doing enough to contain the bird flu crisis in the US. Bloomberg Opinion's Lisa Jarvis doesn't think so.

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Before You Go

Ferrari steering wheel ($27,600). Source: RM Sotheby's

As Formula One has grown in the US, so has the market for memorabilia. In April, Ayrton Senna's McLaren-Honda Formula One helmet sold for almost $1 million, a record. Discarded components are in play, too: McLaren brake discs are being turned into clocks and are selling for more than $1,400.

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Bloomberg Invest HK: New markets and new connections are powering Hong Kong's efforts to retain its role as a global financial center and economic gateway to China. From the so-called New Silk Road to Beijing's effort to strengthen the Greater Bay Area initiative, new investment opportunities are appearing in Hong Kong and across the Asia-Pacific region. Join us in Hong Kong on June 10-11 to hear more.