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Apple Inc.'s two-year-old partnership with OpenAI has reportedly become strained, with the AI startup preparing possible legal action after failing to see the expected benefits from the deal.

A shakeup in United Kingdom politics. Labour Member of Parliament Josh Simons will be stepping down, clearing the way for Greater Manchester Mayor Andy Burnham to return to Parliament and then seek the prime minister's job. This raises the stake for Prime Minister Keir Starmer who is fighting to keep his job. Bloomberg's Lizzy Burden has the latest.

Cisco Systems Inc. jumped by the most in more than 14 years after the company delivered a better-than-anticipated sales forecast and announced plans to cut thousands of jobs, an attempt to focus on the fast-growing AI market. Revenue will be $16.7 billion to $16.9 billion in the fiscal fourth quarter, which runs through July, the company said in a statement Wednesday. Analysts estimated sales of $15.8 billion, according to data compiled by Bloomberg. The news signaled that Cisco, a four-decade-old stalwart of Silicon Valley, is successfully pivoting to the AI economy. Orders from data center customers are accelerating, and the company's restructuring plan is designed to further improve its position. Bloomberg's Ryan Vlastelica takes a closer look.

Cerebras raised $5.55 billion in its US initial public offering, as the AI chipmaker seizes on the surging demand for semiconductors. This is the largest IPO of the year so far. Shares were priced to open 89% above their listing price. Cerebras CEO Andrew Feldman joined Ed Ludlow on "Bloomberg Tech" before the stock started trading and called it a "pretty good day."

The Reddit-based retail investor community famous for launching the meme-stock phenomenon filed a public comment Tuesday opposing a proposed shift to semiannual, rather than quarterly, securities reports. Securities and Exchange Commission Chairman Paul Atkins unveiled the fast-tracked plan after President Donald Trump called for an end to decades-old rules mandating quarterly filing of the public disclosures known as 10-Qs. Mike McClean, Head of US Policy at Barclays, discusses the SEC's proposal to change reporting cadence, as well as what Trump is facing when he returns home from the ongoing summit in China.

Investors are underpricing the prospect that the Federal Reserve may have to abandon its bias to cut interest rates. Seema Shah, Chief Global Strategist at Principal Asset Management, discusses the path forward for central banks, especially the Fed amid the transition to a new chair.

Ford may be on the verge of a major breakthrough, this time outside the car business. Morgan Stanley says the the automaker may be closing in on a massive battery storage deal with hyperscalers, potentially unlocking a $10 billion high-margin energy business. Bloomberg Auto Reporter Keith Naughton joined Bloomberg Open Interest with more details.

Rezilient CEO Dr. Danish Nagda says the healthcare system is at a tipping point. He joins Bloomberg Open Interest to talk about how hybrid "cloud clinics," employer-driven care, and AI-powered doctors could eliminate long wait times, cut costs, and make switching doctors a thing of the past.

On this episode of Stock Movers with Alexis Christoforous: - StubHub (STUB) shares are rising after the ticketing company reported better-than-expected first quarter results and reiterated its annual forecast. Morgan Stanley analyst notes that gross merchandise sales (GMS) and revenue should improve in the second half of the year. - Viking Holdings (VIK) shares are rallying after the cruise-line operator reported first-quarter yields above estimates. Analysts cited "impressive" 2027 bookings and executive management changes that helped remove an overhang. - Watches of Switzerland (WOSGF) shares are higher and are trading at the highest since early 2024, after the watch retailer said annual adjusted Ebit will be ahead of its previous guidance. Analysts see the confident outlook for FY27 should lift consensus estimates, while Barclays hiked its price target on the stock to a new Street-high.

Invesco President and CEO Andrew Schlossberg says clients are leaning into market volatility and sees the QQQ as a key US bellwether. Speaking with Katie Greifeld on "Bloomberg Open Interest," Schlossberg also discusses private markets and the firm's partnership with the Nasdaq.

Jumia plans to cut 10% of its workforce as AI rolls out across jobs within the African e-commence giant. CEO Francis Dufay spoke to Bloomberg's Jennifer Zabasajja from Abidjan.

Federal Reserve Governor Stephen Miran says outgoing Chair Jerome Powell could help create a smooth transition with his successor, Kevin Warsh, by staying on the central bank's Board of governors. Powell is staying on the board after his term expires Friday. Miran speaks on "Bloomberg Surveillance."