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The world’s most valuable company, the chipmaker Nvidia, priced a $25 billion (€21.5bn) bond offering on Monday, marking its first issuance since 2021 and one of the largest by a technology company this year.
The deal was originally pencilled in at around $20 billion (€17.2bn) but was enlarged after demand ran more than three times the size of the bond, according to a person familiar with the matter cited by Bloomberg.
Investor appetite was the headline of the sale.
Orders reached as high as $85 billion (€73.2bn), allowing Nvidia to upsize the transaction and tighten its borrowing costs in the process.
The timing was also favourable.
The announcement of a US-Iran framework deal to end the conflict in the Middle East steadied credit markets, pushing investment-grade spreads to their narrowest levels since early February, before the Iran war began.
That backdrop helped Nvidia lock in relatively cheap long-term financing.
According to Bloomberg Intelligence analyst Robert Schiffman, inexpensive long-dated debt lowers Nvidia’s weighted average cost of capital and helps bankroll its AI investments without threatening its AA credit rating.
A company spokesperson stated that the proceeds would be used for general corporate purposes, including repaying and refinancing existing notes.
Nvidia last tapped the investment-grade market in June 2021, when it sold $5 billion (€4.3bn) of notes across four maturities, according to a regulatory filing.
The contrast in scale underscores how quickly its financing needs have grown alongside the data centre build-out and increased demand from hyperscalers.
Nvidia joins a queue of technology giants raising vast sums to fund AI infrastructure.
Meta and Oracle have each issued $25 billion (€21.5bn) in bonds this year, while Amazon completed a single $37 billion (€31.8bn) deal, the largest US investment-grade offering of this year before Nvidia’s issuance on Monday.
For Nvidia, the raise also keeps share dilution off the table, giving it greater flexibility as capital commitments mount. The firm has invested $5 billion (€4.3bn) in Intel, pledged up to $10 billion (€8.6bn) to Anthropic and contributed $30 billion (€25.8bn) to OpenAI’s latest funding round.
Nvidia shares closed up 3.5% at $212.45 after the deal, valuing the company at about $5.14 trillion (€4.42tn).
On the other hand, Alphabet, Google’s parent company, opted for equity instead, pricing an upsized $84.75 billion (€73bn) capital raise earlier this month, after originally seeking around $80 billion (€68.9bn), according to a company filing.
The transaction, which includes a $10 billion (€8.6bn) private placement from Berkshire Hathaway, ranks as the largest equity capital raise on record and is intended to fund the group’s AI compute expansion.
Management has guided 2026 capital expenditure to between $180 billion (€155.1bn) and $190 billion (€163.7bn).
However, the equity move came on top of an already heavy borrowing run. According to its own filing, Alphabet raised more than $85 billion (€73.2bn) of debt across six major currencies and markets in the first quarter of 2026, taking its total debt balance above $100 billion (€86.1bn).
That included a US dollar bond round early in the year, leaving Google relying on both debt and equity financing to bankroll its AI ambitions.
In less than a month, Riverside’s Mission Inn has gained a new owner, lost two prized pieces of art and sparked a heated debate over the line between private property and community history.
The stage for this controversy was set in early May, when hotel owner Kelly Roberts decided to sell the Mission Inn to the Yuhaaviatam of San Manuel Nation, the tribe that owns the Yaamava’ Resort & Casino in Highland and the Palms Casino Resort in Las Vegas.
But it wasn’t the sale (for an undisclosed amount) that started arguments. It was Roberts’ removal of two beloved paintings from the hotel before the sale closed.
A painting at the Mission Inn in Riverside titled “Charge Up San Juan Hill” is taken down on March 20, shortly before the hotel’s change in ownership.
(James Ranger)
One is an alpine landscape called “California Alps” (1874) by William Keith, which measures roughly 6 feet by 8 feet and was displayed in the lobby near the front desk. The other painting, “Charge Up San Juan Hill” (about 1900) by Vasily Vereshchagin, was displayed on a wall of the steakhouse near the lobby. Both paintings had been a part of the hotel for more than a century.
“It was like a slow-motion version of the Louvre Museum heist, pulled off on a sunny day in Riverside in view of guests, staff and visitors,” wrote David Allen of the Riverside Press-Enterprise.
“There’s an outrage among members of this community,” said Mike Marlatt, a Riverside attorney and former board member of the Mission Inn Foundation.
The issue appears to be what agreements Roberts’ late husband made when he bought the building more than 30 years ago.
Former Riverside redevelopment official Ralph Megna, who facilitated the 1992 sale to Duane Roberts’ Historic Mission Inn Corp., wrote on Facebook that “What Kelly is apparently doing at this point is just pillaging the place in violation of those agreements.” But on a phone call, he was less absolute. He said the original pact included an agreement intended to protect about 180 movable pieces of art and artifacts from removal, but that “there’s shades of gray here.” Megna added, “We trusted people. Good faith turned out to be not so good.”
Duane and Kelly Roberts, photographed in 1998 at their home in Laguna Beach. Duane, who reopened the Mission Inn in the early 1990s, died in 2025.
(Glenn Koenig / Los Angeles Times)
Roberts’ family attorney Alan Jackson, however, said “Kelly is not pillaging anything.” He maintained that when Duane Roberts bought the hotel, “he bought every single item. Every single item was the Roberts family’s personal property.” When Kelly Roberts sold the hotel last month, Jackson said, she was free to keep or sell any of its contents.
In that deal, Jackson said, “the buyers would not close” until the paintings and a sculpture of Duane and Kelly Roberts were removed, because “they’re expensive.” Also, Jackson said that Duane Roberts, “before his passing, made it very clear to Kelly and the family that those are two of his favorite paintings ever.”
Jackson declined to say where the artworks are but said “they are in her possession” and “she has no intention of ever getting rid of those ever.”
The iconic spiral staircase in the rotunda of the historic Mission Inn.
(Gina Ferazzi / Los Angeles Times)
The hotel’s new owner, the San Manuel Investment Authority, declined to address questions about the sale agreement. But in a statement, it said it is “committed to collaborating with the Mission Inn Foundation and the City to respectfully steward and preserve this historic landmark, recognizing its deep history and significance to the Riverside community.”
Despite accolades from groups including Historic Hotels of America, tensions between the Roberts family and Riverside preservationists have risen in recent years. In late 2024, after more than 30 years renting space within the hotel, the nonprofit Mission Inn Foundation and Museum was unable to agree on a lease extension with hotel management and moved to a building on Main Street. Foundation leaders did not respond to messages seeking comment.
“The Mission Inn is so foundational to Riverside that any significant change brings real concern to me and makes me uneasy,” said City Council member Philip Falcone, 28, who has been leading tours of the inn since he was in high school.
The Keith painting is “quintessential California, a romanticized view of the Sierra Nevada range. William Keith, the painter, was friends with John Muir,” Falcone said. As for the San Juan Hill painting, it connects neatly with the history of Theodore Roosevelt, one of nine presidents who have visited the inn.
A guest takes in the view from the Spanish patio at the Mission Inn.
(Gina Ferazzi/Los Angeles Times)
The hotel is largely the creation of Frank Miller, who bought Glenwood Cottage, a modest boarding house, from his father in 1880. Then Miller enlisted investment help from his friend, railroad magnate Henry Huntington, transformed the boarding house into a hotel and renamed it. Over time, Miller built it into an architectural wonderland filled with art and antiques gathered in the U.S. and Europe. By 1931, the enterprise filled a city block.
“It’s a unique property,” said David Stolte, president of the Old Riverside Foundation. “It’s a National Historic Landmark. It kind of sits at the intersection of private commerce and public benefit. The original owner, Frank Miller, intended it as a public space, essentially a cultural museum, in addition to his business of running a hotel.”
After Miller’s death in 1935, the hotel’s reputation spread even further, attracting dignitaries of the day — and the future. It served as the site of Richard and Pat Nixon’s wedding in 1940 and Ronald and Nancy Reagan’s honeymoon in 1952. But by the 1960s, it was much diminished, and a later owner, Benjamin Swig, had sold close to 1,000 antiques and artworks to help pay bills.
By the mid-1980s, the hotel had passed through a period of city ownership and was closed. By 1992, more than $50 million had been spent in restoration and renovation, but the project was scuttled by a bankruptcy. That’s when Duane Roberts, who grew up in Riverside and made his fortune selling flash-frozen burritos, bought the property and reopened it.
Duane and Kelly Roberts, residents of Laguna Beach, also established the hotel’s annual Festival of Lights, an Inland Empire holiday tradition. The hotel today includes 238 guest rooms, four restaurants, two lounges, two chapels, a spa, pool and candy shop.
Besides their stewardship of the hotel, Duane and Kelly Roberts became known as major donors to the Republican party. In 2017, Politico reported that Kelly Roberts was in line to be named the Trump administration’s ambassador to Slovenia, but turned down the post.
After Duane Roberts died at 88 in November, Riverside buzzed with questions over the fate of the hotel, prompting another Roberts family lawyer to offer public assurances.
“Nobody’s buying this hotel. Mrs. Roberts is keeping this hotel,” attorney Patrick O’Brien told a TV news crew in late November. But on May 4, Kelly Roberts and the San Manuel Investment Authority announced the pending sale.
Festival of Lights, Mission Inn’s popular holiday tradition, was created by Kelly and Duane Roberts after they reopened the hotel.
(Allen J. Schaben/Los Angeles Times)
Then on May 20, guests spotted workers removing the two paintings from the lobby area. Longtime hotel-watchers said other items had disappeared in recent years, including an 1876 Steinway piano; a statue of the goddess Pomona; William Wendt’s painting “Houses at Arch Beach”; Ilya Repin’s 1884 painting “Portrait of Madame K.”; and the hotel’s Taft Chair, a sturdy oak armchair commissioned by Frank Miller in 1909 to hold 335-pound President Taft. But the midday, presale removal of the Keith and Vereshchagin paintings prompted immediate outcry.
It was “traumatizing, seeing that stuff on display for so long and then seeing it come down,” said James Ranger, a veteran hotel tour guide and Mission Inn Foundation docent. After all the time and money the Roberts family invested in the property, “leaving on this note puts a sour taste out there,” he said.
The sale closed May 29. Though the Roberts family’s attorneys have insisted that the buyers and sellers are in accord, preservation advocates in Riverside have called for a review of documents associated with Roberts’ purchase of the property.
Meanwhile, the hotel’s new era as a tribal holding begins. Besides the two casino-hotels, the Yuhaaviatam of San Manuel Nation owns several other hotels, including the Waldorf Astoria Monarch Beach Resort & Club in Dana Point. As for the Mission Inn, the tribe has signed on Boston-based Pyramid Global Hospitality to take over management, and several changes are already evident.
Notably, the Roberts’ names have been dropped from the signage. Kelly’s Spa has become simply the spa, Duane’s Steakhouse is now just the steakhouse, and Casey’s Cupcakes, a hotel shop founded by Kelly’s daughter Casey Beau Brown, has closed. The Festival of Lights will continue, a spokesperson said.
Stolte said the Old Riverside Foundation believes the tribe will be “great stewards” for the Mission Inn.
“I wish that their welcome to Riverside was a little smoother,” he said.
Staff writer Alex Wigglesworth also contributed to this story.
The state of California is leading an effort to prepare a possible lawsuit that could thwart Paramount Skydance Corp.’s planned acquisition of Warner Bros. Discovery, a potential obstacle for the $111 billion deal.
The lawsuit, which could be filed as early as this month, would likely involve multiple states, according to a source familiar with the deliberations who was not authorized to comment publicly.
The litigation would seek to challenge the proposed merger on antitrust grounds, arguing it would thwart competition, lower wages and lead to widespread job losses.
“The Paramount acquisition of Warner Brothers remains an active investigation, and we do not have any updates to share at this time,” said California Atty. General Rob Bonta’s office in a statement.
In a statement, Paramount said it “will continue to fight against any attempt to derail a deal that plainly benefits consumers, creators and the industry as whole.”
“Opposing this deal means opposing expanded consumer choice, new opportunities for creators and workers, and greater competition throughout the creative ecosystem — the opposite of what antitrust law is meant to achieve,” the company added.
Warner Bros. Discovery shareholders in April approved the sale of the company to Paramount after Netflix dropped out of the auction.
Under Paramount Chairman David Ellison’s proposal, Warner investors would receive $31 a share, nearly four times the price of the company’s stock in April 2025. He also said he will keep both studios’ release schedules of 15 movies a year for a total of 30 films a year.
Nonetheless, Ellison and his team have vowed to make $6 billion in cuts following the merger, which requires regulatory approval. The combined company would have to contend with $79 billion in deal debt.
The prospect of substantial job cuts during a period of downsizing in Hollywood has ignited widespread opposition to the sale.
Thousands of people who work in the TV and film industry, including actor Joaquin Phoenix and director-writer-producer JJ Abrams signed an open letter opposing Paramount’s planned acquisition of WBD, saying it would lead to fewer production jobs and fewer choices for consumers. Others have also raised concerns about the impact it could have on content.
“The consequences would be felt nationwide, from destroying CNN the way that Ellisons have devastated CBS to entertainment industry job losses and consumers losing access to independent voices and a competitive market,” said Norm Eisen, executive chair of Democracy Defenders Fund, one of the groups that organized the open letter. “State attorneys general have both the authority and the responsibility to act when a transaction of this scale directly threatens the public’s interest, and I hope states across the country will join any effort to challenge this deal,” Eisen said in a statement.
The potential lawsuit, first reported by Bloomberg and Reuters, is being considered by other states, including New York and Colorado.
“Paramount and Warner Bros. haven’t cleared regulatory scrutiny,” Bonta told The Times in March. “My office has an open investigation into [the deal] and we intend to be vigorous in our review.”
Despite the potential obstacle, Raymond James equity analysts said in a note on Thursday that they “still believe the deal is likely to close.”
Last month, Paramount hired antitrust attorney Jeffrey Kessler to defend its planned acquisition of Warner Bros. Discovery. Kessler recently led a case for state attorney generals against concert promoter and ticketing firm Live Nation, resulting in a win for states, including California.
“We also think there are win/win solutions to be had particularly in California given exodus of production from CA in recent years and efforts to bring production back to Hollywood,” the analyst said in their note.
bodnarchuk/iStock via Getty Images
Barrick Mining (B) is considering a possible London listing for its African business, potentially via an all-stock deal with U.K.-listed Endeavour Mining (EDVMF) as a possible option, Reuters reported Monday.
Under one scenario being explored, Barrick (B) would retain its
Passholders can enjoy a year of thrill rides and family fun(Image: Merlin Entertainments)
Merlin has launched a summer sale that slashes the cost of annual passes and monthly memberships in time for the six-week school holidays.
The sale, launched today by the owner of a number of theme parks and attractions across the UK, means theme park fans can enjoy discounts on both Gold and Platinum passes, as well as monthly memberships, giving them unlimited access to over 20 UK attractions. These include Thorpe Park, Alton Towers, LEGOLAND, and Chessington.
Best of all, if you opt for a Gold membership at the discounted price of £16.99 a month, this works out cheaper than a monthly Netflix Premium subscription, which costs £18.99 a month. So, you can enjoy lots of days out with the kids and screen-free time over the summer without worrying about entry fees.
You can currently buy an annual pass at Gold or Platinum level with £50 off the total price. This brings Gold membership down from £239 to £189 a year, and Platinum down from £299 to £249. If you prefer to pay monthly, the sale has slashed Gold from £19.99 a month to £16.99, and Platinum from £24.99 to £20.99.
Gold memberships, whether annual or monthly, include 364 days’ entry to over 20 Merlin attractions, free parking, and 20% off food, drinks, and shopping. Platinum members get these perks with no exclusion dates, four bring-a-friend passes, a free one-shot Fastrack per visit, and other extras.
While it’s not included in the sale, there’s also the cheapest Merlin Essentials pass for £139 a year, which offers unlimited access for 339 days of the year. However, parents should note that exclusion dates include Saturdays in August, at the peak of the school holidays.
Merlin’s parks are set to be popular with families this summer thanks to the addition of some major new rides aimed at the younger crowd. The brand-new World of PAW Patrol at Chessington World of Adventures Resort opened in early May, and includes four pup-themed rides, play areas, and meet and greets. Over at Alton Towers, CBeebies Land also recently opened Bluey the Ride: Here Come The Grannies!, a must-visit for fans of the Heeler family.
In addition to its well-known theme parks, Merlin also operates a range of family-friendly attractions that make perfect school holiday days out. These include the London Eye, SEA LIFE centres, Madame Tussauds, and Cadbury World, meaning it’s easy to make the most out of your pass.
For comparison, booking a day ticket to Alton Towers starts at £34, so if you live near a Merlin theme park or visit a lot, you could soon get your money’s worth.
If you’re planning a one-off visit, then Cadbury is currently running a promotion on selected packs offering half-price tickets. Simply pick up an eligible product and visit fun.cadbury.co.uk to enter your barcode to receive a discount code and a link to book your tickets at 50% off.
The Merlin Pass Summer Sale ends June 28. For more information or to purchase, visit the Merlin website.
Have a story you want to share? Email us at webtravel@reachplc.com
As so many of Newcastle’s games have been this season, it looked like one-way traffic from their opponents from kick-off.
Making his first start at outside centre with Luke James unwell, Roebuck crossed with a minute on the clock, cutting inside from the left after a hand-off from Reed, with George Ford notching the extras.
Newcastle’s Simon Benitez-Cruz saw a try chalked-off for a forward pass before Seb Kelly barged over for his first Prem try at the other end on six minutes after a slick break down the left from Reed was stopped just short of the line.
The hosts got on the board on 10 minutes following a series of close-range drives with Christie diving under a pile of bodies to touch down on the whitewash.
O’Flaherty scored the third Sale try 15 minutes in after a basketball-style tip back from the touchline from Roebuck, with Ford notching the extras from out wide.
Joe Carpenter secured the bonus-point try inside 24 minutes after taking a short pass from Ford on the charge, with the England fly-half adding the extras.
The recalled Amanaki Mafi bulldozed down the blind side from a close-range scrum to reduce the arrears for Red Bulls as the heavens opened, though the conversion was missed once again and Sale added their fifth try through Alfie Longstaff after a rolling maul from a line-out, with Ford kicking his fifth conversion from the right.
Sale struggled to get going after the turnaround and the hosts made them pay as Hearle burst onto Harrison Obatoyinbo’s pass to plunge over by the posts, with Brett Connon slotting his first conversion to make it 35-17.
Lockwood picked up after Christian Wade was stopped a metre short of the line after gathering a long diagonal kick and dived into the corner and Ben Healy converted from the touchline to make it an 11-point game with 25 minutes remaining.
Roebuck thought he had picked up his second score after driving forward and then winning the race to Newcastle-bound Raffi Quirke’s grubber kick towards the line but it was ruled-out for a knock-on from O’Flaherty and the hosts then produced a defiant goalline stand to keep the Sharks at bay, with Roebuck held up on the line and then knocking on under the posts.
The waves of pressure continued and Reed eventually crossed after quick hands from Quirke, Ford and O’Flaherty, with Ford adding the conversion.
However Newcastle raced back and with 13 minutes remaining a brilliant flick from Healy sent Christie diving over for his second score in the right corner.
Healy turned provider once again on 72 minutes with a delayed pass to send Hearle over for his second to the right of the uprights and then notched the conversion to make it a four-point deficit.
After one win in 547 days the hosts were not going to settle for a close call and broke away from their own 22 after the clock ticked over to 80 minutes with Hearle on hand to collect a short pass and blaze away from halfway untouched to spark wild scenes in the final game of the season at Kingston Park.
Acting Navy Secretary Hung Cao’s remarks come as US President Donald Trump gives mixed signals on the sale.
Published On 22 May 202622 May 2026
A top United States military official has said Washington is pausing a $14bn arms sale to Taiwan to conserve munitions for its war on Iran.
Acting Navy Secretary Hung Cao provided the update to lawmakers during a Senate hearing on Thursday, a week after the weapons sale took centre stage in talks between US President Donald Trump and Chinese leader Xi Jinping in Beijing.
list of 4 itemsend of list
“Right now, we’re doing a pause in order to make sure we have the munitions we need for Epic Fury – which we have plenty,” Cao told the Senate Appropriations Subcommittee on Defense.
“But we’re just making sure we have everything, but then the foreign military sales will continue when the administration deems necessary.”
Cao said any decision to move forward with the sale – which would be the largest ever weapons transfer to Taiwan – would be made by Secretary of Defense Pete Hegseth and Secretary of State Marco Rubio.
The war has been paused since the US and Iran agreed to a ceasefire on April 8, but the sides have yet to reach a permanent peace deal.
The US Congress approved the weapons package for Taiwan in January, but the sale requires Trump’s sign-off to move forward.
If approved, the sale would surpass a record-breaking $11bn arms package for Taiwan approved by Trump in December.
Taiwanese Premier Cho Jung-tai told reporters on Friday that Taiwan would continue to pursue arms purchases, according to Taiwanese news outlet FTV News.
William Yang, senior analyst for northeast Asia at the Crisis Group, said in a social media post that the pause will “exacerbate anxiety and scepticism about US support in Taiwan and make it difficult for the Taiwanese government to request additional defence budget for the foreseeable future”.
Trump, who has confirmed that he discussed the arms sale with Xi, said last week in an interview with Fox News that he “may” or “may not” approve the package.
Trump has also suggested that the package could be used as a “negotiating chip” – despite a decades-old precedent against consulting with Beijing on arms sales.
China claims self-governing Taiwan as part of its territory, and objects to Washington’s ongoing but unofficial support for Taipei.
The US government does not officially recognise Taiwan but is committed to helping the island to defend itself under the 1979 Taiwan Relations Act, enacted shortly after Washington severed diplomatic ties with Taipei.
Trump has continued to test the status quo on Taiwan in other ways, saying earlier this week that he would consider speaking to Taiwanese President William Lai Ching-te about the arms deal.
Such a move would break with four decades of diplomatic protocol against direct talks with the Taiwanese leader and almost certainly provoke an angry response from Beijing.
Trump held a phone call with former Taiwanese President Tsai Ing-wen after his 2016 election win, but their talks took place before he was sworn in as president.
Taiwan stressed that it is a “sovereign and independent” nation after US President Donald Trump raised uncertainty over a major weapons sale to Taipei. The Chinese government pledged to deepen security cooperation with the US while insisting that Beijing has no right to claim the island.
Published On 16 May 202616 May 2026
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US President Donald Trump said he discussed US arms sales to Taiwan with Chinese leader Xi Jinping during talks in Beijing. Trump also said he is considering lifting sanctions on Chinese companies that buy Iranian oil.
Published On 15 May 202615 May 2026
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