BUSINESS

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MetaX raised close to $600 million in its initial public offering, pricing shares at 104.66 yuan before they rocketed to more than 830 yuan in early trading. The explosive rise reflects growing demand for companies positioned at the intersection of artificial intelligence and advanced chip development, particularly as China accelerates efforts to build domestic alternatives to U.S. technology.

Founded by former AMD executive Chen Weiliang, MetaX develops graphics processing units designed for artificial intelligence workloads. Its listing follows a wave of successful Chinese semiconductor IPOs, including rival Moore Threads, whose shares climbed more than 400% earlier this month after debuting in Shanghai.

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Warner Bros is launching a new contemporary film label led by three former senior executives from Neon Christian Parkes Jason Wald and Spencer Collantes. The move marks a significant shift for the studio as it looks to strengthen its slate of smartly budgeted theatrical films aimed at modern audiences while expanding opportunities for emerging filmmakers.

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As cost cuts continue to bite, Volkswagen has made an historic decision, ceasing production at a German factory for the first time in its 88-year history. On Tuesday, the last car, a red electric ID.3 GTX signed by its workers, exited the production line at the Dresden plant. This closure transforms the iconic glass-walled "Transparent Factory" into the first domestic Volkswagen site to completely shut down manufacturing.

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The "Hollywood giant and owner of CNN," Warner Bros. Discovery, on Wednesday dismissed a hostile takeover bid made by Paramount last week. Paramount's move was an effort to overshadow or beat previous plans by streaming giant Netflix, which also had its sights set on acquiring Warner Bros. Discovery.

In a statement, Warner Bros. said the terms of the Netflix merger were better, while the Paramount offer "once again fails to address key concerns that we have consistently communicated...throughout our extensive engagement and review of their six previous proposals."

"We are confident that our merger with Netflix represents superior, more certain value for our shareholders," it said.

Netflix shocked the industry on December 5 by announcing it had sealed an agreement to buy the film and television studio for nearly $83 billion, the entertainment industry's biggest consolidation deal this decade.

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Ford Motor Co. announced Monday that it is sharply pulling back on its electric vehicle ambitions, a move that will result in a $19.5 billion charge to earnings as the automaker reassesses its EV strategy amid slowing demand and shifting U.S. policy.

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While many companies are working to address the shortage, General Motors has invested hundreds of millions of dollars to build its own pipeline of future workers.

Over the past five years alone, the automaker has invested more than $242 million in its skilled trades apprenticeship program, which is geared toward training the next generation of skilled trade professionals with a combination of classroom instruction and thousands of hours of hands-on experience at a GM facility, Michael Trevorrow, GM's senior vice president of global manufacturing, told FOX Business.