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FTC Clears IonQ’s $1.8 Billion Acquisition of SkyWater

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The U.S. Federal Trade Commission (FTC) has approved IonQ’s $1.8 billion acquisition of SkyWater Technology, allowing the quantum computing company to move forward with its purchase of the U.S.-based semiconductor manufacturer.

FTC Chairman Andrew Ferguson said he had proposed conditions requiring IonQ to provide fair access to rival quantum computing companies that rely on SkyWater’s manufacturing services. However, Commissioner Mark Meador argued the deal would not reduce competition.

With commissioners unable to agree on merger conditions, the FTC approved the transaction without imposing additional requirements.

The acquisition strengthens IonQ’s manufacturing capabilities as the United States continues investing in domestic semiconductor production. SkyWater describes itself as the country’s largest U.S.-based semiconductor foundry.

FTC Appeals Ruling in Meta Antitrust Case Over Instagram, WhatsApp Deals

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The U.S. Federal Trade Commission has appealed a court ruling that dismissed its antitrust case against Meta Platforms, seeking to revive claims that the company illegally built monopoly power by acquiring Instagram and WhatsApp. The FTC said its position remains unchanged despite last year’s dismissal.

The agency argues that Meta’s purchases of Instagram in 2012 and WhatsApp in 2014 harmed competition by eliminating emerging rivals. It has asked the courts to reconsider forcing a potential breakup or divestment of the platforms. Meta was sued in 2020, years after regulators initially approved the deals.

U.S. District Judge James Boasberg ruled in November that Meta does not currently hold a monopoly, citing strong competition from platforms such as TikTok. Meta said the decision correctly reflects the competitive landscape and said it will continue investing and innovating in the United States.

Nvidia to invest up to $100B in OpenAI, fueling AI dominance — and antitrust worries

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Nvidia will invest up to $100 billion in OpenAI and supply it with advanced data center chips, the companies confirmed Monday, marking one of the largest-ever deals in artificial intelligence. The pact ties together the world’s leading AI chipmaker and the sector’s most high-profile model developer, deepening concerns about market concentration.

Deal structure

  • Nvidia will acquire non-voting shares in OpenAI.

  • OpenAI will use the cash to purchase Nvidia chips, creating what analysts called a “circular” arrangement.

  • The two companies signed a letter of intent to deploy at least 10 gigawatts of Nvidia systems — equivalent to powering 8 million U.S. homes.

  • Nvidia will begin deliveries in late 2026 via its new Vera Rubin platform, starting with 1 GW of compute.

  • Initial investment: $10B, with further tranches scaling toward $100B.

OpenAI CEO Sam Altman said: “Compute infrastructure will be the basis for the economy of the future, and we will utilize what we’re building with Nvidia to both create new AI breakthroughs and empower people and businesses with them at scale.”

Market reaction

  • Nvidia shares hit a record intraday high (+4.4%).

  • Oracle gained 6% amid its own collaboration with OpenAI, Microsoft, and SoftBank on the $500B Stargate data center project.

  • Broadcom fell 0.8% on concerns the deal could complicate its custom-chip work with OpenAI.

Industry context

The pact follows:

  • Microsoft’s multibillion-dollar investments in OpenAI since 2019.

  • Nvidia’s $5B investment in Intel and its $6.6B backing of OpenAI in 2024.

  • Ongoing OpenAI efforts to design its own AI chips with Broadcom and TSMC, which reportedly remain unchanged.

Antitrust spotlight

The DOJ and FTC reached an agreement in 2024 enabling potential probes into the roles of Microsoft, Nvidia, and OpenAI in AI. Analysts warn this deal could intensify scrutiny:

  • Andre Barlow, antitrust lawyer: “It could potentially lock in Nvidia’s chip monopoly with OpenAI’s software lead, making it more difficult for rivals like AMD or competing AI labs to scale.”

  • Stacy Rasgon (Bernstein): The structure raises concerns about Nvidia’s investment dollars coming back as chip purchases.

The Trump administration has so far taken a lighter regulatory approach than Biden’s, emphasizing growth over enforcement — though officials say protecting competition in AI infrastructure remains a long-term priority.