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Databricks commits $416m for Australian expansion, 150 new hires

May 05, 2026

Good morning.

Databricks, a private US AI company valued at USD134 billion and backed by Andreessen Horowitz and the Future Fund, is putting $416 million into Australia over the next two years, local country manager Adam Beavis told the AFR.

The plans include a new Sydney headquarters, hiring 150 staff and training 50,000 people on its platform. 👀

ASX as at market close. Commodities and crypto in USD.

🏆 LOI Subscriber #TBD

Market movers

Shares in New Zealand infant formula maker A2 Milk plunged almost 10% on Monday after the company launched a recall of three batches of its US-labelled a2 Platinum infant formula following the detection of cereulide, a toxin linked to foodborne illness, in products sold in America.

The quick sync

  • High Court copyright case over covert abattoir footage poses serious risk to investigative journalism, lawyers warn. (Capital Brief)

  • Australia and Japan deepen their alliance as China's assertiveness and Washington's reliability come into question. (Capital Brief)

  • Fewer than half of Australians trust public institutions as confidence in politics and media collapses. (Capital Brief)

  • NAB's boss Andrew Irvine says cloud infrastructure gives the bank an AI edge over bigger rivals. (Capital Brief)

A MESSAGE FROM WOMEN IN GOVERNMENT RELATIONS AUSTRALIA

Join us on Budget Night – WGRA’s inaugural Budget Night Dinner at Parliament

Be part of a landmark evening bringing together Parliament, industry leaders and the public affairs community.

Tuesday, 12 May 2026
Mural Hall, Parliament House
Arrivals from 7:00pm | Formalities from 8:15pm (post-Budget speech)
Concludes 9:30pm

Hear directly from key voices shaping Australia’s policy landscape, including:

  • Sally Sitou MP, Member of the Standing Committee on Economics, Federal Member for Reid

  • Senator Marielle Smith, Chair of the Joint Standing Committee on Trade and Investment Growth, Senator for South Australia

  • Glenys Beauchamp AO PSM, Former Federal Departmental Secretary

This is more than a Budget night event - it’s a unique opportunity to unpack the real implications of the 2026–27 Federal Budget, with a focus on women’s economic participation, leadership, and the future of Australia’s policy workforce.

Trading floor

M&A

  • GameStop makes a USD56b bid to acquire eBay. (Bloomberg)

  • Wyloo Metals looks to sell stake in a WA rare earths project. (AFR)

  • Pinnacle Investment Management raises stake in Metrics to 35%. (Capital Brief)

  • Austal revised its Border Force patrol boat contract to about $150m. (Capital Brief)

  • Chemist Warehouse is expanding into the UK via a stake in Greenlight Healthcare. (AFR)

  • Hubbell to acquire NSI Industries for USD3b. (WSJ)

  • Carlyle Group acquires healthcare RCM firms Knack and EqualizeRCM. (Bloomberg)

  • American Express Global Business Travel enters a USD6.3b take-private deal. (WSJ)

  • Anthropic nears a USD1.5b joint venture with Wall Street firms. (WSJ)

Capital Markets

  • Viva Energy expects six-week repairs after refinery fire. (Capital Brief)

  • Navigator Global Investments enters trading halt ahead of an acquisition announcement. (Capital Brief)

  • Eagers Automotive completes investment in CanadaOne. (Capital Brief)

  • BrainChip licenses IP to Korean chip firm ASICLAND. (Capital Brief)

  • Endeavour Group boosts sales but launches cost cuts and job reductions. (Capital Brief)

  • Accent Group downgrades earnings due to weak consumer confidence. (Capital Brief)

  • A2 Milk Company recalls US products over contamination concerns. (Capital Brief)

  • National Australia Bank explores gaining a competitive edge through AI. (Capital Brief)

  • Larvotto Resources expands high-grade gold and critical minerals project in NSW. (SMH)

  • Whitehaven Coal enters dispute with a key customer over supply terms. (AFR)

  • PEXA Group sees UK remortgage market share decline. (Capital Brief)

  • Cbus raises insurance premiums due to rising claims. (AFR)

  • UBS ranked top for conferences in Australia, ahead of Macquarie Group. (AFR)

  • SPC returns to investors with a new equity raising. (AFR)

  • Mineral Resources’ Onslow project risks a $750m port levy tied to a Chevron agreement. (AFR)

  • AirAsia nears order for about 150 Airbus short-haul planes. (Bloomberg)

  • Sharon AI denies short-seller claims about a major contract as it prepares for an ASX listing. (AFR)

  • Sydney Airport rail project faces delays due to a dispute. (AFR)

  • Cerebras Systems seeks USD3.5b US IPO. (Bloomberg)

  • Medical device firm Mobia targets USD160m US IPO. (Bloomberg)

  • Blackstone plans USD1.75b data center REIT IPO. (Bloomberg)

  • Merricks Capital downplays rising bad debts as manageable. (Capital Brief)

  • Pinterest surges 17% after earnings beat as company posts strong guidance. (CNBC)

  • OpenAI and Anthropic are partnering with big financial firms to accelerate enterprise AI adoption. (Bloomberg)

VC 

  • UNSW Founders launches 2026 program with founder-friendly funding. (Startup Daily)

People moves

  • John Ruthven appointed CEO of Nuix. (Capital Brief)

  • Heith Mackay-Cruise to retire as chair of Southern Cross Media. (Capital Brief)

  • Kerry Stokes regains board control of Seven Group after chair steps down. (SMH)

  • Inghams Group appoints Grant Douglas as CFO. (Capital Brief)

  • Anthropic’s Australia head Theo Hourmouzis draws attention for AI-assisted writing. (AFR)

  • JPMorgan hires a Morgan Stanley executive Will Boyle to lead its PE secondaries unit. (Bloomberg)

☝️ Know about a deal or people move we don’t? Hit reply.

The watercooler