Norway's sovereign wealth fund has objected to the reappointment of John Elkann to Meta's board of directors. Elkann currently chairs Stellantis and leads investment firm Exor.
The Norwegian Government Pension Fund Global, the world's largest sovereign wealth fund, formally opposed Elkann's continued position on Meta's board during the company's recent shareholder meeting.
Elkann's dual leadership roles at automotive manufacturer Stellantis and investment vehicle Exor have drawn scrutiny from the fund regarding potential conflicts of interest and governance concerns.
The objection reflects the fund's broader activist stance on corporate governance. Recently, the same $2.3 trillion fund backed all shareholder proposals at Palantir Technologies focused on human rights reviews, signaling increased scrutiny of its portfolio companies on environmental, social, and governance matters.
Norway's wealth fund, built from the country's oil revenues, has become increasingly vocal about corporate accountability. The fund's growing activism is drawing attention from Norwegian policymakers, as the fund's investment decisions increasingly reflect political considerations alongside financial returns.
UBS upgraded its price target for Micron Technology to $1,625 per share, marking the highest target on Wall Street. The new target represents a significant increase from UBS's previous $535 target.
ASML reported Q2 net sales of €9.3B and net profit of €2.9B, both exceeding analyst expectations. The semiconductor equipment maker raised its 2026 net sales guidance to €43B-€45B from €36B-€40B.
President Trump is expanding his data center infrastructure pledge to include Republican governors and major utilities. The agreement requires data center developers to cover their own energy and infrastructure costs.
Surging demand from data centers has increased public electricity costs by $23 billion, according to analysis. The trend reflects the infrastructure strain caused by AI and cloud computing expansion.