Automaker General Motors on Tuesday announced a new partnership with defense company Lockheed Martin to scale manufacturing and expand production capabilities.
The deal was facilitated by the U.S. Department of Defense, according to Bruce Brown, GM’s vice president of strategy at GM Defense, and will focus on munitions.
“What makes this moment especially important is that the country needs more than great technology. It also needs the capacity to build, scale and deliver reliably,” Brown said on a call with reporters. “This is where GM can help. Across our company, we bring deep experience in advanced engineering, digital development, supply chain discipline and manufacturing at scale.”
Lockheed Chief Operating Officer Frank St. John said it was too early to say what projects it would invest in with GM Defense.
Executives from both companies said on the call that the collaboration will allow for more growth at a time when the country is ramping up its production of defense parts.
“Together, we will explore opportunities across three important areas: improving production readiness and scalable manufacturing environments; strengthening supply chains and identifying ways to increase resilience; and applying advanced manufacturing and design approaches [that] can help improve efficiency and accelerate delivery,” St. John said.
Lockheed Martin is investing $9 billion through 2030 to modernize 20 of its facilities and supply bases, St. John added. GM said it will spend $7 billion on research and development in the U.S., according to Brown.
The executives said the partnership will be focused on “high-rate manufacturing” at scale and expanding production capacity. They added that the collaboration is still in early stages and that they need to further define what the potential for future contracts may be. They are working under a memorandum of understanding.
The automaker built tanks for the country during World War II. Its GM Defense unit is one of the company’s newer but fast-growing business segments, reestablished in 2017 with customers including the U.S. Army, Secret Service and NASA.
“America is stronger when two companies with deep manufacturing roots come together to help expand speed, scale and resilience in the defense industrial base. That is why Lockheed Martin and GM are announcing this collaboration,” Brown said on the call.
The partnership comes as President Donald Trump has been pushing for more American manufacturing to bring more production and reshoring into the country. The U.S. has also seen its defense stockpiles fall because of the wars in Ukraine and Iran.
The White House has held discussions with Ford and GM about better supporting the country’s defense industry.
— CNBC’s Michael Wayland contributed to this report.

As OpenAI files SEC paperwork ahead of an expected initial public stock offering, newly leaked financial documents show a company with quickly growing revenues that are currently being overwhelmed by even larger expenses.
The audited financial statements, obtained by independent journalist Ed Zitron, show OpenAI’s reported revenue growing from $3.7 billion in 2024 to $13.07 billion in 2025. The Financial Times, which reviewed the same documents, writes that the company’s monthly revenues had grown to nearly $2 billion by the end of 2025, suggesting that its ongoing revenue rates continued to grow throughout the year.
But the company’s fast-growing revenues are still dwarfed by its even more significant expenses. OpenAI’s total revenues in both of the last two years were outpaced by research and development alone, which grew from a $7.81 billion line item in 2024 to a massive $19.18 billion cost in 2025. Those numbers seem to reflect the significant costs OpenAI incurred in training new models and include $10.59 billion in R&D costs paid to Microsoft alone in 2025.
On top of that, OpenAI’s “cost of revenue” (i.e., the money spent producing and distributing the product) increased from $2.65 billion in 2024 to $7.5 billion in 2025. This cost line likely reflects the significant compute costs incurred at “inference time” as the company’s models respond to a growing number of user prompts. Costs associated with sales and marketing also grew from $1.11 billion in 2024 to $5.73 billion in 2025.
All told, OpenAI’s day-to-day “loss from operations” increased from $8.78 billion in 2024 to $20.92 billion in 2025, a concerning direction for a company that is telling investors it hopes to be profitable by 2030. But measured as a percentage of revenues, the company’s operating losses slightly improved year to year, from 237 percent in 2024 to 160 percent in 2025.
Gotta spend money to make money
Operating numbers aside, OpenAI’s headline “net loss” number of just over $5 billion in 2024 ballooned to nearly $39 billion in 2025. But the 2025 number includes a significant accounting charge related to investor valuations that shifted amid the company’s 2025 conversion to a for-profit structure. The Financial Times cites “a person familiar with the matter” in reporting that this non-recurring charge was approximately $30 billion and that OpenAI’s 2025 net loss amounted to a more reasonable-looking $8 billion without it.
As OpenAI tries to shift all these losses to eventual profits, it will have to start reining in its costs, especially the massive (and growing) R&D costs associated with model training. It will also have to deal with enterprise customers that are beginning to balk at token-based pricing and starting to demand a measurable return on investment for their AI spending. And on the subscription side, pressure from rival Anthropic may force the company to lower prices, which could further increase operating losses in the near term.
OpenAI shut down its Sora video generation model in March. Around the same time, OpenAI CEO of Applications Fidji Simo told employees that the company would be cutting back on “side quests” and focusing on its core coding and business users.
In March, OpenAI raised $122 billion of financing in a funding round that valued the company at $852 billion. The company reports over 900 million weekly active users of ChatGPT, though only about 50 million of those are paid subscribers.

The framework deal between the United States and Iran sets the stage for an end to the bursts of violence and debilitating disruption of energy deliveries and trade in the Persian Gulf. But don’t expect economies around the globe to simply pick up where they left off before the United States and Israel began bombing Iran on Feb. 28.
The war has set in motion changes that will be hard to reverse.
The global energy order is being reshaped.
The near shutdown in oil and gas deliveries from the Middle East and the leap in prices are causing a shift in power. Energy producers from the Gulf to the Americas are jockeying to maintain or increase their dominance, and customers are struggling to reduce their dependency and shore up their supply.
As a result, the energy market is changing, the energy mix is changing and the energy players are changing.

Johnson & Johnson is betting big on America, crediting Trump tax policies, top talent and a strong investment environment for inspiring a $55 billion U.S. investment push that spotlights growing confidence in U.S. manufacturing.
“We have the best talent, we have the best investment environment and, very importantly, we have now the tax policy enacted with this administration that has enabled us to be competitive,” CEO Joaquin Duato said on FOX Business’ “Mornings with Maria” on Tuesday.
“We’re playing with a hand tied to our back compared to companies that were domiciled outside of the U.S.”
“Now we can create high-skilled jobs, we can invest in America, and we can be competitive,” he added.
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Duato told “Mornings With Maria” that the company’s goal is to manufacture all its medicines, medical technologies and more in the U.S., touting the move as a “show of confidence in American manufacturing.”
Johnson & Johnson’s recent endeavors also include a more-than-$1 billion investment in a U.S. Vision manufacturing facility in Jacksonville, Florida.
While discussing such investments, Duato reiterated Johnson & Johnson’s role in medical technology and pharmaceuticals, distinguishing those businesses from the company’s former consumer health segment.
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“We are now focused on science and innovation. So what is our goal now? Our goal is to continue to deliver sustained growth through patient breakthroughs,” he said.
Duato pointed to a recently-approved medicine called Icotyde, a once-daily oral treatment for psoriasis and psoriatic arthritis with efficacy and safety designed to rival injectable biologics.
He said the development will “transform… autoimmune diseases.”
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On the medical technology side, the company is seeking approval for its first robotic surgical system, which aims to improve surgical outcomes by assisting surgeons.
“We are not a one-trick pony company. We’re a company with a stable of blockbusters,” he said.
“We have 28 platforms at Johnson & Johnson of more than $1 billion, so that gives us the confidence to be so bold to say we have line of sight to double-digit growth for Johnson & Johnson by the end of the decade, and that is remarkable for a company which is more than $100 billion.”

By this time next year, Fox Corporation CEO Lachlan Murdoch intends to have added Roku to his already expansive media empire. Should the acquisition go through, Fox will gain control of Roku’s modest library of original programming, and the newly combined company will become “the third-largest player in U.S. television” in terms of viewing share. But the most significant thing that Murdoch buys with this deal is direct access to the 100 million households that make up Roku’s user base.
It’s precisely because Roku and Fox are very different kinds of companies that a merger between the two could have a major impact on our modern media landscape. Murdoch has a vested interest in putting a positive spin on the situation — the platform will remain “open” and “partner friendly,” per the announcement — but it’s very much another instance of corporate consolidation that will reshape what consumers watch, perhaps without them ever realizing it.
Fox’s desire to acquire Roku makes a lot of sense when you recall how long Murdoch has been trying to establish a solid presence in the streaming wars. In 2020, Fox bought the free, ad-supported streaming (FAST) platform Tubi, and last year, the company launched its own dedicated subscription service focused on news and live sports. Following news of the deal, Murdoch told investors that he plans to keep Fox and Roku running as two separate entities. The Roku Channel (Roku’s signature FAST service) might not wind up being folded into Tubi, but Murdoch has designs to turn Roku into a doorway to all things Fox.
Both Murdoch and Roku founder, chairman, and CEO Anthony Wood have made it clear that Fox-branded content will be more prominently featured on Roku’s homepage after the acquisition. Wood told investors that “promoting Fox-owned and operated properties on the Roku homescreen” is a key component of the companies’ plan to increase profits. Murdoch added that he expects Roku’s viewership to grow in the US specifically because of Fox content’s presence on the service. Films and series produced by other companies won’t disappear entirely from the platform because the sheer breadth of Roku’s current library is a core part of its appeal to consumers. But it feels more than likely that Fox Sports and Fox News will be some of the very first things people see whenever they interact with Roku’s tech.
The beauty of Roku as it currently exists is its overall simplicity compared to its competitors. When you open the Roku app, it presents you with a small selection of top picks, a list of other streaming services you can access through Roku, and one large ad — all of which makes it feel like the interface is gently trying to help you find things to watch. But during their investor call, Murdoch and Wood stressed that they want to generate more ad revenue from Roku’s homescreen by featuring more of Fox’s content. And that kind of push could effectively turn Roku into a place that feels more attuned to its owner’s conservative politics.
Roku’s value lies in its infrastructure and consumer viewing data
Post-merger, Roku would become the latest example of a moneyed Trump ally buying control of a massive part of the media ecosystem. It took less than a year for Paramount and its associated properties like CBS News and 60 Minutes to be remade in David Ellison’s image. And he obviously intends to do the same with Warner Bros. Discovery when his bid to acquire that studio ultimately closes. Fox’s bid to buy Roku for $22 billion still needs to receive regulatory approval, but chances of the deal being cleared feel high given the Department of Justice’s recent receptiveness to massive media megamergers involving the president’s friends.
Murdoch is trying to do something different with Roku, whose value lies in its infrastructure and consumer viewing data as opposed to the films and series it makes. Murdoch can’t exactly strong-arm competitors like Apple and Amazon into putting out programming that aligns with his political views. And removing other companies’ subscription services from Roku would push consumers away to alternative streaming devices. Instead, it seems as if Murdoch wants to use Roku’s digital real estate to expose Fox’s content to as large an audience as possible. It’s hard to imagine every single Roku user suddenly becoming a Fox News obsessive, but more people will watch it if the platform makes that programming more easily accessible.
This particular scenario — millions of viewers casually consuming Fox content simply because it’s been served up to them — feels plausible because of how thoroughly Roku has already cemented itself in the streaming space. People didn’t buy their Roku-enabled televisions thinking that they were inviting the Fox Corporation into their home. But that’s exactly how all of this is going to shake out if Murdoch gets his way. Given Murdoch’s ties to Trump and this administration’s commitment to pushing the media toward the right, it seems like Roku will soon be a Fox company. And while consumers might not be able to do anything to prevent the deal, there are still other streaming platforms they can jump to.