FT News Briefing GameStop’s wild bid for eBay
44 snips
May 8, 2026 
Victoria Craig, FT contributor on diplomacy, Krishna Kaushik, Mumbai markets reporter, and James Fontanella-Kahn, US finance editor, discuss Big Tech’s cash squeeze from AI spending. They cover investor outflows from India amid an energy-driven rupee slide. They dig into Ryan Cohen’s audacious leveraged bid for eBay and how he might finance and pursue the deal.
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Big Tech Sacrificing Cash To Win The AI Race
- Big tech firms are intentionally running negative free cash flow as they pour money into AI infrastructure this year.
- Amazon, Meta, Microsoft and Alphabet could hit their lowest collective free cash flow in a decade as spending now aims to yield revenue gains next year.
Energy Shock Triggers $22 Billion India Outflow
- India's rupee and markets are under heavy pressure because the Iran war has driven up energy costs and cut dollar supply.
- Foreign investors pulled about $22 billion as India imports 90% of its energy and faces a ballooning trade deficit and near-zero net FDI.
Government Cushion Keeps Fuel Pain From Consumers
- The Indian consumer has been insulated so far because the government has absorbed fuel price rises and the economy is domestically oriented.
- That protection could end if pressures persist, passing higher fuel costs to households.