Trump's Iran deadline, the Altman-Musk feud, Novo's Wegovy pill and more in Morning Squawk

Good morning! As we dive into today’s market insights, stock futures are showing a downward trend following a positive close for all major indices on Monday. Here are five crucial updates for investors as the trading day begins: The anticipation surrounding President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz is waning. With less than 12 hours remaining until the 8 p.m. ET cutoff, hopes for a ceasefire are diminishing. In corporate news, Universal Music Group’s shares have surged over 10% after activist investor Bill Ackman’s Pershing Square proposed a cash and stock acquisition valued at approximately 55.8 billion euros, or $64.4 billion. This proposal translates to a total deal value of 30.4 euros per share, representing an almost 80% premium over UMG’s closing price from April 2. Ackman aims to merge the Dutch firm with Pershing and subsequently list on the New York Stock Exchange, citing that UMG’s stock performance has suffered due to factors unrelated to its music operations. In the world of artificial intelligence, OpenAI is taking proactive steps ahead of its upcoming trial with Elon Musk. The AI firm has reached out to the attorneys general of Delaware and California, urging them to investigate Musk’s alleged anti-competitive practices. This follows Musk's history with OpenAI, which he co-founded before stepping away in 2018. The letter accuses Musk of collaborating with Meta CEO Mark Zuckerberg to undermine OpenAI, highlighting the tension as jury selection approaches later this month. Broadcom also reported a 3% increase in shares after announcing significant partnerships with Google and Anthropic. These agreements reflect the rising demand for infrastructure to support the booming AI sector. Broadcom will provide future AI chip versions for Google and grant Anthropic access to substantial computing capacity, further expanding their collaboration. On the pharmaceutical front, Novo Nordisk is witnessing a remarkable spike in demand for its Wegovy pill, introduced just three months ago. This GLP-1 pill for obesity has garnered attention due to its affordability compared to injection alternatives, appealing to patients wary of needles. However, despite the soaring demand, Novo’s stock price remains stagnant as it competes with Eli Lilly, which recently gained U.S. approval for its own GLP-1 pill. Lastly, JPMorgan Chase CEO Jamie Dimon outlined several pressing challenges in his annual shareholder letter, including geopolitical tensions, AI developments, and instability in private markets. He specifically criticized what he perceives as inadequate bank regulations, adding to the complexities faced by financial institutions today.