Here’s what you need to know today

Companies in the news

• EU pushback over Greenland lifts European defence stocks. Major European defence names rose after Brussels rejected Trump’s claims over Greenland and threatened trade retaliation. The European defence index is up 15% this month, led by Sweden’s Saab (up 32%), Germany’s Rheinmetall (22%) and UK’s BAE Systems (22%). (FT | AFR)
  
  

• Elon suing OpenAI, Microsoft: Musk claims he contributed ~60% of OpenAI’s startup capital and was defrauded by OpenAI’s change from non-profit to for-profit. OpenAI labelled Musk “a frustrated commercial competitor”. (BI)
  
  

• ACCC targets Apple, Google app stores: The Australian Competition and Consumer Commission wants Labour to expedite laws to force Apple and Google to allow third-party app stores on their devices, citing insufficient competition and duopolistic concerns (AFR)
  
  

• Porsche hit by weak EV, Chinese demand: Porsche deliveries were down 10% in 2025, its worst decline since 2009, amid weak EV demand and shrinking Chinese demand. (Yahoo Finance)
  
  

• Macquarie’s search for a partner continues: After offering $12 billion for Qube, Australia’s largest logistics provider, Macquarie has struggled to line up a co-investor. Having been rebuffed by several Australian funds, it is turning to GIC, Singapore’s sovereign wealth fund. (AFR)
  
  

• Sequoia backs Anthropic despite rival AI bets. US VC firm Sequoia Capital is joining a funding round for Anthropic after already investing in OpenAI and xAI.
  The move breaks with the long-held VC norm of not investing in direct competitors. (FT | Yahoo Finance)
  
  

• Wesfarmers exposed after Priceline franchisee collapse: The retail giant injected $100 million into Infinity Pharmacy Group, the largest franchisee of its Priceline pharmacy chain. This wasn’t enough, as Infinity and its 110 stores have all entered receivership. (AFR)
  

The Bigger Picture

• 8 new Aussie billionaires: Since 2020, Australia has gained eight new billionaires, bringing the total to 48. These 48 people control more wealth than the bottom 40% of Australians. (Yahoo Finance)
  
  

• Australian Open stars press for bigger revenue share: Agents of the top ten male and female tennis players met in Melbourne to discuss an escalating pay dispute. Despite AO prize money increasing by 77% since 2020, players are asking for more than the current 22% of tournament revenue and a dedicated player welfare fund. (AFR)
  
  

• Trump’s ‘Board of Peace’ comes with $1b price tag: The US President is inviting world leaders, including Anthony Albanese, to join his new peacekeeping body. To secure membership beyond a three-year term, there is a $1 billion buy-in. So far, no world leader has agreed to pay. (NYT)

What’s got us thinking?

Investing is a lifelong journey. Here’s what we’ve been learning lately.

The Power of Compounding

If you’re reading this email, chances are that we don’t need to convince you to invest. Tax advantages, financial freedom, letting the world’s smartest minds work for you, these are all reason we’ve covered before.

Arguably is greatest advantage we’ve covered is the power of compounding, and this morning we have a great example to keep you excited about your investing journey.

Warren Buffett, arguably the greatest investor of all time and a man we’ve covered in great detail, is the centre of this example. Buffett is 95 years old and worth roughly $150 billion, making him one of the world’s richest men. Here’s an encouraging insight:

99% of his wealth was generated after he was 50.

Buffett has been buying companies since his mid-20’s, yet his wealth never reached even 1% of its current value before he was 50. This illustrates the great power of compounding and is highlighted by a quote from Buffett:

“The biggest thing about making money is time. You don’t have to be particularly smart, you just have to be patient.”

A message from PocketSmith

With PocketSmith, you get one place to see your day-to-day spending, savings and investing side by side. Link your accounts (including multi-currency), let transactions auto-categorise, then set budgets and regular investing contributions that match how you actually live. PocketSmith’s calendar and forecasting show how each pay cycle looks in advance, while net worth tracking keeps the bigger picture in focus.

Right now, PocketSmith is offering 50% off the first 2 months of a Foundation Plan. To try PocketSmith for yourself and claim this deal, head to pocketsmith.com/equitymates

What the…?

Want more Equity Mates?