AIR INDUSTRIES GROUP (AIRI): Entry into a Material Definitive Agreement

Air India appointed former Ethiopian Airlines CEO Tewolde Gebremariam to lead its turnaround, replacing Campbell Wilson. The move follows last year’s crash that killed 260 people and increased regulatory scrutiny. Air India posted record losses of over $2 billion in fiscal 2025-26, according to Singapore Airlines’ annual report. Gebremariam previously grew Ethiopian Airlines’ revenue and fleet.

Tata Sons’ board meeting on Monday, chaired by N. Chandrasekaran, was described by people familiar with the deliberations as constructive and largely amiable after prior public disagreements. CEOs presented business reviews to the board, with Noel Tata focusing on Air India and BigBasket, while Tata Electronics drew positive feedback. Tata Sons’ possible listing and Chandrasekaran’s tenure renewal were not raised.

Tata Sons’ board met at Bombay House on Tuesday, where Chairman N Chandrasekaran and senior officials presented the group’s performance, growth plans, capital allocation for emerging businesses, and turnaround roadmaps, according to people aware. The review covered Tata’s semiconductor, iPhone assembly and electronics ventures, plus Air India and Tata Digital units. Air India reported a $2.8bn FY26 loss; Tata Digital firms cited cash-flow and loss issues. The group plans to spend $100bn+ on emer

Sandisk (SNDK) announced a $14B stock buyback, adding to its $15.5B authorization, over 7% of its market cap. The move follows strong performance in 2026, driven by AI-related demand. Warren Buffett warns buybacks should only occur at prices below intrinsic value. Sandisk's stock is up 535% this year, with net income rising from -$1.6B to $11.4B. Management expects steady growth but faces uncertainty from supply increases and market cyclicality.

Broadcom (AVGO) is in talks to raise $70B-$80B in debt for AI chip financing, with Blackstone and Apollo involved. The deal supports AI companies like Anthropic and extends a June partnership. Shares rose 1% on the news. The financing structure keeps debt off Broadcom's balance sheet, but the company guarantees part of it. The deal's size and terms remain fluid, with potential execution risks.

Blue Owl Capital arranged a $2.4 billion debt deal for Iren to buy Nvidia GPUs for a Canadian data center. The financing includes $1.2 billion in loans and notes, both at 9% interest. Iren, a cloud provider and Bitcoin miner, plans $30B in 2027 capex. Its shares fell 13% to $35.40 on Friday. Blue Owl manages $319B in assets.