Bill Ackman’s Pershing Square said Tuesday it is planning to buy Universal Music Group in a cash and stock deal.

UMG will form a newly merged company with Pershing Square and list on the New York Stock Exchange, according to the terms of the transaction, which is expected to close by the end of the year.

“Since UMG’s listing, Sir Lucian Grainge and the company’s management have done an excellent job nurturing and continuing to build a world-class artist roster and generating strong business performance,” said Pershing Square CEO Bill Ackman in the Tuesday statement.

“However, UMG’s stock price has languished due to a combination of issues that are unrelated to the performance of its music business and importantly, all of them can be addressed with this transaction.”

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Broadcom said Monday that it’s agreed to produce future versions of artificial intelligence chips for Google, and signed an expanded deal with Anthropic that will give the AI startup access to about 3.5 gigawatts worth of computing capacity drawing on Google’s AI processors.

Shares of Broadcom rose 3% in extended trading.

The disclosure in a securities filing underscores the surging demand for infrastructure that can run generative AI models. Anthropic’s popularity has soared this year, with its Claude app becoming the top free U.S. app listed in Apple’s App Store in February after a dispute between the company and the Pentagon became public.

On an earnings call last month, Broadcom CEO Hock Tan said that “for Anthropic, we are off to a very good start in 2026” in providing 1 gigawatt of compute from Google’s homegrown tensor processing units (TPUs). Broadcom helps Google make its TPUs.

“For 2027, this demand is expected to surge in excess of 3 gigawatts of compute,” he said.

In a note following the earnings call, analysts at Mizuho led by Vijay Rakesh estimated that Broadcom would pick up $21 billion in AI revenue from Anthropic in 2026 and $42 billion in 2027. The filing on Monday did not contain a dollar amount.

Meanwhile, Broadcom is also collaborating with Anthropic rival OpenAI on custom silicon for AI. Both model builders currently rely heavily on graphics processing units from Nvidia through cloud providers such as Amazon, Google and Microsoft. OpenAI has also committed to drawing on six gigawatts of AMD’s GPUs, with the first gigawatt set to come in the second half of this year.

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Software stocks made a comeback on Tuesday after Anthropic hosted its enterprise agents event, where it revealed new partnerships, quelling some investor fears that the sector could be displaced by artificial intelligence.

The AI startup launched new updates to Claude Cowork that allow companies to integrate the productivity tool into a host of enterprise apps, such as Salesforce-owned Slack, Intuit, Docusign, LegalZoom, FactSet and Google‘s Gmail.

Organizations can also deploy customizable plugins across sectors like financial analysis, engineering and human resources, Anthropic said.

Salesforce shares jumped 4% following the Anthropic announcement while Docusign and LegalZoom each gained more than 2%. Thomson Reuters‘ stock surged more than 11% and FactSet shares rose nearly 6%.

Analysts at Wedbush Securities said in a Tuesday research note that Anthropic’s event showed the competition risk to software from AI is “overblown.”

They argued that models aren’t capable of replacing entire workflows that remain “deeply embedded” in software infrastructure.

“The reality is that these new AI tools will not rip and replace existing software ecosystems and data environments with these AI tools only as useful as the data it can reach,” the analysts wrote.

Anthropic’s recent product rollouts have sent software and cybersecurity stocks tumbling in recent weeks as investors digested the looming threat of AI tools to those business models.

CrowdStrike closed largely flat Tuesday, but many of those stocks climbed higher. Okta and Cloudflare rose about 2%. Zscaler and Tenable each gained about 4% and SentinelOne climbed 3%.

IBM shares sold off heavily on Monday after Anthropic touted a tool that could automate aspects of a programming language run on IBM’s computers. IBM’s stock rebounded Tuesday, climbing more than 2%.

— CNBC’s Ashley Capoot and Kate Rooney contributed reporting to this story.

More than 900 Google workers have signed an open letter condemning recent actions by U.S. Immigration and Customs Enforcement (ICE) and Customs and Border Protection (CBP), urging the tech giant to disclose its dealings with the agencies and divest from them.

The letter, citing recent ICE killings of Keith Porter, Renee Good, and Alex Pretti, said that the employees are “appalled by the violence” and “horrified” by Google’s part in it.

“Google is powering this campaign of surveillance, violence, and repression,” the letter reads.

It goes on to cite that Google Cloud is aiding CBP surveillance and powering Palantir’s ImmigrationOS system, which is used by ICE. The letter states that Google’s generative artificial intelligence is used by CBP and that the Google Play Store has blocked ICE tracking apps.

The letter also quotes a social media post by Google Chief Scientist Jeff Dean from early January, who wrote, “We all bear a collective responsibility to speak up and not be silent when we see things like the events of the last week.”

“We are vehemently opposed to Google’s partnerships with DHS, CBP, and ICE,” the employees wrote. “We consider it our leadership’s ethical and policy-bound responsibility to disclose all contracts and collaboration with CBP and ICE, and to divest from these partnerships.”

The letter calls on Google to acknowledge the danger that workers face from ICE, host an emergency internal Q&A on the company’s DHS and military contracts, implement safety measures to protect workers — such as flexible work-from-home policies and immigration support — and reveal its ties with the government agencies to help all involved determine where the company will draw a line.

“As workers of conscience, we demand that our leadership end our backslide into contracting for governments enacting violence against civilians,” the letter reads. “Google is now a prominent node in a shameful lineage of private companies profiting from violent state repression. We must use this moment to come together as a Googler community and demand an end to this disgraceful use of our labor.”

Google did not immediately respond to a CNBC request for comment.

The letter comes as employees place mounting pressure on tech CEOs to speak out against ICE. Just two weeks prior, employees representing Amazon, Spotify, Meta and more wrote a similar letter demanding ICE “out of our cities.”