TMTB Morning Wrap
Good morning. Futures +25bps. Oil -3% and yields pulling back 2-4bps across the curve. Quiet on the macro front as eyes shift to the Fed meeting tomorrow.
In Techlandia, strength in semis continues although more bifurcated this morning with HDDs/Memory leading us higher (WDC/STX +8-10%) and SNDK/MU +2-3% while CPU names softer (ARM -2%, INTC -1% although AMD +50bps)
Asia mixed overnight: TPX -0.21%, NKY +0.13%, Hang Seng -1.4%, HSCEI -1.62%, SHCOMP -0.11%, Shenzhen +1.02%, Taiwan TAIEX +0.91%, Korea KOSPI +2.11%. Sk Hynix +4%; Softbank -50bps
Relatively quiet morning, but let’s get to it…
SPCX: SpaceX to buy AI coding startup Cursor for $60 billion in enterprise push
SpaceX had been eyeing Cursor for several months. The company said in April it had secured an option to either acquire San Francisco-based Cursor for $60 billion later this year, or pay $10 billion for their new partnership. It was not immediately clear if the deal would affect SpaceX’s agreements to rent out its data centers. The company has in recent weeks struck deals with Anthropic and Alphabet-owned (GOOGL.O), opens new tab Google to lease cloud computing capacity worth roughly $26 billion combined on an annual basis.
Both deals include 90-day termination clauses, meaning SpaceX could quickly reclaim computing capacity if needed.
Anthropic: Anthropic, Trump Officials Seek Deal on Restoring Powerful Model Access
WSJ:
Talks between Anthropic and Trump administration officials continued Monday without a deal to resolve the security concerns that pushed the White House to restrict access to the artificial-intelligence company’s latest model, increasing urgency on both sides to find a resolution.
“This follows numerous virtual meetings we have held with the government since the administration’s initial outreach. Both parties are working quickly to get this resolved,” an Anthropic spokesman said in the company’s first public comments since Friday. “This is part of our ongoing commitment to working alongside the administration toward our shared goal of protecting U.S. critical infrastructure and the U.S. lead in cyber defense.”
OpenAI: OpenAI spending hit $34bn last year ahead of planned IPO
FinancialTimes
Audited financial figures confirmed by people familiar with the matter show the company spent about $19bn on research and development in 2025 and nearly $6bn on sales and marketing, as well as other costs.
OpenAI booked about $13bn in revenue last year. By the end of 2025 it was generating $2bn in monthly revenue, up from $1bn a quarter at the end of 2024, making it one of the fastest-growing businesses in history. But heavy spending contributed to a nearly eightfold increase in the net loss attributable to OpenAI, which soared from $5bn in 2024 to around $39bn in 2025. Stripping out the charge and other non-cash expenses, such as stock-based compensation of staff and computing credits from Microsoft, OpenAI’s losses were $8bn