TMTB Morning Wrap

Good morning. Futures +40bps. Oil -1% as today’s ceasefire deadline in focus for investors.

Asia mainly green: TPX -0.18%, NKY +0.89%, Hang Seng +0.48%, HSCEI +0.5%, SHCOMP +0.07%, Shenzhen -0.03%, Taiwan TAIEX +1.75%, Korea KOSPI +2.72%. Softbank +8% as OpenAI sentiment continues to improve into Spud release; SK Hynix +7%

In Tech, big stories overnight are a big expansion of the collab b/w Anthropic and AMZN and AAPL’s Tim Cook stepping down.

Lots to get to, so let’s get to it…

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Anthropic/AMZN: Amazon and Anthropic expand strategic collaboration

AMZN PR / Anthropic PR Key points:

• Anthropic will secure access to as much as 5GW of current and next-generation Amazon Trainium capacity to train and run its advanced AI models.

• AMZN is investing another $5B in Anthropic now, with the potential to invest up to an additional $20B over time. This new commitment comes on top of the $8B Amazon has already invested.

• AMZN is also committing to spend more than $100B over the next decade on AWS technologies, including future Trainium generations and tens of millions of Graviton cores.

• +1 GW of Trn 2/3 in 2026 (start 1H26)

• Significant Trainium2 capacity is coming online in Q2 and scaled Trainium3 capacity is expected to come online later this year.

• >$100 bn commitment “spans Graviton and Trainium2 through Trainium4 chips”

• Includes option for chips beyond

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MRVL/ALAB: RBC Reiterates Outperform; AWS/Anthropic Deal Driving Optical + Trainium Upside

RBC says the expanded AWS/Anthropic agreement (incl. ~5GW capacity and multi-gen Trainium roadmap) is a material positive for MRVL and ALAB, reinforcing AWS as a key demand driver and supporting stronger 2027+ growth visibility; the firm raises PTs to $170/$250, highlighting MRVL’s leverage to optical/connectivity (PAM-4, DSPs, switches) with ~$1.6B+ AWS silicon revenue opportunity and accelerating growth into FY28, while ALAB benefits from ramping PCIe retimers, AECs, and Scorpio-X switching tied to Trainium deployments, with incremental revenue scaling into 2H26 and beyond, supported by strong margins and expanding SAM despite near-term wafer constraints.

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AMZN: Wells Fargo Sees Anthropic Expansion Reinforcing AWS as AI Backbone; $100B Commitment a Floor

The firm says AMZN benefits from Anthropic’s expanded AWS partnership, viewing the $100B/10-year commitment as a minimum spend that reinforces AWS as the primary infrastructure layer for Trainium and Claude. It highlights capacity ramp to ~5GW by 2028 (~$40–50B annual rev equivalent) and incremental upside from deeper Claude Platform integration vs competing 3P clouds. Net, the deal strengthens long-term AWS growth visibility and competitive positioning in AI infrastructure.

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OpenAI: OpenAI Is Working With Consultants to Sell Codex - WSJ

The ChatGPT maker said it has four million weekly active users for its AI coding tool, up from three million two weeks ago

According to WSJ, OpenAI is partnering with consulting firms including Accenture, Capgemini, and PwC to sell its AI coding tool Codex to enterprise customers as it competes intensely with Anthropic for corporate clients. Codex has grown to four million weekly active users from three million two weeks prior, and OpenAI hired Colleen Kapase as VP of global partnerships to oversee the consulting relationships. OpenAI plans to expand Codex's use beyond software development into areas like marketing, finance, and sales through these partnerships and a new initiative called Codex Labs.

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