Hi there, this is your daily ☕️ Finpresso.
In today's newsletter:
📌 SpaceX's $93.5B IPO funds its spending gap
🚀 Bitcoin nears $70K as Trump pushes crypto bill
🇺🇸 US moves to close Nvidia China cloud loophole
🤖 Marvell gives Google $12.2B stake option
📈 SK Hynix jumps 12% on stock buyback
Plus: 🌍 10 macro news, 🏢 10 corporate news, and 📑 6 research & reports.
| 📌 SpaceX's $93.5B IPO funds its spending gap LINK |
- SpaceX poured $18.37 billion into capital projects last quarter against just $7.81 billion in revenue, spending roughly $2.35 for every dollar it earned as it races to build out AI data centers.
- The June IPO's $85.7 billion in net proceeds and a $25 billion bond sale left SpaceX with $93.5 billion in cash, enough to cover about five quarters of spending, since operations funded only 12% of the first-half build-out.
- At a roughly $146 share price, SpaceX is valued near $1.9 trillion, about 60 times annualized quarterly revenue, with $14.1 billion of new cloud contracts and a $100 billion revenue run-rate target testing whether it can self-fund before the cash runs low.
| 🚀 Bitcoin nears $70K as Trump pushes crypto bill LINK |
- Bitcoin approached $70,000 after President Trump urged Congress to pass legislation expected to benefit the crypto sector, breaking out of a six-week range that had trapped the token between $62,000 and $66,000.
- The rally was fueled by a US Treasury plan to roughly double its buybacks of 20- and 30-year bonds, which pushed yields lower and, analysts said, made higher-risk assets like Bitcoin more attractive to investors.
- The surge triggered the second-largest short liquidation on record, lifted ether about 19% over seven days to $2,251, and drove trading in BlackRock's iShares Bitcoin Trust to more than 4.5 times its 30-day average.
| 🇺🇸 US moves to close Nvidia China cloud loophole LINK |
- Washington has switched from an outright ban to case-by-case export licenses for Nvidia's H200 chips into China, letting small batches arrive but keeping tight conditions on who can buy them.
- The reopening comes as Nvidia's share of China's AI chip market slides toward 8% in 2026 from nearly 40% a year earlier, with Huawei rising above 50%, prompting the company to build zero China compute sales into its roughly $91 billion quarterly guidance.
- Beijing is capping fulfilled orders at about 200,000 H200 chips for training on public data only, while steering roughly $294 billion of planned data-center spending toward local suppliers, meaning at least 80% of core technology comes from Chinese manufacturers.
| 🤖 Marvell gives Google $12.2B stake option LINK |
- Marvell has granted Google the right to buy up to 58.97 million of its shares, a stake worth roughly $12.2 billion if fully exercised, tying Google's ownership to its spending on custom AI chips through fiscal 2033.
- Only about 1.36 million shares are guaranteed, vesting quarterly over the first year; the remaining 57.61 million unlock in 240 slices, each triggered by another $500 million in custom-chip revenue Google generates for Marvell, at an exercise price of $206.58.
- Marvell shares surged 10.94% to $239.62, hitting an intraday high of $245.49 from Tuesday's $216 close, while rival Broadcom, which signed its own Google chip deal in April, fell more than 2% in premarket trading.
| 📈 SK Hynix jumps 12% on stock buyback LINK |
- SK Hynix shares jumped more than 12% in Seoul on Thursday after the chipmaker said it would speed up a 40 trillion won ($28.7 billion) program to buy back and cancel its own stock.
- The company also pledged to return more than 50% of the free cash flow it generates between 2025 and 2027 to shareholders, a move Citi analyst Peter Lee said should provide a "meaningful floor" for the share price near-term.
- The buyback follows SK Hynix's plan earlier this month to spend 54 trillion won on new memory chip plants, signaling confidence in AI-driven demand despite current headwinds in the memory market.
🌍 Macro News
- Fed minutes show officials expect further rate hikes unless inflation cools. LINK
- US government debt surpasses $40 trillion, doubling over the past decade. LINK
- OCC rushes to finalize stablecoin rules before bank applications begin. LINK
- CFTC opens comment period on rules for computing-power derivatives contracts. LINK
- StanChart and HSBC complete first cross-border payment on Swift's blockchain ledger. LINK
- Trump threatens harshest-ever economic operation against Iran and its sanction-evading partners. LINK
- UAE cuts economic ties with Iran after missile strikes; Tehran warns Gulf states. LINK
- Oil rises fifth straight session as Trump targets Iran's economy. LINK
- Gold jumps 3.6% to record high after Treasury move lowers yields. LINK
- Treasury will double debt buybacks to calm high bond-market yields. LINK
🏢 Corporate News
- Amazon plans sixfold expansion of Prime Air drone deliveries by year-end. LINK
- Unitree Robotics shares surge 542% on Shanghai stock market debut. LINK
- Samsung shares jump on reports of massive planned shareholder payout. LINK
- Ex-Meta researcher testifies Zuckerberg ignored known child-safety harms for profit. LINK
- Samsung raises chipmaking prices, expands capacity to challenge TSMC. LINK
- Ant International signs six global banks to use its Falcon AI. LINK
- Cantor Fitzgerald to give institutions large-scale access to Kalshi's markets. LINK
- Nebius shares fall 13% after announcing new $4.5 billion convertible note sale. LINK
- Moderna shares nearly double after promising mRNA cancer vaccine trial results. LINK
- Hong Kong's IPO revival broadens beyond tech as proceeds top $40 billion. LINK
📈 Stocks
| ▲ Biggest winners |
| Moderna rose 177% after its personalized mRNA cancer vaccine intismeran succeeded in a Phase 3 melanoma trial with Merck. LINK |
| Tempus AI rose 24% after Merck and Moderna announced Phase 3 results showing intismeran autogene improved recurrence-free survival in melanoma patients, validating the Personalis mRNA vaccine platform Tempus is acquiring. LINK |
| Hecla Mining Company rose 14% after reporting record Q2 free cash flow of $136 million and a debt-free balance sheet with $483 million in cash. LINK |
| ▼ Biggest losers |
| Nebius Group fell 10% after announcing a $4.5 billion convertible senior note offering. LINK |
| Seagate Technology Holdings fell 8% after fiscal Q4 2026 revenue of $3.6 billion missed elevated expectations despite record profitability. LINK |
| MACOM Technology Solutions Hold fell 8% after the 30-year U.S. Treasury yield hit a 19-year high and oil stayed elevated as a window for a U.S.–Iran deal closed without a breakthrough. LINK |
📑 Research & Reports
- Boston Fed says tariffs alone don't explain 2025's persistent inflation. LINK
- US stock ownership share more than doubled between 1980s and 2000s. LINK
- Fidelity warns AI-driven crypto activity may not boost token value. LINK
- Big Tech's AI spending relies on $3.1 trillion in off-balance-sheet debt. LINK
- US industrial robot installations rose 11% in 2025 amid labor shortages. LINK
- Fannie Mae raises mortgage rate forecasts to 6.5% and 6.7%. LINK