Trump forms AI Force and vows to name AI czar, Finpresso

Hi there, this is your daily ☕️ Finpresso.

In today's newsletter:

🇺🇸 Trump forms AI Force and vows to name AI czar

🤖 Zuckerberg Musk and Huang back Trump's AI push

💸 OpenAI expects to burn through $278B by 2030

☁️ Nvidia-backed Nscale files for $35B IPO

Plus: 🌍 10 macro news, 🏢 11 corporate news, and 📑 6 research & reports.

🇺🇸 Trump forms AI Force and vows to name AI czar LINK

President Trump said he will create an "AI Force" modeled on the Space Force and soon name an AI czar, but his Truth Social post named no agency, budget, leader or start date, leaving the plan's scope undefined.
The czar seat has been empty since David Sacks left in March 2026, and four tech-industry representatives said they were not told in advance, with one saying "nobody knows what the idea even is," even as Trump promised not to hinder the sector's growth.
The move lands amid broad public resistance, with a New York Times-Siena poll of 1,503 likely voters finding 61 percent opposed to AI data centers, and disclosures show Trump has bought shares in AI-linked firms Dell, Micron and GE Vernova while holding no blind trust.

🤖 Zuckerberg Musk and Huang back Trump's AI push LINK

Meta's Mark Zuckerberg, SpaceXAI's Elon Musk and Nvidia's Jensen Huang each called Trump separately last month and persuaded him to abandon a proposed national body that would test frontier AI models before release, the Wall Street Journal reported.
The plan, floated by DeepMind's Demis Hassabis, copied FINRA, a lab-funded nonprofit writing common safety standards under federal supervision, but the three CEOs argued it would entrench OpenAI, Anthropic and Google DeepMind, the labs already closest to the policy fight.
With no federal referee, the alternative is 109 state AI laws passed in the first half of 2026 plus a Justice Department task force challenging them, leaving Nvidia, worth roughly $5.3 trillion at $219.34 on September 17, and Meta as heavily-held index-fund weights whose safety claims have only one source: the companies themselves.

💸 OpenAI expects to burn through $278B by 2030 LINK

OpenAI expects to burn through $278 billion in cash between 2026 and 2030 as it pours money into computing power and infrastructure, according to a company presentation reported by the Financial Times.
The projected cash drain, driven by about $856 billion in spending on computing and infrastructure through 2030, underscores OpenAI's funding needs as it courts investors at a valuation of roughly $1.2 trillion ahead of a possible listing.
OpenAI forecasts revenue rising tenfold to $350 billion in 2030 from $36 billion this year, but the $122 billion it raised in March is on track to be exhausted by 2028, and CEO Sam Altman ruled out an IPO in 2026.

☁️ Nvidia-backed Nscale files for $35B IPO LINK

Nscale, an AI-focused cloud provider backed by Nvidia, has filed for a New York Stock Exchange listing under the ticker "NSCL", seeking a valuation that could reach $35 billion, well above the $14.6 billion set in a March funding round.
The London-based company, which rents out Nvidia chips to customers including OpenAI, Anthropic and Microsoft, posted a $1.02 billion net loss on $140.6 million in revenue in the first half of 2026, with revenue up 1,252% from a year earlier.
Nscale carries more than $8 billion in debt and leans heavily on a single unnamed customer that generated over half of first-half revenue, while Nvidia has agreed to guarantee up to $860 million of its obligations on a Texas data center lease.

🌍 Macro News

CFTC sends draft crypto rules to White House after Senate bill failed. LINK
Trump signs Russia sanctions bill despite Kremlin peace warnings. LINK
Hormuz crossings fall to 12 vessels from 35 amid Saudi exports. LINK
OCC conditionally approves three trust banks for stablecoin and AI payments. LINK
Kalshi seeks perpetual futures on individual US stocks, following Coinbase. LINK
Bowman says Fed will overhaul opaque bank stress-testing rules within weeks. LINK
Yen steadies after 2% weekly slide as intervention concerns persist. LINK
Macron urges G7 to release oil reserves as Saudi supplies falter. LINK
AI may deepen China's production-demand imbalance, central bank adviser warns. LINK
Saudi Arabia exits China's mBridge cross-border digital-currency payments system. LINK

Anthropic appoints Accenture as first independent evaluator of AI safety. LINK
China Rare Earth Group discusses controlling stake in Shenghe Resources. LINK
Auto stocks fall after Volkswagen cuts margin forecast and BYD pressure grows. LINK
Oracle debt unlikely to derail cloud ambitions despite steep stock decline. LINK
Lawsuit accuses four AI companies of colluding to slow development. LINK
Apple plans India debut for Apple Pay through Axis Bank partnership. LINK
Paramount Skydance nears states settlement clearing Warner Bros. takeover. LINK
Disney hires Character.AI's former CEO as first company-wide chief technology officer. LINK
Russia seizes Nestle and three French companies' remaining local assets. LINK
Ireland fines Google €403 million for mishandling users' location data. LINK
Anthropic reportedly delays IPO to November to disclose strong third-quarter results. LINK

▲ Biggest winners

Coinbase Global rose 12% after announcing plans to launch 24/7 Bitcoin and Ethereum futures trading. LINK

Robinhood Markets rose 9% after favorable SEC and CFTC regulatory developments. LINK

Hut 8 rose 9% after announcing a massive Google-backed AI data center deal. LINK

▼ Biggest losers

Nucor fell 6% after its guidance was far off estimates. LINK

Symbotic fell 6% after Needham cut its price target to $60. LINK

HubSpot fell 6% after TD Cowen cut its price target from $285 to $260. LINK

France, US, Netherlands and UK lead AI adoption as rollout hurts hiring. LINK
India's software exports rose 8.2% to $221.4 billion during fiscal 2025-26. LINK
Goldman says weak US consumer sentiment reflects global unhappiness, not economic weakness. LINK
India should build domestic semiconductor ecosystem beyond expanding chip factories, EY says. LINK
New York Fed model sees steadier growth but slower return to 2% inflation. LINK
Jefferies highlights six government-backed Indian investment themes through 2030. LINK