Anthropic has struck a partnership with SpaceX that will give it full access to the Colossus 1 data center, adding over 300 megawatts of compute capacity before the month is out. The agreement is expected to bolster usage limits for Claude users, an upgrade for a model that has experienced growing demand. The deal is the latest in a string of high-stakes AI infrastructure arrangements as labs race to secure the computing power needed to stay competitive.
SpaceX and Tesla have introduced plans for a massive semiconductor facility in Grimes County, Texas, with an initial outlay of $55 billion and a total potential commitment of $119 billion across all phases, according to a report in Bloomberg. Dubbed Terafab, the plant would target 2-nanometer chip production, a benchmark currently achieved at scale only by TSMC and Samsung, to fuel Musk’s ambitions across robotics, AI and space. At full buildout, the facility is targeting up to one terawatt of annual computing capacity, reflecting a bold push toward vertical integration across Musk’s sprawling empire of companies.
On the labor side, ADP reported that private payrolls grew by 109,000 last month, bouncing back from 61,000 in March and clearing the consensus estimate of 84,000. Education and healthcare led all sectors with 61,000 additions, followed by trade, transportation and utilities at 25,000 and construction adding 10,000.
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This article will be updated throughout the day, so check back often for more daily updates.
Tech stocks are rallying, buoying the Nasdaq Composite further into record turf on a combination of standout chip earnings and a steep drop in oil prices that set the stage for broad risk appetite. Advanced Micro Devices (Nasdaq: AMD) is the name on trader screens everywhere, with shares up roughly 20% on a strong earnings print.
The energy backdrop is also working in the market’s favor. Crude tumbled sharply on reports that the U.S. and Iran are nearing an potential agreement that would suspend nuclear enrichment activities. WTI futures fell nearly 9% to around $93 a barrel and Brent dropped close to 8% to trade near $101. President Trump put a related maritime security initiative on hold, citing meaningful progress in the talks. Cheaper oil is a tailwind for transport companies, consumer-facing businesses and large-cap tech alike.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 49,792 Up 1.0%
Nasdaq Composite: 25,542 Up 0.86%
S&P 500: 7,315 Up 0.78%
AMD reported first-quarter revenue of $10.25 billion, a 38% year-over-year increase, driven by a 57% jump in Data Center sales to $5.78 billion. Management guided second-quarter revenue toward $11.2 billion, implying growth of around 46%. The stock had already climbed 65% year to date heading into the print.
Intel (Nasdaq: INTC) is extending its extraordinary run, trading up about 6% premarket and now sitting 193% higher on the year, with continued investor focus on its role as the host CPU inside Nvidia’s (Nasdaq: NVDA) DGX Rubin platform.
In a surprising pairing, Nvidia and Corning (NYSE:GLW | GLW Price Prediction) unveiled a multi-year partnership that is sending Corning shares surging roughly 20% toward an all-time high, with the chip giant committing $500 million in exchange for warrants to purchase up to 18 million GLW shares. The deal calls for Corning to scale its U.S. optical connectivity manufacturing capacity tenfold, expand domestic fiber production by more than 50%, and create three new facilities across North Carolina and Texas, creating more than 3,000 jobs. The expanded capacity will feed directly into the hyperscale data centers deploying Nvidia-accelerated computing at scale, addressing a supply crunch that has become one of the most pressing bottlenecks in the AI infrastructure era.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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