SpaceX sold investors on a US$45 billion, three-year AI contract. Then Musk's own posts shrank it to a few months - and the lawyers wanted to know why. Missed the first instalment? Read here: Compute Economy Pt 1: SpaceX a data centre wearing a rocket SpaceX's AI arm loses money at speed, and the only way the sums work is if outside customers pay to use the data centres it owns. Two large
United States President Donald Trump said on Monday that a preliminary agreement to end the Gulf conflict had been signed by the U.S. and Iran, although key details of the arrangement have yet to be disclosed publicly. Speaking after arriving in France for the G7 summit, Trump said the agreement was complete and indicated that Vice President JD Vance would participate in a formal signing ceremo
The Reserve Bank of Australia (RBA) left its cash rate unchanged at 4.35% on Tuesday, pausing after three consecutive interest rate increases as policymakers assessed the impact of tighter financial conditions and ongoing inflation pressures. The decision was widely expected by financial markets and was unanimously supported by the RBA Board. In its post-meeting statement, the Board noted th
Confidence among United States homebuilders weakened further in June as elevated mortgage rates, rising construction costs and affordability challenges continued to weigh on the housing market. The NAHB/Wells Fargo Housing Market Index (HMI), which measures builder confidence in the market for newly built single-family homes, fell to 35 in June from 37 in May, slightly below market expectations
Fox Corporation's stock dived after it agreed to buy streaming platform Roku Inc. in a cash and stock transaction with an enterprise value of US$22 billion (A$31.1 billion) to expand its presence in the fast-growing connected television and streaming markets. Fox Class B shares (NASDAQ: FOX) ended $8.96 (15.22%) lower at $49.96 on Monday (Tuesday AEST), capitalising the company at $21.74 billio
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The biggest float in history sold investors a space story. Read the prospectus, and 93% of the pitch is artificial intelligence. Elon Musk rang the Nasdaq opening bell from Starbase on Friday, and the biggest initial public offering in history began trading under the ticker SPCX. SpaceX priced at US$135 a share, raised roughly $75 billion, and closed its first session 19.34% higher at $161.1
United States factory production unexpectedly stalled in May following several months of gains, though strong demand linked to artificial intelligence investment continued to provide support for the manufacturing sector amid tariffs and lingering effects from recent energy market disruptions. Federal Reserve data released on Monday showed manufacturing output was unchanged in May after an upwar
Consumer sentiment in the United States improved modestly in June as easing petrol prices provided relief to households, though confidence remains near historic lows amid persistent inflation concerns. Data released on Friday by the University of Michigan's Surveys of Consumers showed lower-income households drove much of the improvement in sentiment, reflecting the disproportionate impact of f
Anthropic has suspended access to its most advanced artificial intelligence (AI) models in response to a United States Government order based on national security concerns. The privately-owned but soon-to-be-listed AI model developer said it received the export-control directive on Friday, requiring it to suspend access to its newly launched Fable 5 and Mythos 5 models for foreign nationals.
Recent speeches and policy remarks from current and former Federal Reserve officials have cast a spotlight on growing tensions over the direction of United States monetary policy, as inflation concerns persist and the central bank enters a new leadership era under Chair Kevin Warsh. Former Federal Reserve Chair Jerome Powell warned that rising political pressure on the central bank could underm
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