Thursday 2 July 2026
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Top stories today:
Meta plans AI cloud business, rivaling AWS, Azure, Google Cloud
OpenAI weighs giving U.S. government 5% stake
SpaceX builds handset-like device with xAI AI, Snapdragon chip
Bending Spoons closes +40% in U.S. debut at $25.7B
Apple readies redesigned iPad Pro, entry-level 14ā MacBook Pro
0. Data & Calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Meta said to plan AI cloud business, rivaling AWS, Azure, Google Cloud
Meta shares closed +9% on the report:
Meta Compute Initiative would sell access to AI models hosted on the companyās infrastructure.
Meta is also considering selling raw AI computing capacity, similar to CoreWeave.
The move would help monetize excess compute capacity and generate returns on its AI infrastructure investment.
The plans remain under development and could change.
Separately, Meta has named CMO Schultz its first chief data officer, with Denise Moreno taking over as CMO.
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3. OpenAI said to weigh giving U.S. government 5% stake
The best way to share AIās upside is through a public stake, Sam Altman has reportedly argued.
Altman proposed the idea in early discussions with the Trump admin.
Other U.S. AI companies could also be included in a similar equity-sharing arrangement.
Separately, the White House could unveil voluntary AI standards with major AI companies as soon as next week.
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5. SpaceX said to build handset-like device with xAI AI, Snapdragon chip
SpaceX reportedly showed the prototype to investors and other stakeholders ahead of its IPO.
The device is slimmer than an iPhone and runs on a proprietary operating system.
Feb.: Elon Musk denied reports that SpaceX was building a smartphone with Starlink connectivity.
