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Top stories today:
- OpenAI, Oracle, SoftBank to build $400B worth of U.S. data centers
- Tether said to seek $15-$20B at $500B valuation
- SEC chief signals crypto rule exemptions by Dec.
- Stripeās valuation tops 2021 peak at $106.7B
- Alibaba shares at ~4-year high after raising AI investment plan
0. Data and 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. OpenAI partners with Oracle, SoftBank to build 5 new U.S. data centers worth $400B
Locations: Lordstown, Ohio; Milam County and Shackleford, Texas; DoƱa Ana County, N.M.; and one undisclosed Midwest site.
Still short of the $500B target.
Oracle will pay for and oversee the construction of 3 of the new data centers, and OpenAI will then buy compute power from Oracle.
SoftBank intends to pay for the 2 facilities where OpenAI will oversee the construction.
OpenAI and Oracle plan to build 8 data centers in total, consuming ~1.4 gigawatts of power.
Aims to build a gigawatt of new AI infrastructure every week, Sam Altman said.
Relatedly, OpenAI discussed leasing chips in its NVIDIA $100B deal ā estimated 10-15% cheaper than buying.
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From crisp mornings and warm afternoons to city weekends and evening gatherings, these are the essentials that form the foundation of a wardrobe that never feels out of place. Sophisticated, practical, and enduring, each piece embodies the essence of Italian craftsmanship, helping you transition with ease and elegance.
Luca Faloni - Five Core Mid-Season Icons:
Cotton PiquĆ© Shirt ā The Siena shirt combines soft natural stretch with sartorial details like a cutaway collar and mother-of-pearl buttons. Effortlessly versatile, it works just as well under a blazer as it does on its own.
Denim Shirt ā A year-round classic, crafted in premium washed denim for durability and comfort, designed to develop character and patina over time.
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Silk-Cashmere Crew Neck ā Finer than pure cashmere, this elevated knit is a transitional essential, equally elegant layered under tailoring or worn solo.
Suede Bomber Jacket ā Handcrafted from Italian goatskin suede with cashmere detailing, this smart-casual jacket is the ultimate statement in enduring style.
*Sponsored.
3. Tether said to seek $15-$20B at $500B valuation
Tether CEO Paolo Ardoino has confirmed its fundraising plans but without sharing specific figures:
Tether is said to dilute ~3% stake through the private placement.
Would become the worldās #1 most valued private company, tied to OpenAI and ahead of SpaceX (est. $400B).
4. SEC chief signals crypto rule exemptions by Dec.
