SpaceX and Tesla announced a $16.8 billion Terafab chip complex in Texas with a $119 billion multi-phase filing. Millennium partnered with Anthropic to build an AI risk analyst. Rep. Ted Lieu said the AI Kill Switch Act needs to pass this year.
The SpaceX (SPCX) lockup expired today. The feared selling wave never came. The stock rose over 6%.
Iran said there are no Hormuz talks with the US. Trump called Tehran "unbelievably duplicitous." WTI rose over 3.5%. Alphabet (GOOGL) is raising up to $25 billion in bonds today.
SpaceX and Tesla (TSLA) just announced the largest chip manufacturing commitment in US history. A $92 billion hedge fund chose Anthropic as its AI partner. And Congress is moving on a kill switch for rogue AI models.
PMD LENS
Terafab's $119 billion multi-phase filing is the largest single-name capital plan in the AI buildout. The first phase alone exceeds SpaceX's Q2 AI capex. Both commitments, exclusive Nvidia short-term, Terafab long-term, sit inside the same SpaceX capital plan.
Wall Street Just Got a Warning About AI
Nvidia's credit default swaps saw their biggest one-day jump on record, with the company losing $250 billion in market value.
Investors are starting to realize that AI needs more than chips.
It needs real human data.
That's where Mode Mobile has quietly built its edge.
Mode's EarnOS rewards users for everyday smartphone activity, creating a vast ecosystem of opted-in, first-party data with applications across advertising, commerce, and AI.
While others build AI infrastructure, Mode is building the data layer that powers it.
Their traction is hard to ignore:
● 490M+ total users
● 100M+ monthly active users
● $115M+ cumulative revenue
● $100M+ invested
Deloitte named Mode the #1 fastest-growing software company in North America after 32,481% 3-year revenue growth in 2023.
And pre-IPO shares are still available at $0.52, but only until August 14th.
Secure your shares at $0.52 before 8/14.
Disclosures *Please read the offering circular and related risks at invest.modemobile.com. *Mode cumulative revenue includes full year revenue of businesses acquired in 2025. Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur. The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
- Alphabet is raising up to $25 billion in bonds today. Its last dollar offering of the year.
- Sandisk (SNDK) and Western Digital (WDC) both fell despite record earnings.
- Iran explicitly denied any Hormuz talks with the US today.
- Apollo (APO) agreed to buy easyJet for $7.7 billion.
SpaceX and Tesla Announced Terafab. The Filing Names $119 Billion.
SpaceX and Tesla will initially invest $16.8 billion to build Terafab. The chip complex sits in Grimes County, Texas. It will manufacture, package, and test advanced chips under one roof. Across 100 million square feet. With at least 3,000 jobs.
A May filing showed the total rising to $119 billion if all phases complete. Musk: "The Terafab will produce AI chips at scale for use on Earth and in space."
The chips serve two purposes. Edge computing for Tesla's Optimus robots and Cybercabs. High-power chips for SpaceX's space-based data centers. Intel (INTC) is a named partner. Its specific dollar contribution is undisclosed.
Here is the tension. Tuesday's earnings call had Musk committing SpaceX exclusively to Nvidia (NVDA). Today he announced an in-house chip factory. Both exist inside the same capital plan. Nvidia is the short-term supplier. Terafab is the long-term exit from that dependency.
The math is striking. SpaceX's Q2 AI capex was $15.8 billion. Terafab's first phase at $16.8 billion already exceeds that. The $119 billion multi-phase total exceeds SpaceX's combined Anthropic-adjacent commitments. Alphabet is also raising $25 billion in bonds today for its own AI capex. This is the week the buildout named its real scale.
The Signal to Watch
Any SpaceX or Tesla SEC filing confirming the $119 billion multi-phase figure converts this from an announcement into a disclosed commitment. Intel's specific Terafab dollar figure is the next disclosure to watch.
The Closest Thing to a Virtual AI Monopoly Wall Street Is Ignoring
A little-known company is building what may be the closest thing to a virtual monopoly the AI era has ever seen.
Only 3...
Yet it beat Apple, Amazon, and the S&P 500 combined...
While paying out $146,000 in total dividends on a 1,000-share stake.
Kevin O'Leary calls what it controls a "unicorn."
Right now, it's trading at a rare discount.
>>>Whitney Tilson reveals the name, completely free.<<<
This ad is sent on behalf of Stansberry Research, 1125 N Charles St, Baltimore, MD 21201. If you would like to optout from receiving offers from Stansberry Research please click here.
SIGNAL 1: Millennium Is Partnering With Anthropic on AI Risk Management.
Millennium Management is partnering with Anthropic to build an AI-powered risk analyst. Anthropic engineers will work alongside Millennium's risk team. The tool will help human managers make decisions across asset classes. Millennium runs more than $92 billion across 340 investment teams.
Millennium was already using Claude and Claude Code across teams. This deepens that into a custom-built product. Millennium lost money in July as AI stocks fell. The firm is now building its risk infrastructure on the company whose buildout drove that volatility. That is the institutional bet on Anthropic.
The Signal to Watch
A second asset manager above $50 billion announcing an Anthropic partnership in the next 60 days confirms institutional adoption is spreading.
SIGNAL 2: Layoffs Hit 1969 Levels. Workers' Share of GDP Hit a Record Low.
Initial jobless claims came in below 200,000 for the third straight week. That last happened in 1969. The prior-year average for the same stretch was 223,000.
At the same time, workers' share of nominal GDP fell to 52.9% in Q2. The lowest since the BLS series began in 1947. Real weekly earnings were essentially flat in the first half of 2026.
The combination is historically unusual. An extremely tight labor market. Almost no benefit in purchasing power. Productivity gains are going to capital, not workers. The data says so.
Tomorrow's July payrolls print is the first live test before September's Fed decision.
The Signal to Watch
A print above 175,000 confirms the sturdy labor market framing. A print below 100,000 converts the picture to cooling before September.
SIGNAL 3: Rep. Lieu Said the AI Kill Switch Bill Needs to Pass This Year.
Rep. Ted Lieu said Thursday that rogue AI hacks are making the Kill Switch Act urgent. Lieu: "We need to get this bill across the finish line this year." The bill would require AI companies to be able to shut down, throttle, or suspend their models.
The bill draws a specific line. Closed-weight models (Anthropic, OpenAI, Google) fall under the requirement. Open-weight models (Meta's Llama, Nvidia's Nemotron) do not.
This week alone: Anthropic's Mythos deception was disclosed. Three hedge funds were hit in a vishing attack. OpenAI's multi-agent coordination was flagged. Congress responded in seven days. That is the fastest lab-to-legislation sequence in AI history.
The Signal to Watch
Any committee markup in the next 60 days confirms the legislative process is moving. White House action before that converts it from Congressional to executive.
Ticker Revealed: Pre-IPO Access to the "Next Elon Musk" Company
We’ve found The Next Elon Musk… and what we believe to be the next Tesla.
It’s already racked up $26 billion in government contracts.
Peter Thiel just bet $1 Billion on it.
And you can get exposure — pre-IPO — through a 4-letter ticker symbol revealed in this free briefing.
Terafab named the scale of the buildout at $119 billion. Millennium named the institutional bet on Anthropic at $92 billion under management. Jobless claims named the labor floor at 1969 levels. Congress named the regulatory timeline at seven days. Tomorrow's payrolls print is the first September input. Every framework the letter has tracked this week converges on Jackson Hole August 27. The specific gap between what Alphabet marks on SpaceX and what SpaceX trades at closed today at approximately 36% after the lockup expired without the feared selling wave. That specific gap is the one measure the tracked window has held steady on across the specific $101 billion supply event.
Terafab named the scale. Millennium named the institutional bet. Jobless claims named the labor floor. Congress named the regulatory timeline.
Tomorrow's payrolls print, any Intel-Terafab dollar disclosure in the next 30 days, and any Kill Switch committee markup in the next 60 days are the three signals that define whether the September rate path is settling, whether the vertical integration play gets documented at the SEC level, and whether AI regulation moves before Jackson Hole.
