Markets
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Luke Kawa

Alphabet gains on report that Anthropic’s committed to spending $200 billion on cloud services over the next 5 years

Shares of Google are catching a bid in postmarket trading after The Information reported that Anthropic plans to spend $200 billion on Google Cloud over the next five years, citing a person with knowledge of the situation.

That would amount to more than 40% of its $462 billion backlog as of the end of Q1, which nearly doubled from $240 billion in Q4.

The relationship between the two companies has been deepening in recent weeks, with Google reportedly planning to invest up to $40 billion in Anthropic, but this reports puts a firm price tag on how much the AI chatbot developer will be paying out to the hyperscaler.

Last year, when it was revealed that Oracle’s remaining performance obligations were dominated by OpenAI, the stock gave back some of its massive advance. Counterparty and concentration risk has been an overhang on the cloud giant ever since.

That’s a stark contrast to how traders are behaving today. It’s a sign of how Alphabet is seemingly on much more secure financial footing than Oracle (even after today’s debt offerings!), and also, probably, implies that Anthropic is a more reliable customer than OpenAI. In addition, as The Information noted, Google has more ways to make money off its relationship with Anthropic than Oracle does with OpenAI.

Anthropic has been a victim of its own success: the popularity of Claude Code and Cowork have revealed compute constraints and left users frustrated by caps. In response, the Claude developer has embarked upon a mad scramble for compute, striking or expanding deals with CoreWeave, Amazon, Google, and Broadcom.

OpenAI, on the other hand, is now billing the billions it’s burned on securing compute as a competitive advantage.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Luke Kawa
7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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