Powell's Last FOMC Holds Rates at 3.50 as the War Premium Becomes the Inflation Story
Powell's last meeting holds rates and pins inflation on the Hormuz blockade — the post-Powell Fed inherits a war premium, not a data point.
Theo Kaplan
Bureau: San Francisco
Microsoft and Meta Take Their AI Capex to Investors With OpenAI as the Backlog
Microsoft and Meta print after the bell with $135 billion of Meta capex and 45 percent of Microsoft's $625 billion backlog tied to one OpenAI counterparty.
Caterpillar Walks Into Thursday With an $800 Million Tariff Bill
Caterpillar disclosed its $800M Q1 tariff bill back in January, so Thursday's print arrives with the cost already on the table and the data-center boom still running.
WBD Stockholders Approved the Merger and Rejected the Goodbye Package
WBD shareholders gave 1.74 billion shares to the merger and 1.44 billion against Zaslav's pay — dispositive on the deal, advisory and ignored on the package.
SpaceX Bridge Loan Replaces Day-Five Silence With a $20 Billion Number
SpaceX took a $20 billion bridge loan with a six-month IPO-tied repayment that rolls X and xAI debt into one balance sheet and turns the silence into a number.
Ohio Data Center Petition Drive Enters Week Six Without a Statewide Number
AEP Ohio knows the contracted load to the megawatt; the ballot organizers will not say how many signatures they have.
Tesla Names Itself as Intel's First 14A Foundry Customer
On Tesla's earnings call, Musk said the company will use Intel's 14A process at the Austin Terafab — the first named external customer for the troubled node.
Figma Says Half Its Biggest Customers Use AI Partners On the Day Adobe Closes Semrush
Figma told Wall Street its AI partners power half its biggest customers; the same day, Adobe finished swallowing one of those partners' competitors.
Adobe Closes Semrush and Renames the Unit Agentic AI
Adobe spent $1.9 billion to fold an SEO toolkit into a deck slide called agentic AI; the unit now sells brand visibility through a chatbot.
RELX Buys Doctrine and Makes Legal AI a European Acquisition Story
LexisNexis's parent agreed to buy a French legal-AI startup and skipped the partner phase entirely — the cleanest answer to vendor risk is ownership.
UPS Beats on Both Lines and Refuses to Raise the Year
UPS cleared estimates on revenue and profit and reaffirmed the year anyway — the freight bellwether is telling shareholders the tariff number is not finished.
Boeing's Order Book Hits a Record 695 Billion Dollars
Boeing posted a tiny loss and the largest backlog in company history; the May Trump-Xi summit is now where the next big number gets announced.