Ed Elson

Today's number?

400.

That's how many meters long the world's largest ever tiramisu was, a record set last week by a consortium of 100 Italian chefs.

Italy still faces severe economic challenges such as crippling debt and a stagnant economy, but points for sticking with the whole food thing.

Welcome to Fraughty Markets.

I'm Ed Elson.

Apologies to our Italian listeners.

It is April 29th.

Let's check in on yesterday's market vitals.

The S&P and NASDAQ both fell due to a Wall Street Journal report that OpenAI missed its revenue and user growth targets.

That news sparked a tech selloff with Nvidia falling more than 1% and Oracle and CoreWeave dropping 4%.

Notably, Microsoft actually rose 1% ahead of its earnings, which are due tonight.

Meanwhile, oil prices rose as negotiations with Iran continued to stall and the Strait of Hormuz remained shut.

And finally, the United Arab Emirates announced it is leaving OPEC, putting more pressure on the oil cartel's already strained supply.

Okay, what else is happening?

Alphabet, Amazon, Meta, and Microsoft are expected to spend more than $650 billion this year on data centers.

And by 2030, data centers are expected to use twice as much electricity as they do today, enough to power France and Germany combined.

The problem, though, is that the grid might not be able to handle it.

Nearly 2,300 gigawatts of generation and storage capacity are currently stuck in the pipeline, more than the country's entire installed power capacity.

Meanwhile, Americans are already seeing their power bills climb.