SpaceX-xAI Deal, India-US Tariff Agreement, More
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And I'm Stephen Carroll.
Elon Musk is combining SpaceX and XAI in a deal that values the enlarged entity at $1.25 trillion. In a statement on SpaceX's website signed by Musk, the rocket firm said that it acquired XAI to innovate in areas including AI, rockets and space-based internet. The deal brings together two of the largest closely held companies in the world. Bloomberg's M&A reporter Ryan Gould says it's possible that Musk could also be eyeing a tie-up with Tesla in the future.
Elon's view is that we're going to have data centers in space, and part of this is about putting compute and the idea of space exploration and sort of exploration of the universe together. This is clearly part of his vision. There is a very good quote that kind of encapsulates a lot of this, which is what he wrote, I think, late last year, which is that in some ways, his companies, his three companies, Tesla, SpaceX, and XAI, are going to come together, they're going to convert, and maybe this is kind of the first leg of the stalwart that we're now seeing.
Ryan Gould speaking there. The combined SpaceX firm is still expected to go public later this year as the world's richest man looks to fund his costly bets on artificial intelligence and space exploration.
US President Donald Trump and India's Prime Minister Narendra Modi have agreed a surprise deal to slash American tariffs. US levies on Indian goods are being cut from 25% to 18%, while an additional 25% punitive duty tied to purchases of Russian oil is being scrapped. Writing on social media, Trump said India had agreed to buy $500 billion of US goods and halt crude purchases from Russia as part of the deal. Speaking to Bloomberg, India's chief economic advisor, Ananta Nagaswaram, hailed the boost to Indian markets and the economy.
This was something that was one big stumbling block to sentiment in the capital market and also for the Indian rupee, as you pointed out. So I'm not surprised that the reaction is very positive in both these markets. And I mean, at the end of the day, it is the world's biggest consumption market, 21 trillion dollars of GDP. And therefore, to be able to have access to it is important.
India's Chief Economic Advisor Ananta Nagaswaran there. At 18%, India's tariff is now lower than most of Southeast Asia.
Precious metals are recovering some of their losses today after plunging from record highs over the past few days. Spot gold has climbed as much as 4.2% after falling by close to 5% yesterday. Silver rising as much as 8.1%, erasing the previous day's losses before pairing gains. Bloomberg's Brendan Fagan says the worst of the sell-off appears to be over.
The constructive thing is holding those key moving averages. It may suggest that systematic traders are stepping in to start nibbling after quite the washout we had. But like I said, you never really want to catch a falling knife here.
What is the significance of the SpaceX and XAI deal?
So there could be more to come, but it seems like the worst is behind us and where we held is relatively constructive.
Bloomberg's Brendan Fagan was speaking after investors had been piling into gold and silver over recent weeks, driven by renewed concerns about geopolitical upheaval, currency debasement and threats to the Federal Reserve's independence.
The UK's Metropolitan Police says it's reviewing reports that Peter Mandelson committed misconduct in public office following the latest release of Epstein files. Documents appear to show that the former UK ambassador to the US leaked sensitive government information to the convicted sex offender while serving as a minister in Gordon Brown's Labour government.
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