Elon Musk

OpenAI has revoked AI coding startup Cursor’s access to its language models, citing concerns over SpaceX’s adherence to terms of service. This escalates the feud between OpenAI and Elon Musk, whose SpaceX recently acquired Cursor. The decision stems from Musk’s legal dispute and public criticism of OpenAI’s leadership and its shift to a for-profit model. Cursor stated they are discussing a resolution with OpenAI.

SpaceX is building a $100 billion Starship launch facility in Louisiana, aiming for thousands of annual launches to support Starlink, orbital data centers, and Mars colonization. The site, selected after a seven-year process, will create 10,000 jobs and include a historic coastal restoration project. This move, part of Elon Musk’s broader Southern US expansion, aims to learn from past environmental challenges faced at their Texas facility.

Judge Yvonne Gonzalez Rogers, a veteran jurist in the Northern District of California, is a sharp and decisive figure known for her handling of high-profile tech trials. She recently presided over the Musk-Altman dispute and is now leading the monumental trial involving Meta Platforms’ advertising business, heralded as social media’s “Big Tobacco moment.” With a distinguished 35-year legal career and a recent appointment as chief judge, Gonzalez Rogers’ direct approach makes her a pivotal figure in the ongoing regulation of tech giants.

Nvidia has revealed a substantial stake in SpaceX, valued at approximately $21 billion, making it the company’s second-largest holding. This investment stems from Nvidia’s initial $10 billion investment in Elon Musk’s AI venture, xAI, which was later acquired by SpaceX. SpaceX intends to exclusively use Nvidia chips for its AI data centers, highlighting a deep strategic partnership and the convergence of AI and aerospace technologies.

A GAO report questions Elon Musk’s DOGE initiative, which claimed to save $2 trillion by cutting federal spending. The report found significant issues with the transparency and reliability of DOGE’s “Wall of Receipts,” including many claimed contract terminations that never occurred and overstated savings from leases. Senators criticized the initiative as deceptive and damaging. The GAO recommends a disclaimer on DOGE’s website about its data limitations.

Early SpaceX investors can now liquidate holdings as initial lockup restrictions expire, potentially increasing selling pressure on shares already down over 50% from their peak. Over 911 million shares become available, with further tranches unlocking later. Despite recent volatility and investor concerns over capital expenditures, some early investors, like Atlanta Falcons player Jessie Bates III, plan to sell to secure gains. Elon Musk’s shares remain locked until 2027.

Jim Cramer advises investors to view Elon Musk’s SpaceX through a generational lens, not a quarterly one. He likens it to long-term railroad bonds, emphasizing Musk’s transformative vision and the company’s future growth drivers like Starship, Starlink, and its compute infrastructure. Cramer believes SpaceX’s long-term value, though decades away, hinges on Musk’s leadership and ability to secure capital for ambitious projects.

The stock market saw record highs fueled by strong earnings and easing Strait of Hormuz tensions. Nvidia surged 4% after Elon Musk announced SpaceX would exclusively use its AI hardware. Honeywell Aerospace, recently spun off, is highlighted as potentially undervalued despite supply chain challenges. Other companies like Disney and Uber were also mentioned.

Elon Musk faced a challenging week as both Tesla and SpaceX experienced significant market declines. Tesla shares plunged, impacting Musk’s trillionaire status due to ambitious long-term investments impacting cash flow. SpaceX’s stock also trended downwards, with its upcoming Starship test flight being crucial for its future plans. Musk also defended his political endorsements in a high-profile interview, calling his supporters “normal people.”

SpaceX’s stock fell after a Starship rocket test flight was aborted due to engine ignition failures. This follows a successful IPO in June, but the company’s stock has since been volatile. A previous test flight in May also encountered issues. The FAA has since cleared SpaceX to continue its test program.