News & Updates
The latest news and updates from companies in the WLTH portfolio.
AI startup Cursor with Pakistani co-founder set for $60bn deal with SpaceX
Cursor, an AI code-generation startup co-founded by Pakistani-born Sualeh Asif, has secured a $60 billion acquisition deal with Elon Musk's SpaceX, according to multiple reports on Thursday. Along with OpenAI and Anthropic, Cursor is one of several Silicon Valley startups that have drawn waves of developers by using artificial intelligence to automate coding, a business where AI companies have found early commercial traction, according to Reuters. SpaceX announced in a post on X that Cursor gave SpaceX the right to acquire the company later this year for $60 billion. If SpaceX doesn't buy Cursor, it will pay $10 billion for their work together, the company said. "The combination of Cursor's leading product and distribution to expert software engineers with SpaceX's million H100 equivalent Colossus training supercomputer will allow us to build the world's most useful models," it added. Originally from Karachi, Asif attended Nixor College before attending the Massachusetts Institute of Technology (MIT), and represented the country in the International Math Olympiad from 2016 to 2018. While there, he cofounded Anysphere, the maker of the popular AI code editing tool Cursor, with three friends from MIT. The company now claims to have more than $1bn in annualised revenue, making it one of the fastest growing AI startups according to Forbes. In MIT, he started an AI-powered search engine company. Umar Saif, the former federal minister for IT, praised the co-founder, calling him "the kind of role [model] Pakistani youth needs". "Not property dealers, tax evaders, bank defaulters, rent seekers, born into wealth etc. But a self-made kid from a middle-class family in Karachi," he pointed out. "Studied at MIT, started a hugely impactful company, changed the way people write code, now worth over $1 billion at the age of 26!" Cursor reached a $29.3bn valuation in November 2025, after raising $2.3bn in a funding round co-led by VC heavyweights Accel and Coatue. Today, millions of software developers at 50,000 enterprises like Nvidia, Adobe, Uber and Shopify use Cursor to generate and edit chunks of code, according to Forbes.
Anthropic's growing pains mount ahead of OpenAI showdown
Why it matters: The AI darling, whose revenue has tripled to $30 billion this year on the back of its wildly popular coding tools, has never been more valuable or more vulnerable. * Chief rival OpenAI senses opportunity in the Claude maker's recent stumbles, courting frustrated developers and pitching itself as the steadier alternative ahead of dueling IPOs. Zoom in: Anthropic's problems over the past two months span nearly every part of its business -- product quality, pricing, security and capacity -- and are starting to compound. 1. Model backlash: Perceived declines in Opus 4.6 performance triggered an initial wave of suspicion, with some developers accusing Anthropic of quietly downgrading its flagship model. * Its newest model, Opus 4.7, delivered major benchmark gains but drew a mixed public reception, as some users complained of higher token costs, bugs and uneven performance. 2. Capacity crunch: Surging demand is straining Anthropic's compute, with users running into tighter limits and periodic outages -- a red flag for companies that have grown reliant on Claude. 3. Security scares: A software update accidentally exposed internal Claude Code files, handing outsiders a window into Anthropic's most valuable product and raising questions about its internal safeguards. * Anthropic is now investigating reports that a small group of unauthorized users accessed Mythos -- its most powerful model, withheld over safety concerns about its offensive cyber capabilities. 4. Product confusion: Some users discovered on Tuesday that Claude Code was no longer available on the $20/month Pro plan -- a potentially major shift affecting Anthropic's most popular product and its most accessible tier. * Facing massive backlash, the company said the move was part of a limited test affecting a small share of users, though that explanation did little to ease fears of broader pricing changes. Reality check: Anthropic's business is still booming. * Even as the company pushes enterprise clients toward usage-based pricing, demand hasn't slowed -- nor has revenue. * Anthropic's standoff with the Pentagon endeared it to AI safety advocates and Trump critics, helping drive a spike in usage that briefly sent Claude to the top of the U.S. App Store. * "We've seen extraordinary demand for Claude over the past several months, and our team is doing everything we can to scale quickly and responsibly," an Anthropic spokesperson told Axios. "We know it hasn't always been smooth, and we're grateful to our community for the patience and feedback as we work through it." The big picture: The stakes go far beyond a few product missteps. Anthropic and OpenAI are locked in a race to define the enterprise AI market and to convince investors they deserve massive IPO valuations. * Anthropic's rapid rise has been fueled by cutting-edge products, developer trust and a reputation for discipline. Now, even small stumbles risk chipping away at that foundation. What we're watching: OpenAI, no stranger to "code red" moments in the breakneck AI race, is seizing on its competitor's growing pains. * A leaked memo from OpenAI chief revenue officer Denise Dresser blasted Anthropic as elitist and alleged that the company had overstated its revenue run rate by billions. * CEO Sam Altman accused Anthropic of "fear-based marketing" in a podcast appearance this week, taking aim at its tightly controlled Mythos rollout. * And as Anthropic grappled with user backlash from its Claude Code pricing confusion, OpenAI engineers -- egged on by Altman -- openly mocked their rival on social media. The bottom line: Both Altman and Anthropic CEO Dario Amodei used to signal that the AI race should have multiple winners. Their tone and tactics now suggest otherwise.
Iran war boosts European logistics profits as shipping chaos persists
European logistics companies are expected to report higher first-quarter profits, benefiting from the turmoil created by the US-Israeli war with Iran, but analysts said the conflict clouds their future outlook. While heightened supply‑chain complexity typically supports profitability for logistics companies such as DHL, DSV and Kuehne+Nagel, many analysts have warned that the longer‑term effects of the energy shock and broader economic fallout could weigh on demand later in the year. In a note to clients, Jefferies analysts said Kuehne+Nagel's management do not expect further yield pressure in sea or air business in the first quarter. That reinforced their view that earnings have stabilised and are set to improve, the brokerage said. Jefferies analysts also said periods of geopolitical turmoil have historically promoted sea-to-air spillover, where DHL is structurally advantaged. AIRFREIGHT VOLUMES RISING FASTER While airfreight volumes are expected to grow at a high single‑digit rate in the quarter, seafreight volumes are forecast to rise only at a low single‑digit pace year on year, Bernstein analysts said in a note. Seafreight volumes have been weighed down by tough comparisons after shippers front‑loaded cargo ahead of US import tariffs in April 2025, they said. Attention is also turning to DSV's capital markets day on May 12, where analysts are looking for updated medium‑term financial targets. "The potential for upside surprises on the day is meaningful," Bernstein said. MIDDLE EAST CONFLICT IMPACT ON FREIGHT MARKETS Following a weekend escalation in the Middle East conflict, ships have largely been avoiding the Strait of Hormuz, deepening uncertainty along a major trade route that had already been disrupted by the conflict. The resulting strain on regional transport networks has also contributed to sharply higher air cargo costs, as strong demand collides with elevated jet fuel prices and tighter capacity linked to the prolonged disruption. The impact is being felt well beyond the Gulf. Heightened regional tensions have also reinforced risks in the Red Sea, delaying expectations for a near‑term resumption of transits through the Suez route. Rico Luman, senior economist at ING Research, said "full resumption is now pushed back multiple months and perhaps even until the end of the year," which should be supportive for logistics companies in the short term. Global shippers including Maersk and Hapag‑Lloyd have rerouted vessels around the Cape of Good Hope since the outbreak of the war, a shift that is keeping freight rates elevated and boosting margins as higher prices flow quickly through shipping lines' largely fixed cost bases, Morningstar analyst Ben Slupecki said. Even if the conflict is resolved, analysts do not expect global freight markets to normalise quickly. Freight rates may fall after a peace deal allows traffic to resume through the Strait of Hormuz, but any decline is likely to be gradual as supply chains have adjusted and congestion has abated, with shippers expected to continue exploring alternative routes and ports, suggesting pre‑conflict trading patterns may not fully return, Luman said.
When do London Underground strikes end as capital faces more travel chaos
More Tube strikes will hit the London Underground on Thursday, April 23, as commuters brace for more disruption. A second 24-hour strike will commence at midday today, meaning there will be more delays on Friday, April 24, too. The Rail, Maritime and Transport union (RMT) is striking over plans to change the working week, raising fears for the safety of drivers. Transport for London (TfL) argues that the industrial action is "completely unnecessary" as the proposed working pattern changes are optional.
Traffic chaos, long darshan waits and civic woes dominate TN's Tiruchendur poll narrative
THOOTHUKUDI: C Venkatesh, a tourist car driver who operates between Tiruchendur and Thoothukudi, starts every trip with a prayer, hoping for traffic free road, as any hold up on the narrow road reduces the journey to a slow crawl. Traffic snarls begin nearly 20 km ahead of the temple town, at Authoor, where the bottleneck is further aggravated by the Arumuganeri railway gate that is closed at least 14 times a day. The road is so narrow that two cars can barely pass each other. Whenever a bus or truck approaches from the opposite direction, one vehicle is often forced to get off the road and into the banana farms that dot the stretch. Amid the traffic gridlock which leaves locals and tourists frustrated, the sitting MLA Anitha R Radhakrishnan of the DMK is seeking re-election for a seventh term even as the issues remain largely unaddressed. Residents say the road must either be widened or a new bypass constructed around villages like Authoor and Arumuganeri to improve access to the Tiruchendur Murugan temple. Over the years, successive DMK and AIADMK governments have failed to widen this crucial road. Despite the Tiruchendur temple hosting five major festivals in a year that draw several thousands of people from across the state, traffic and crowd management remains a struggle for police. "Traffic worsens during festivals and poses a risk to road users. My daughter, who studies at a nearby private school, struggles to cross the road and reach home," says G Anandhakumar, a resident.
Iran war boosts European logistics profits as shipping chaos persists - BusinessWorld Online
EUROPEAN logistics companies are expected to report higher first-quarter profits, benefiting from the turmoil created by the US-Israeli war with Iran, but analysts said the conflict clouds their future outlook. While heightened supply chain complexity typically supports profitability for logistics companies such as DHL, DSV and Kuehne+Nagel, many analysts have warned that the longer term effects of the energy shock and broader economic fallout could weigh on demand later in the year. In a note to clients, Jefferies analysts said Kuehne+Nagel's management does not expect further yield pressure in sea or air business in the first quarter. That reinforced their view that earnings have stabilized and are set to im-prove, the brokerage said. Jefferies analysts also said periods of geopolitical turmoil have historically promoted sea-to-air spillover, where DHL is structurally advantaged. AIRFREIGHT VOLUMES RISING FASTER While airfreight volumes are expected to grow at a high single-digit rate in the quarter, sea freight volumes are forecast to rise only at a low single-digit pace year on year, Bernstein analysts said in a note. Sea freight volumes have been weighed down by tough comparisons after shippers front-loaded cargo ahead of US import tariffs in April 2025, they said. Attention is also turning to DSV's capital markets day on May 12, where analysts are looking for updated medium-term financial targets. "The potential for upside surprises on the day is meaningful," Bernstein said. MIDDLE EAST CONFLICT IMPACT ON FREIGHT MARKETS Following a weekend escalation in the Middle East conflict, ships have largely been avoiding the Strait of Hormuz, deepening uncertainty along a major trade route that had already been disrupted by the conflict. The resulting strain on regional transport networks has also contributed to sharply higher air cargo costs, as strong demand collides with elevated jet fuel prices and tighter capacity linked to the prolonged disruption. The impact is being felt well beyond the Gulf. Heightened regional tensions have also reinforced risks in the Red Sea, delaying expectations for a near-term resumption of transits through the Suez route. Rico Luman, senior economist at ING Research, said "full resumption is now pushed back multiple months and perhaps even until the end of the year," which should be supportive for logistics companies in the short term. Global shippers including Maersk and Hapag-Lloyd have rerouted vessels around the Cape of Good Hope since the outbreak of the war, a shift that is keeping freight rates elevated and boosting margins as higher prices flow quickly through shipping lines' largely fixed cost bases, Morningstar analyst Ben Slupecki said. Even if the conflict is resolved, analysts do not expect global freight markets to normalize quickly. Freight rates may fall after a peace deal allows traffic to resume through the Strait of Hormuz, but any decline is likely to be gradual as supply chains have adjusted and congestion has abated, with shippers expected to continue exploring alternative routes and ports, suggesting pre-conflict trading patterns may not fully return, Mr. Luman said. -- Reuters
Tesla's Spending Blasts Off. Maybe SpaceX Can Help
Tesla Inc. reported some remarkable first-quarter results. It beat earnings forecasts handily. Gross margins in the auto and energy businesses were surprisingly robust given weak sales. Ditto for positive, rather than the expected negative, free cash flow. For me, though, Tesla's outlook took the crown. I encourage you to read it (slide 10 of this deck). How often do you see guidance from an S&P 500 company that contains not a single number? The fact that the various wordy statements are grouped under headings like "volume" and "cash" -- readily quantifiable things -- elevates it to a kind of art. The outlook also captures Tesla 2026 to a tee, poised between a stagnant core business and promised new ones, and balancing on a rarified valuation. Exact numbers are not helpful here, which may help explain why Tesla chose to eventually provide one on the Wednesday evening call instead. It was a particularly unhelpful number -- except perhaps as a signpost for where Musk's broader corporate empire is headed. Equally unhelpful, once you dig into them, were those results. Higher-than-expected auto gross margins reflected higher average pricing from a last hurrah of sales of now discontinued Models S and X, as well as one-off warranty and tariff-related benefits. Blowout gross margins in the energy business, incongruous with the big drop in sales, also benefited from tariff effects. In any case, Tesla still reported a dismal 4.2% operating margin, which would have been sub-4% without foreign exchange gains. Without those, worth 6 cents a share pre-tax, Tesla's earnings beat would have been markedly narrower. Overall, Tesla's profits remain weak and, given the outsize role of income from selling zero-emission credits and interest, low quality. The most important surprise, however, concerns the positive free cash flow of $1.4 billion. Tesla's excess vehicle production spawned a $2.4 billion inventory build-up. However, a $1.9 billion favorable swing in accounts payable and receivable offset most of that. Plus, stock-based compensation almost doubled, year over year, to more than $1 billion. What really made the difference, however, was Tesla's capital expenditure, or rather lack of it. Tesla surprised investors on its prior earnings call with expectations of a much bigger capex budget for 2026, about $20 billion, implying roughly $5 billion per quarter on average. Tesla spent half that in the first quarter, with the difference more than explaining the positive free cash flow. This is surprising given Tesla's ambitions to build vast quantities of Cybercabs, solar panels, Optimus robots and chips. It is also surprising given that Tesla raised its capex budget on Wednesday's earnings call, to over $25 billion. This number was a strong candidate for the outlook slide but didn't make it in there. As it was, Tesla was forecast to burn $5.5 billion this year, the most for any year ever. That would roughly double under the new capex budget. Seems relevant enough for a bullet point. The same goes for some other things. Chief Executive Officer Elon Musk's comment that Tesla's robotaxi business won't contribute meaningful revenue this year rather undercuts repeated pledges of roll outs across the US. Given how critical this is to Tesla's narrative -- and 200-plus earnings multiple -- it seems worth more than a mutter. Indeed, Tesla has woeful disclosure for this supposedly world-changing business in general. We are almost a year on from the limited launch of Tesla's robotaxis in Austin and the company has just, coincidentally timed just ahead of earnings, announced roll outs to Dallas and Houston. How many cars are operating exactly? How many have safety drivers? Average utilization? Economics? Your guess is as good as anyone's. The absence, or vagueness, of metrics for Tesla's new businesses, and the weak financial results from the existing ones, should condemn such a high-flying stock but likely won't, of course. Spiraling spending ought to, however, and not just because of the cash burn. Musk spoke of Tesla as being like one of the "major tech companies." It certainly matches their love of vision but, as I wrote here, Tesla is very different from the other so-called Magnificent 7 in key respects, one of which is its relatively tiny positive free cash flow. Sign up for the Bloomberg Opinion bundle Sign up for the Bloomberg Opinion bundle Sign up for the Bloomberg Opinion bundle Get Matt Levine's Money Stuff, John Authers' Points of Return and Jessica Karl's Opinion Today. Get Matt Levine's Money Stuff, John Authers' Points of Return and Jessica Karl's Opinion Today. Get Matt Levine's Money Stuff, John Authers' Points of Return and Jessica Karl's Opinion Today. Plus Signed UpPlus Sign UpPlus Sign Up By continuing, I agree to the Privacy Policy and Terms of Service. Taking on artificial intelligence, robots, robotaxis and chips pushes that sharply negative. Yet one of the more interesting comments Musk made on the call concerned Tesla splitting the workload, and expense, of building his promised 'terafab' for chip production. He spoke of Tesla investing $3 billion in a "research" fab while his rocket company Space Exploration Technologies Corp., or SpaceX, would handle the initial phase of the scaled-up terafab itself. Musk was characteristically vague and careful to say that any such sharing between related parties would have to be approved by Tesla's famously stringent board. In there, however, one senses a portent of what might happen if Musk pulls off the mooted, and gigantic, initial public offering for SpaceX this year. The melding of narratives around Musk's biggest companies, including Tesla's own investment in xAI before SpaceX took it over, seems to be gathering pace. With SpaceX targeting a valuation well north of Tesla's own, and reportedly considering a dual-stock structure, a subsequent all-stock merger of the two could offer a ready route to recapitalizing Musk's broad empire and addressing his concerns about lacking a blocking stake at Tesla. Pure speculation on my part, of course, not an outlook. Look out, though. More From Bloomberg Opinion: * America First Nostalgia Is Bad for American Cars: Liam Denning * Doing 100mph on the Autobahn Isn't Worth It: Chris Bryant * Megacities Can Chinamaxx Away the Oil Shock: David Fickling Want more Bloomberg Opinion? OPIN <GO>. Or you can subscribe to our daily newsletter.
Iran war boosts European logistics profits as shipping chaos persists
European logistics companies are expected to report higher first-quarter profits, benefiting from the turmoil created by the U.S.-Israeli war with Iran, but analysts said the conflict clouds their future outlook. While heightened supply-chain complexity typically supports profitability for logistics companies such as DHL, DSV and Kuehne+Nagel, many analysts have warned that the longer-term effects of the energy shock and broader economic fallout could weigh on demand later in the year. In a note to clients, Jefferies analysts said Kuehne+Nagel's management do not expect further yield pressure in sea or air business in the first quarter. That reinforced their view that earnings have stabilised and are set to improve, the brokerage said. Jefferies analysts also said periods of geopolitical turmoil have historically promoted sea-to-air spillover, where DHL is structurally advantaged. AIRFREIGHT VOLUMES RISING FASTER While airfreight volumes are expected to grow at a high single-digit rate in the quarter, seafreight volumes are forecast to rise only at a low single-digit pace year on year, Bernstein analysts said in a note. Seafreight volumes have been weighed down by tough comparisons after shippers front-loaded cargo ahead of U.S. import tariffs in April 2025, they said. Attention is also turning to DSV's capital markets day on May 12, where analysts are looking for updated medium-term financial targets. "The potential for upside surprises on the day is meaningful," Bernstein said. MIDDLE EAST CONFLICT IMPACT ON FREIGHT MARKETS Following a weekend escalation in the Middle East conflict, ships have largely been avoiding the Strait of Hormuz, deepening uncertainty along a major trade route that had already been disrupted by the conflict. The resulting strain on regional transport networks has also contributed to sharply higher air cargo costs, as strong demand collides with elevated jet fuel prices and tighter capacity linked to the prolonged disruption. The impact is being felt well beyond the Gulf. Heightened regional tensions have also reinforced risks in the Red Sea, delaying expectations for a near-term resumption of transits through the Suez route. Rico Luman, senior economist at ING Research, said "full resumption is now pushed back multiple months and perhaps even until the end of the year," which should be supportive for logistics companies in the short term. Global shippers including Maersk and Hapag-Lloyd have rerouted vessels around the Cape of Good Hope since the outbreak of the war, a shift that is keeping freight rates elevated and boosting margins as higher prices flow quickly through shipping lines' largely fixed cost bases, Morningstar analyst Ben Slupecki said. Even if the conflict is resolved, analysts do not expect global freight markets to normalise quickly. Freight rates may fall after a peace deal allows traffic to resume through the Strait of Hormuz, but any decline is likely to be gradual as supply chains have adjusted and congestion has abated, with shippers expected to continue exploring alternative routes and ports, suggesting pre-conflict trading patterns may not fully return, Luman said.
Why Anthropic's Mythos AI has sparked a global security scramble- Moneycontrol.com
When Anthropic revealed its new AI model Mythos, the reaction wasn't just excitement -- it was alarm. The company itself made it clear that this wasn't a typical release. Mythos was considered too powerful to be widely shared. Instead, access was restricted to a small group of organisations, mostly in the United States, with one key exception: the United Kingdom. Within days, that decision triggered a global response. Central banks, intelligence agencies and governments began trying to understand what the model could do -- and what it might mean if it fell into the wrong hands, the New York Times reported. What makes Mythos different At the heart of the concern is what Mythos can actually do. Unlike earlier AI systems, it doesn't just identify software vulnerabilities -- it can exploit them. That means it can potentially break into systems that run critical infrastructure, from financial networks to energy grids. Experts have warned that this represents a step change. The governor of the Bank of England described it as something that could "crack the whole cyber-risk world open." Others have compared its potential impact to major geopolitical disruptions, highlighting just how seriously it's being taken. In simple terms, this isn't just a better tool. It's a fundamentally more powerful one. A race that now looks geopolitical The response to Mythos has also revealed something bigger. AI is no longer just a technology race between companies. It's becoming a competition between countries. Whoever builds the most advanced models doesn't just gain commercial advantage. They gain influence over security, infrastructure and even global stability. That's why Mythos has quickly turned into more than a product. It's become a geopolitical asset. For countries like China and Russia, the development has reinforced concerns about falling behind. For others, it's raised uncomfortable questions about dependence on a handful of companies based in the United States. Limited access, growing tension Anthropic's decision to tightly control access has added another layer to the situation. On one hand, many experts have praised the caution. Limiting who can use such a powerful tool reduces the risk of misuse. On the other hand, it creates tension. Governments and organisations that don't have access are left trying to assess a threat they can't fully examine. European regulators, for example, have held multiple meetings with the company but still haven't been given direct access to the model. That imbalance raises a bigger question. Who gets to decide who can use a technology this powerful? A gap in global coordination Another issue is the lack of a global framework to deal with something like this. There are no clear international rules, no shared inspection systems and no equivalent of a treaty that governs how advanced AI should be handled. Each country is reacting on its own, often with limited information. That makes coordination difficult. Even as the risks are becoming clearer, there's no agreed way to manage them. Why time may be limited Anthropic has also warned that Mythos may not stay unique for long. The company expects that similar models with comparable capabilities could emerge within the next 18 months. That creates urgency. Organisations now have a limited window to strengthen their systems before such tools become more widely available. And once they do, controlling access becomes much harder. The bigger picture What Mythos shows is how quickly the conversation around AI is changing. This is no longer just about innovation or productivity. It's about security, control and power. Technologies that were once seen as tools are starting to look more like strategic assets, ones that can shape global dynamics in ways we're only beginning to understand. And as that shift accelerates, governments and companies alike are being forced to answer a difficult question. Not just how to build powerful AI, but how to live with it safely.
Hacker Active Well Beyond Context.ai Compromise: Vercel CEO
Vercel CEO Guillermo Rauch, in an update today said that after scanning through petabytes of logs of the company's networks and APIs, his security team concluded that the threat actor behind the Vercel breach had been active well beyond Context.ai's compromise. Rauch said that the "threat intel points to the distribution of malware to computers in search of valuable tokens like keys to Vercel accounts and other providers. Once the attacker gets ahold of those keys, our logs show a repeated pattern: rapid and comprehensive API usage, with a focus on enumeration of non-sensitive environment variables." Researchers at Hudson Rock had earlier confirmed that the attack actually initiated in February itself when a Context.ai employee's computer was infected with Lumma Stealer malware after they searched for Roblox game exploits, a common vector for infostealer deployments. What the latest findings mean is that there could be a wider net of victims that the threat actor may have phished for and what we know is just the tip of the iceberg - or not. In an official update, the company also stated that initially it identified a limited subset of customers whose non-sensitive environment variables stored on Vercel were compromised. However, a deeper assessment of the their network, as well as environment variable read events in the company's logs uncovered two additional findings. "First, we have identified a small number of additional accounts that were compromised as part of this incident," the company noted. But the main concern is the next finding: "Second, we have uncovered a small number of customer accounts with evidence of prior compromise that is independent of and predates this incident, potentially as a result of social engineering, malware, or other methods." The company did not disclose who were the attackers, what was the motive, or the impact on customers, and is yet to respond to these queries from The Cyber Express. It only stated: "In both cases, we have notified the affected customers." Meanwhile, Rauch said, Vercel had notified other suspected victims and encouraged them to rotate credentials and adopt best practices.
Microsoft Reportedly Eyed Cursor Before SpaceX's $60 Billion Deal -- But Chose Not To Proceed - Microsoft (
Microsoft Corp. (NASDAQ:MSFT) had been reportedly eyeing AI coding startup Cursor before SpaceX made headlines with its $60 billion acquisition option of the company. The Satya Nadella-led company's interest in Cursor was part of its strategy to expand its artificial intelligence tools in the rapidly growing AI market. However, the tech giant ultimately chose not to move forward with a bid, CNBC reported on Wednesday. Microsoft and Cursor did not immediately respond to Benzinga's request for comments. AI Coding Race Heats Up As Cursor Leads Cursor, on the other hand, is part of a new wave of startups that is gaining traction by using AI to automate coding tasks. SpaceX has now secured an option to either acquire Cursor for $60 billion later this year or enter a $10 billion partnership. Copilot Struggles Despite Code Red Push Microsoft's AI offering, Copilot, meanwhile, has been facing investor frustration due to limited traction despite its leadership in SaaS through 365 Commercial Cloud. Earlier this month, Nadella had initiated a "Copilot code red" effort to improve performance and user experience. Copilot has also been lagging behind its competitors, with only 6 million daily active users in March, compared to Claude's 9 million and ChatGPT's 440 million. Price Action: On a year-to-date basis, Microsoft stock declined 8.46%, as per Benzinga Pro. On Wednesday, it climbed 2.07% to close at $432.92. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image via Shutterstock Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.
SpaceX tells investors its AI ambitions may require building GPUs in-house - Cryptopolitan
SpaceX, xAI, and Tesla are working on Terafab in Austin, with Intel's 14A process seen as a possible fit later on. SpaceX has told investors that its AI push may force it into one of the hardest parts of tech: making GPUs. In excerpts from the company's S-1 registration, SpaceX listed "manufacturing our own GPUs" among the "substantial capital expenditures" behind its work on AI and other technologies. The filing comes ahead of a summer IPO expected to value SpaceX at about $1.75 trillion. An S-1 is the document companies file with the U.S. Securities and Exchange Commission before going public. The decision ties into Terafab, the AI chip complex being developed in Austin, Texas by SpaceX, its xAI unit, and Tesla. Elon Musk has said the site is aimed at chips for cars, humanoid robots, and space-based data centers. Many details have stayed unclear, including what kind of AI chips the project may actually make. One key question is whether SpaceX means standard GPUs, or a wider label for AI processors. SpaceX warns investors that outside chip supply may not keep up with growth The filing says SpaceX may not have enough chip supply to support its growth. In the registration, the company said, "We do not have long-term contracts with many of our direct chip suppliers." It also said, "We expect to continue sourcing a significant portion of our compute hardware from third-party suppliers, and there can be no assurance that we will be able to achieve our objectives with respect to TERAFAB within the expected timeframes, or at all." The company has not said when it plans to start making its own chips. It is also unclear which groups inside the Terafab effort, or partner Intel, would handle the fabrication technology inside the plant. Elon told Tesla analysts on Wednesday that by the time Terafab scales up, Intel's next-generation 14A manufacturing process "will be probably fairly mature or ready for prime time" and "seems like the right move." Different companies are taking different paths on AI chips. Nvidia mainly makes GPUs, general-purpose chips used for heavy data work. Google, owned by Alphabet, uses TPUs, built for specific jobs tied to training AI models and running chatbots such as Anthropic's Claude. SpaceX has not said which route it wants to follow. SpaceX brings Cursor into its AI push after Microsoft steps back from talks The AI plan includes Cursor, the coding startup tied to a $60 billion deal. Before SpaceX announced this week it had secured the right to acquire Cursor, Microsoft had explored a deal, according to CNBC. But Microsoft chose not to proceed, and it is now trying to make its own AI tools more popular. It has gained ground with GitHub Copilot, but the AI coding market is now led by Cursor, Anthropic, and OpenAI. Microsoft's main role there has been as an investor and cloud provider, putting billions into Anthropic and OpenAI, which committed to heavy spending on Microsoft Azure. A company post said, "SpaceXAI and @cursor_ai are now working closely together to create the world's best coding and knowledge work AI." Cursor chief executive Michael Truell wrote on X that he was "excited to partner with the SpaceX team to scale up Composer," referring to its AI model. The SpaceX agreement came together so late in Cursor's fundraising process that prospective investors were caught off guard. In the weeks before the announcement, SpaceX had already offered Cursor access to compute. Making GPUs is extremely hard. Nvidia pioneered GPU design, but outsources manufacturing to TSMC in Taiwan. TSMC has spent years and billions building advanced chip processes. Producing leading-edge chips takes exotic materials and more than a thousand steps done with atomic precision. Making billions of Apple iPhone chips gave TSMC the hands-on experience needed to keep producing advanced processors for years at scale.
Green Party backs Tube strikes that are causing commuter chaos
Londoners braced for a third consecutive day of travel chaos this afternoon as Underground drivers go on strike from midday in another 24-hour walkout. The Tube strike has seen lines suspended, costing the economy up to £250million - while the Green Party has given its backing to the £72,000-a-year drivers. Members of the militant Rail, Maritime and Transport union (RMT) will walk out for the second time this week, after the first 24-hour strike began at noon on Tuesday. Hundreds of thousands of commuters will again have to walk, cycle or take buses with some working from home - as pub chains reported one of their 'lowest trading days to date' and hospitality firms were told bookings could fall by up to two thirds. The Piccadilly and Circle lines will shut, as will sections of the Metropolitan and Central lines. Other lines are set to have a reduced service which will end early. RMT leaders are resisting the introduction by Transport for London (TfL) of a four-day working week, which they claim could raise fatigue and compromise safety. Picket lines will again be mounted outside Underground stations - and two more strikes are planned on May 19 to 22 and June 16 to 19 unless the row is resolved. The RMT was backed by Green Party London Assembly leader Caroline Russell who said: 'The drivers are raising really important issues about their working conditions that ultimately affect safety. What's important is that TfL listens and engages with the striking drivers so that their issues can be addressed through dialogue.' Your browser does not support iframes. But Conservative transport spokesman Richard Holden told The Standard: 'We can see the chaos the Greens would bring to Britain. Strikes, disruption, and making ordinary working people pay the price for their weird far-left ideological politics. 'Conservatives will always side with the passengers over the picket line, with workers over wreckers, with Britain over the union bosses.' Reform UK's London mayoral candidate Laila Cunningham claimed the Greens were a 'danger to London', adding: 'Instead of standing up for working Londoners, the Green Party has chosen to back the very strikers that are holding them hostage.' Pubs and restaurants fear losing more trade today and tomorrow because of the industrial action as fewer workers than normal have travelled to offices. How will the new Tube strikes impact you? Tube services will run normally from the start of servcice this morning, but reduce from mid‑morning onwards. Significant disruption will begin from midday when the strike action starts. A reduced service will run across most lines but, no service is expected on the Piccadilly and Circle lines. No service is expected on the Metropolitan line between Baker Street and Aldgate. No service is expected on the Central line between White City and Liverpool Street. Any services that do run will be less frequent, very busy, and passengers may not be able to board the first train. Strike action will run until midday tomorrow, after which services will begin to recover through the afternoon. During the strikes, other TfL services including Elizabeth line, DLR, London Overground, Trams and most bus routes are expected to be running normally, although they are likely to be very busy. Tomorrow, a separate 24-hour bus strike starting from 5am will impact seven routes in East London. The walkout will hit the 8, 25, 205, 425, N8, N25 and N205 services. Mark Reynolds, director of the Three Cheers Pub Group, said the strikes had 'destroyed' trade at its Trafalgar Pub in Chelsea on Tuesday. He told The Standard: 'We're looking at one of our lowest trading days to date. It's incredibly frustrating for businesses who are impacted negatively. There is no compensation in the form of business rates or rent reductions.' TfL said service levels will vary across the network and urged passengers to check before they travel. No service is expected across the Circle and Piccadilly lines, while there will be no Metropolitan line between Baker Street and Aldgate and no service on the Central line between White City and Liverpool Street. Significant disruption is expected on all other lines if services do run. Other TfL services including the Elizabeth line, Docklands Light Railway, London Overground and Trams will be running normally but are likely to be very busy. Tube services ran normally from the start of service this morning but will reduce from mid‑morning onwards, and there will be significant disruption from midday today when the strike starts. Strike action will continue until midday tomorrow, after which services will begin to recover - but disruption will continue into the evening. Meanwhile seven bus routes in East London operated by Stagecoach will also be affected by a separate 24-hour strike from 5am tomorrow. The walkout will hit the 8, 25, 205, 425, N8, N25 and N205 services, with 300 drivers expected to take part. Other buses across the capital are expected to run as normal. The Centre for Economics and Business Research told City AM that the combined direct costs of the three Tube strikes taking place this week and in May and June could total between £360million and £760million - an average of up to £253million for each one. The last five-day RMT Tube strike in September 2025 cost TfL between £20million and £25million in lost fares. Live cycle data from Camden Council suggests more than 10,000 people cycled through Bloomsbury Way in the heart of the West End on Tuesday, up 75 per cent on the daily average. A sign warns passengers that the Piccadilly line is closed during the Tube strike yesterday Tube trains parked up at Neasden depot in North West London during the strike yesterday Transport hire app Voi, which has some 4,000 e-bikes and thousands of e-scooters in London, says it saw a 52 per cent increase in the number of rides taken on its vehicles, as well as a 110 per cent spike in new users. Workers at Amazon normally expected to travel into the City spent Tuesday at home, the Financial Times reported, while JP Morgan bankers were reportedly told to negotiate with managers over working from home. It comes as campaigners called for TfL to break the 'stranglehold' the RMT holds over the capital by opening Tube driver jobs to external candidates. The lucrative roles are almost never advertised to ordinary Londoners due to an agreement stuck with the union, who fear allowing in outsiders could weaken 'workforce solidarity'. Read MoreEXCLUSIVE Campaigners demand £72K-a-year Tube driver jobs are advertised to public amid union stranglehold A TfL source insisted there was no ban on external recruitment, but the agreement with the unions requires any vacant positions to be advertised internally first. At this point, they are rapidly filled. This contrasts by the approach taken by train companies, which regularly advertise for train drivers on public forums. William Yarwood, campaigns director at the TaxPayers' Alliance, told the Mail: 'It is an insult to Londoners that these closed shop roles remain a private members' club for union buddies. 'By blocking external recruitment, unions kill off competition and artificially inflate wages, leaving taxpayers to bankroll a gold-plated payroll for a protected few.' TfL insiders said that internal candidates bring 'useful system-specific knowledge' and suggested the policy of favouring existing staff was 'not unusual' across the British economy. But Mr Yarwood called for the policy to be immediately reversed - even if that would inevitably mean yet another walkout by union members. 'TfL must break this stranglehold and open recruitment to the open market immediately to ensure the best value for commuters and taxpayers alike,' he said. RMT boss Eddie Dempsey said: 'We have approached negotiations with TfL in good faith throughout this entire process. But despite our best efforts, TfL seem unwilling to make any concessions in a bid to avert strike action. Commuters pack onto buses yesterday as the Tube strike causes major travel disruption A man looks at an information board outside a Covent Garden Underground station yesterday 'This is extremely disappointing and has baffled our negotiators. The approach of TfL is not one which leads to industrial peace and will infuriate our members who want to see a negotiated settlement to this avoidable dispute.' The RMT represents a majority of Underground staff, including train drivers, station staff and maintenance workers. Aslef, which also represents Tube drivers, has accepted the changes, which would cut the average driver's working week from 36 to 35 hours. An Aslef spokesperson said its union was 'surprised' that the RMT was going on strike, adding: 'It will be the first strike in the history of the trade union movement designed to stop people having a shorter working week and more time off'. A Tube driver earns around £71,170 per year as a base salary, with total earnings often reaching £75,000 to £80,000 when overtime and allowances are included. Read More Moment Tube driver says Jews are 'not safe when he is driving Bakerloo line train' at protest Most are enrolled into the TfL pension fund, which requires drivers to pay in 5 per cent of their salary for an employer contributions of more than 33 per cent. Other perks include free TfL travel and 75 per cent off train season tickets. Tube drivers do not require prior qualifications other than GCSEs in maths and English and training takes around six months. On most Underground lines, the trains are semi-autonomous. This means a machine handles stopping and starting, with drivers operating doors and handling emergencies. Hospitality AI tech company Access Hospitality said it expected hospitality bookings at London businesses to fall by up to 67 per cent and walk-in drop by nearly 70 per cent, based on data collected during the last Tube strike. Emma McClarkin, chief executive of the British Beer and Pub Association, said: 'In a typical week, London's pubs generate approximately £80million in GVA (gross value added) between Tuesday and Friday alone. 'This doesn't just boost the economy but represents the jobs, high streets, and community spirit that revolve around pubs. 'At a time when so many locals are already operating on a knife edge because of huge costs, significant disruption to trade will be acutely felt.' Claire Mann, TfL's chief operating officer, said: 'We have set out proposals to the RMT for a four-day working week. 'This allows us to offer train operators an additional day off, whilst at the same time bringing London Underground in line with the working patterns of other train operating companies, improving reliability and flexibility at no additional cost. 'The changes would be voluntary, there would be no reduction in contractual hours and those who wish to continue a five-day working week pattern would be able to do so.'
OpenAI CEO Sam Altman clarifies his 'drunk text' to Anthropic's growth head Amol Avasare; says: Tongiht I have had...
While Anthropic's head of growth was busy putting out a pricing fire on X, OpenAI CEO Sam Altman was, by his own admission, a couple of drinks in -- and apparently in the mood to poke fun. When Amol Avasare posted a lengthy thread explaining that Claude Code hadn't actually been removed from the $20 Pro plan, Altman's reply was two words: "ok boomer." Then came the follow-up: "tongiht i have had a couple of drinks." The typo stayed. The post hit 1.1 million views.Earlier that evening, developer George Pu flagged that Claude Code had quietly vanished from the Pro and Free columns on Anthropic's pricing page -- no announcement, just a silent edit. The implication was stark: users would need the $100-a-month Max plan to keep using it, a fivefold jump from Pro's $20. The backlash was instant. Avasare stepped in to clarify it was a limited test affecting roughly 2% of new signups, with existing subscribers untouched. He also got candid about why Anthropic is even poking at its pricing structure: when Max launched a year ago, Claude Code wasn't bundled in, Cowork didn't exist, and multi-hour AI agents weren't a daily workflow. They are now. "Our current plans weren't built for this," he wrote.The trolling wasn't purely recreational. Claude Code crossed $2.5 billion in annualized revenue in February 2026 -- more than doubling since January -- and Anthropic claimed 73% of spending among new AI tool buyers, a dramatic swing from OpenAI's 90% consumer market share just a year prior. Altman has responded methodically: Codex now has over three million weekly users, a standalone desktop app just launched, and new Pro subscribers are getting a promotional 10x usage boost through May. Every public stumble Anthropic takes is a recruiting pitch for OpenAI. On Tuesday night, Altman was happy to help write it.
Iran war boosts European logistics profits as shipping chaos persists - Markets - The Jakarta Post
uropean logistics companies are expected to report higher first-quarter profits, benefiting from the turmoil created by the US-Israeli war with Iran, but analysts said the conflict clouds their future outlook. While heightened supply‑chain complexity typically supports profitability for logistics companies such as DHL, DSV and Kuehne+Nagel, many analysts have warned that the longer‑term effects of the energy shock and broader economic fallout could weigh on demand later in the year. In a note to clients, Jefferies analysts said Kuehne+Nagel's management do not expect further yield pressure in sea or air business in the first quarter. That reinforced their view that earnings have stabilized and are set to improve, the brokerage said. Jefferies analysts also said periods of geopolitical turmoil have historically promoted sea-to-air spillover, where DHL is structurally advantaged. While airfreight volumes are expected to grow at a high single‑digit rate in the quarter, sea freight volumes are forecast to rise only at a low single‑digit pace year on year, Bernstein analysts said in a note. Seafreight volumes have been weighed down by tough comparisons after shippers front‑loaded cargo ahead of US import tariffs in April 2025, they said. Attention is also turning to DSV's capital markets day on May 12, where analysts are looking for updated medium‑term financial targets. "The potential for upside surprises on the day is meaningful," Bernstein said.
Vijay Demands Extended Polling Hours as Transport Chaos Strands Tamil Nadu Voters | Outlook India
"In view of the large number of delayed voters caused by travel disruption, and the long queues at polling stations, voting hours should be extended until 8 pm in all affected constituencies," he said. Severe transport disruption on the eve of polling in Tamil Nadu left thousands stranded across the state, particularly in Chennai and Coimbatore, raising concerns over access to polling booths as voting took place in a single phase on 23 April. Long delays, overcrowded buses and a shortage of services triggered protests at major terminals, while many struggled to reach their hometowns in time to vote.
India finance ministry to meet bank CEOs on Anthropic 'Mythos' cyber risk
Indian bank leaders will meet the finance minister today. They will discuss protecting the nation's payment system. The focus is on cyber threats from a new AI model called Mythos. Banks are seen as vulnerable due to their interconnected IT platforms. This meeting follows reports of unauthorized access to the AI model. Global regulators are also discussing these potential risks. Bank chief executives are set to assure the finance minister they are taking steps to ring-fence India's payments system from potential cyberattacks linked to Anthropic's Mythos, a new AI model, people familiar with the matter said. The finance ministry called an urgent meeting with bankers today evening to assess how exposed banks could be to cyber threats emanating from the Mythos app, the people said. Also read: RBI in talks with global regulators, banks to review Mythos risks, sources say The meeting was convened within 24 hours of a Bloomberg report that a small group of unauthorised users had gained access to Anthropic's app, even as the company said last week it would not publicly release the model, citing cybersecurity risks. Banks are seen as especially vulnerable because their IT platforms connect multiple stakeholders -- corporates, retail users and other financial services providers -- for seamless transactions. A cyberattack on banks could threaten financial stability, particularly at a time when the government is not levying charges on UPI payments to encourage digital transactions. Government officials in at least three countries -- the U.S., Canada and Britain -- have met top banking officials to discuss the threats posed by Claude Mythos Preview, according to wire reports. Reuters reported on Wednesday that Indian banking regulator is in talks with global regulators, Indian lenders and government officials to understand the potential risks posed by Mythos.
Japan's NEC Teams Up With Anthropic to Offer Enterprise AI Services
NEC Corp is a Japan-based company mainly engaged in the information technology (IT) services and social infrastructure businesses. The Company operates through two business segments. The IT Services segment provides system integration (system construction and consulting), support (maintenance), outsourcing and cloud services, and system equipment and software services. The Social Infrastructure segment provides network infrastructure (core networks, cell phone base stations, optical transmission systems, and marine systems), software and services for telecommunications carriers, and system equipment, system integration (system construction and consulting) and support (maintenance) in the aerospace and defense domain.
Parents' plea for pupils as they warn that traffic chaos near school in Castletownsend is 'an accident waiting to happen' | The Southern Star
THERE have been calls to improve safety measures on a main road outside Castletownshend National School. Parents warned an accident is waiting to happen on the R596 outside the school, where 91 pupils are enrolled. Around half of the pupils get dropped off by school bus, and the other half by car with the school sharing a car park with St Barrahane's Church across the road. Parents are concerned that their children are getting off the school bus directly on the roadside, with no physical barrier between them and passing traffic. For those getting dropped off by car, children and families must regularly cross the road between the school and the church car park where there is no pedestrian crossing. Parents are urging Cork County Council to put in place speed feedback displays or narrow the road to slow traffic down at peak times. 'As a school principal myself, I am very much aware of the dangers outside every school in the country at drop-off and collection times,' said Cllr Brendan McCarthy (FG). 'The Safe Routes to School Scheme is fantastic but I hope we can do something in the interim to help schools on busy roads when they ask for it.' A Cork County Council official said the school was situated on the R596, which has a default speed limit of 80kmph. But they said a reduced limit of 50kmph applies on 200m either side of the school and there are school ahead warning signs and road markings. The official added: 'The school has a lay-by for drop-offs. The measures requested in the motion are in place.' Cllr McCarthy suggested speed ramps and reduced speed limits for Union Hall village where he said speeding was a major issue. 'It is an issue in the village itself and also in the area from the church down to the village where we have the newly-refurbished playground and the Black Field,' he said. The motion received support from Cllr Daniel Sexton (Ind Ire) and Cllr Isobel Towse (SD) at the meeting of West Cork Municipal District. A spokesperson for Cork County Council said the council was currently working on a new surface water drainage scheme in Union Hall. Any new measures would not be installed until the drainage scheme was complete.
Why Australia is scrambling over Anthropic's Mythos AI model
Australia's Home Affairs ministry and central banks move fast as Mythos exposes flaws Anthropic's new Mythos AI model has done something no security audit ever managed at scale: it uncovered thousands of major vulnerabilities across every major operating system and web browser during a limited preview release. Now governments are scrambling. A spokesperson for Australian Home Affairs Minister Tony Burke confirmed on Thursday that the government is actively working with software providers and Anthropic directly to track emerging vulnerabilities exposed by Mythos. The statement marks one of the first official government acknowledgements of the model's potential to disrupt the established security landscape. Mythos was built for defensive cybersecurity purposes, but its autonomous capabilities have blurred the line between shield and weapon. The Reserve Banks of Australia and New Zealand have reported in a joint statement today that they are keeping an eye on the deployment of Mythos and have been in touch with leading regulators across the world. Both banking sectors are dependent on ageing IT infrastructure, with some being decades old, putting them at risk for attacks facilitated by Mythos' capabilities. Australian Banking Association CEO Birmingham Simon, a body representing all commercial banking institutions in Australia, has stated that the banking sector is in discussions with the relevant regulators to safeguard the financial system. The concern raised by cybersecurity professionals about Mythos is that due to its code structure and reasoning abilities, the time frame available between identifying an exploitable vulnerability and the attack itself can be significantly reduced.
