SpaceX IPO cements Musk control as China cuts AI support

The newly redesigned rocket was fueled and seconds from launch when SpaceX called a halt, marking another setback for a system the company has spent $15 billion developing. Friday's attempt represents the third-generation architecture and a crucial test for SpaceX's broader commercial strategy, which the company warned is highly dependent on Starship's success. The scrub follows a pattern of delays that have pushed back deployment timelines for Starlink's larger satellites and NASA's lunar missions.

The former White House AI czar intervened to stop an executive order that would have escalated federal preemption of state AI regulations through litigation and funding leverage. Sacks, who left government in March, convinced Trump the aggressive approach was politically inflammatory and would undercut stable federal AI frameworks. Industry sources say tech lobbyists grew worried that Sacks' hard-line tactics were hurting rather than helping their policy agenda. The episode highlights growing tension between Silicon Valley and Trump's regulatory approach as AI competition with China intensifies.

ASML jumped 8% to a record $500 billion market value as AI optimism spreads beyond foundries to toolmakers and the broader semiconductor supply chain. While TSMC's guidance for 52-56 billion capex and 30% revenue growth validates continued AI demand, emerging market fund managers are diversifying into cheaper Asian AI plays. Valuations show the opportunity: Nvidia trades at 35x forward earnings while TSMC sits at 18x and Alibaba at 13x. The rotation reflects investor confidence that AI infrastructure spending above $1 trillion will support a multilayer ecosystem, not just the obvious winners.

Musk's intergalactic ambitions run on terrestrial internet subscriptions, with Starlink's 6 million users generating the bulk of SpaceX's record revenue and $5.7 billion gross profit. The satellite internet service has evolved from beta to global utility, with projections of 35 million subscribers by 2040 and potential $120 billion annual revenue according to Morgan Stanley. Business plans start at $55 monthly with premium tiers reaching $250, creating recurring cash flow that funds Starship development and Mars colonization research. The model transforms SpaceX from a launch company into a platform play with telecom-like margins.

The Mexican food chain is exiting America after failing to entice local diners, despite raising A$240 million at a 37x earnings multiple that briefly sent shares up 1,000%. GYG's withdrawal follows Morningstar analysis showing US operations were unlikely to contribute meaningfully for up to 10 years, even as the company claimed improved momentum in H2 2025. The retreat highlights the difficulty foreign QSR brands face cracking the US market, even when they dominate at home. GYG will now focus capital on its 185 Australian restaurants and Asian markets where unit economics actually work.

Better earnings growth and cheaper valuations in Taiwan and Korea's AI winners are pulling foreign money away from India for potentially two consecutive years. BofA cut its Nifty 50 earnings forecast for FY27 to 8.5% growth from 11%, well below consensus expectations of 15%, while warning Indian equities remain expensive despite recent corrections. The firm expects zero point-to-point returns this year and continued underperformance versus emerging markets. Foreign institutional investors pulled funds for six straight months while domestic institutions struggle to fully absorb the selling pressure.

Pham Nhat Vuong has committed at least $2 billion of personal wealth to VinFast just as his Vingroup shares surged roughly 1,000% over a year, creating extreme wealth volatility tied to EV speculation. When VinFast listed via SPAC, shares jumped 255% on debut, pushing market cap above $85 billion and briefly exceeding Ford and GM despite minimal sales volumes. Vuong's net worth swung from $5 billion to $44 billion and back to $21 billion within a week as the thin float amplified every trade. The recycling of Vietnamese real estate wealth into US EV manufacturing represents a high-stakes bet on breaking American automotive incumbency.

Rising energy prices are widening the spread between short and long-term government bond yields across Indonesia, Thailand, Malaysia and the Philippines as markets price higher inflation and larger fiscal deficits. The pattern echoes 2018 when 10-year local currency yields rose while 2-year yields fell across emerging East Asia during synchronized global growth. Current steepening reflects bear market dynamics driven by fuel subsidy costs and infrastructure spending rather than growth optimism. Oil importers face direct inflation hits while exporters like Malaysia still shoulder massive domestic subsidy bills that constrain fiscal space.

Singapore's telecom regulator suspended its review after discovering Tuas may have used radio frequencies it was never assigned, potentially breaching the Telecommunications Act. The Infocomm Media Development Authority halted evaluation of the acquisition just as industry sources expected approval, transforming a strategic consolidation play into a compliance crisis. Keppel emphasized the alleged unauthorized spectrum use did not involve M1's frequencies, but Tuas shares fell sharply as the market priced in deal failure. The collapse costs Keppel shareholders an expected special dividend of S$0.07-0.11 per share.

The large-format cinema technology company is reportedly in discussions about a potential transaction as demand for premium theatrical experiences remains stronger than standard formats. IMAX's globally recognized brand, technical moat, and licensing relationships with theaters make it attractive to buyers seeking stable, high-margin experiential media assets. Previous sale processes in 2006 generated interest but no deal, though the current environment may favor premium exhibition platforms. The timing reflects investor appetite for defensible entertainment assets that can command pricing power even as streaming reshapes the broader film business.

The Mexican food chain's stock remains above its A$22 IPO price but far from the highs that briefly valued it above established department store chains.