🚀 Anthropic tops OpenAI

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Market Overview
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Year To Date Performances:

1. The artificial intelligence arms race reached a historic milestone as Anthropic officially eclipsed OpenAI to become Silicon Valley's most valuable AI startup, securing a massive $65 billion Series H funding round that drives its valuation to a staggering $965 billion. This latest capital injection, led by blue-chip heavyweights including Sequoia Capital and Altimeter Capital, nearly triples Anthropic’s market value from just a few months ago and puts it within striking distance of the elusive trillion-dollar mark. The valuation surge is fueled by explosive financial performance, with the company reporting a $47 billion revenue run rate driven by the widespread commercial adoption of its automated coding assistant, Claude Code, alongside the highly anticipated release of its Claude Opus 4.8 model. This record-breaking private round sets a high-stakes backdrop for the broader sector, arriving just as Anthropic, OpenAI, and Elon Musk's newly merged $1.25 trillion SpaceXAI entity all actively accelerate their respective timelines to transition into the public markets.

2. In a bid to future-proof television's top-rated news program before technological shifts erode its dominance, Paramount Skydance’s CBS News has appointed former tech journalist and documentary filmmaker Nick Bilton as the new executive producer of "60 Minutes." Bilton succeeds 30-year program veteran Tanya Simon at a turbulent moment for the division, following a high-profile $16 million legal settlement with Donald Trump, the abrupt departure of anchor Anderson Cooper, and internal anxiety that management changes are politically motivated to secure regulatory favor for an impending corporate merger. Despite having zero traditional TV newsroom experience, Bilton, who was brought in by editor-in-chief Bari Weiss, insists he will prove his editorial independence through accountability reporting while engineering a preemptive evolution of the show. Borrowing a lesson from fallen tech giants like Nokia, Bilton argues that modern media properties must aggressively adapt while their metrics are still strong, framing his unconventional hiring as a vital inoculation against the inevitable decline of traditional broadcast viewership.

3. New York state lawmakers have passed a sweeping pied-à-terre tax targeting luxury non-primary residences in New York City to help bridge the city's budget deficit, threatening to more than double the tax burden for wealthy property owners. Championed by New York City Mayor Zohran Mamdani, the legislation implements a two-phase rollout starting with the 2026–2027 tax year, initially levying an annual tax of up to 6.5% on non-primary condos and co-ops with city-assessed values over $1 million. Because the city's outdated assessment system notoriously undervalues luxury real estate, the second phase in 2028–2029 will shift to a system based on true market comparable sales with lowered tax rates ranging from 0.8% to 1.3%. The policy has sparked intense backlash from high-net-worth investors, exemplified by a high-profile feud between Mamdani and billionaire Citadel CEO Ken Griffin—a Florida resident whose total Manhattan property tax bill on his luxury portfolio is now projected to skyrocket past $5 million, prompting him to threaten a reallocation of business and jobs away from New York.

   Headlines

   1. Core inflation hit 3.3% in April.

   2. Personal savings rates are at a four-year low.