Dear Trader,
Mark and Hans go live today at 10 AM ET, and the whole show comes down to one question: who's getting paid for AI, and who's still asking?
Meta got paid.
The market handed it $192 billion in a single session because a two-week-old app hit the top of the App Store. That's the payoff for three years of Zuckerberg getting laughed at over his capex.
Anthropic and OpenAI, the two names everybody assumed would get paid first, spent the same weekend asking for more.
Anthropic slid its IPO a month so it can show a better quarter. OpenAI told investors the cash runs out in 2028 and then, a day later, published a call for global AI standards.
Mark and Hans will walk through all three stories below, plus whatever else the tape gives them by the open.
If you've got money in any of these names, or you're thinking about the Anthropic listing, you want to hear this one live.
This link adds State of the Market to your calendar.
The Daily News Breakdown
SIREN: Meta (META) just added $192 billion in market cap in one day, and Mark Zuckerberg pocketed $13 billion of it. The stock ripped 11.3% Monday to close at $741.25 on the back of Muse, Meta's new AI agent. Muse hit 2.8 million downloads in its first 12 days across the US and Canada, and its US numbers beat ChatGPT's launch.
Evercore's Mark Mahaney says the Street parked Meta at the lowest P/E of the hyperscalers because nobody could tie $200 billion a year in AI spending to an enterprise business. Muse gives them that story, at least for now. Two weeks of app downloads bought all of it, so think about that before you chase the gap.
SIGN: Anthropic pushed its IPO from October to November, and OpenAI told investors to expect years of negative cash flow. The Wall Street Journal broke the delay Friday night. Advisers say the extra month lets Anthropic put a strong third quarter in front of buyers before it asks for a valuation near $2 trillion.
The OpenAI half comes from presentations the Financial Times saw: the company expects its cash to run dry by 2028 without another raise, so it's shopping around at roughly $1.2 trillion. That leaves the two most valuable private companies on the planet both hunting for capital before either one turns a profit. That's the deal on the table, so read the S-1 when it drops.
SNEAKER: OpenAI wants the United States to lead a global effort to write technical standards for frontier AI, including rules for AI that improves itself. The post landed Monday, nine days after Sam Altman said OpenAI won't IPO in 2026 over safety concerns. The pitch: use the network of national AI safety institutes to set common benchmarks, incident reporting rules, and human-oversight triggers for automated AI research.
OpenAI says none of this means licenses or pre-release approvals, and it wants US-China talks on the subject. Keep in mind who's asking. This company has committed roughly $600 billion to compute through 2030, and a rulebook that slows everyone down slows the competition too. Michael Burry already called the safety framing self-serving.