Uber CEO Dara Khosrowshahi said this morning the company burned through its entire annual AI budget in a single quarter. He framed it as a productivity win. The revelation underscores just how fast corporate AI spending is accelerating — a theme echoed across earnings calls this week. Senator Elizabeth Warren pushed back publicly, warning AI could displace half the workforce. Shares of Meta and Microsoft were cited in the discussion.
The AI race is heading to Wall Street. Anthropic filed for a major IPO, setting up a three-way contest with OpenAI and SpaceX for investor attention. Space ETFs crossed $5 billion in assets for the first time — partly on SpaceX IPO speculation. Goldman Sachs and Nvidia were flagged in related coverage.
The ECB said today that gold has replaced US Treasuries as the world's top reserve asset. Bullion now accounts for 27% of global reserves. Central banks are actively diversifying away from the dollar. That is a structural shift worth watching for equity and fixed income allocations alike.
European stocks slid broadly, but defence names bucked the trend. Ukraine ratified a $105 billion EU loan deal, boosting the sector. The Dulux maker AkzoNobel surged after rejecting a $14.5 billion takeover approach.
Ciena and Brown-Forman reported this morning. Oracle remains the headline act, reporting Q4 2026 results on June 10. Analysts will focus on AI-driven cloud growth. Lululemon is expected to post lower Q1 earnings — analysts have already trimmed targets ahead of the call.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
