Shout out @greenbackschool, who walked us through express verification on @JupiterExchange. A thousand JUP burned and a problem that would have eaten a week gone in an afternoon. Good looking out.

Uganda’s shilling weakened to its lowest level on record against the dollar on Monday, as demand for greenbacks from offshore investors and importers put renewed pressure on the local currency

We've raised $65 billion in Series H funding at a $965 billion post-money valuation, led by @AltimeterCap, Dragoneer, @Greenoaks, and @sequoia. This investment will help us advance our research and expand our capacity to meet growing demand for Claude.

Happy St. Paddy’s Day! 🍀💚 Who’s celebrating with me? 🕺✨ Say Hi to get your luck and move from me!! Good luck everyone #StPatricksDay2025# #IrishCharm# #GreenParty#

Top Overnight News Nasdaq futures fell as a plunge in chip stocks deepened the equity selloff and extended the AI trade pullback. South Korea’s Kospi sank almost 8%, entering a bear market. BBG TSMC bucked the gloom with an upbeat outlook, yet failed to dispel rising concerns about the sustainability of a global AI buildout. The chipmaker is considering expanding in Texas and confirmed talks with Elon Musk’s Terafab about capacity. BBG Anthropic PBC told prospective investors its third-quarter revenue hit $16.8 billion, according to people familiar with the matter, as the artificial intelligence company pushes ahead with plans to go public. BBG CoreWeave shares plunged as much as 17% on Wednesday, while its debt due in 2032 dropped to less than 78 cents on the dollar, after investors bought it at par four months ago. BBG US FTC has subpoenaed Anthropic and OpenAI, seeking documentation in relation to safety incidents and privacy policies; plans to compel executives to testify: Axios Asian central banks stepped in to support their currencies as stocks dropped. State-owned banks in Taiwan sold US dollars and the RBI supplied greenbacks in onshore and offshore markets, traders familiar said. Bank Indonesia intervened to steady the rupiah. BBG IDC said that the smartphone market suffered its worst decline on record in the September quarter. Rising memory costs pushed shipments down 22%, and “the worst is yet to come,” the research firm said. BBG The Fed’s Mary Daly told Reuters that further rate hikes are probably needed, but there’s no urgency. Her Chicago colleague Austan Goolsbee called Wednesday’s US inflation report “discouraging.” BBG Deutsche Bank sees a growing risk that the Federal Reserve will need to raise its benchmark rate by 50 basis points in a single move in coming months if it delays tightening policy while inflation remains elevated and economic growth holds up. BBG The US military has developed new strike plans that include potentially using the so-called “mother of all bombs” to target Iranian energy infrastructure and nuclear sites should President Donald Trump give the order to resume combat operations either before or after the midterm elections, according to multiple US officials familiar with the matter. CNN The Trump administration is considering easing sanctions on so-called shadow fleet vessels that have transported oil and petroleum products from countries including Russia, Iran and Venezuela, in an effort to reduce record-high global freight rates, a US official said on Wednesday. RTRS President Volodymyr Zelenskyy has said Ukraine will restart strikes on Russia’s oil refineries as he expressed anger over a “dangerous” withdrawal of US intelligence and simultaneous weakening of Starlink satellite internet service at a time of intense Russian attacks. FT The US has proposed that European countries unfreeze some Russian sovereign assets immobilized after Moscow’s invasion of Ukraine and transfer them to a vehicle overseen by Washington in an attempt to revive peace talks. FT The European Central Bank is unlikely to step in any time soon with market intervention to help France, according to its former chief, Mario Draghi. BBG Bank of England policymaker Megan Greene says the UK should raise interest rates to lean against the risk of significant second-round effects from high energy prices. BBG UBS is mapping out contingency plans to move its HQ from Switzerland if Swiss lawmakers proceed with tougher capital requirements under the country’s too-big-to-fail banking laws: WSJ White House Council of Economic Advisers Chair said referring to the inflation report that this is not a good month and that Bureau of Labor Statistics data is reliable. Trump administration's investigation into Rep. Omar is aimed at building a case to strip her of her US citizenship and ultimately deport her, according to US officials and other people familiar with the probe: WSJ Goldman's global neocloud basket is down 20% in five sessions, "a roughly 1st pctl move over ten years," while hyperscaler IG spreads widened another 7.4bp last week. GS JPM's Feroli sees September PPI at +0.5% m/m headline and +0.3% core, and retail sales +0.4% with the control group +0.2%, both on strength in Chase card data. JPM

DAILY SITUATION RECAP: - Claude Fable 5.1 - SB Energy files for IPO - Physical Superintelligence makes a splash with a $58M seed round - Senator Bernie Sanders calls for an AI pause in Fox News op-ed Anthropic releases Fable 5.1 & Mythos 5.1. Anthropic released its latest frontier model with two versions: Fable 5.1 is generally available, while Mythos 5.1 gives vetted cybersecurity and life-sciences researchers access to more advanced capabilities. Anthropic says Fable 5.1 improves on Fable 5 across coding, knowledge work, and long-running agentic tasks, while costing an estimated 25% less for typical workloads and up to 45% less for highly agentic work. Also announced was Enterprise Frontier Safeguards (EFS), a new data privacy system that works by storing customers’ data in their own cloud infrastructure instead of Anthropic’s. EFS will be made available to eligible enterprise customers starting this fall. OpenAI says Astra reaches Critical cyber capability. OpenAI says Astra is the first model it has classified at the “Critical” cybersecurity level under OpenAI’s Preparedness Framework, meaning it can devise and execute end-to-end cyberattacks against hardened targets based solely on a high-level goal. SoftBank’s SB Energy files for US IPO. SB Energy publicly filed for a NASDAQ listing (ticker: SBE). OpenAI has received warrants worth roughly $5.5B and NVIDIA has committed to invest $1.5B through a private placement priced at the IPO level. SB Energy reported revenue of $138.7M and a net loss of $3.21B for the six months ended June 30. Senator Bernie Sanders calls for a pause in AI development in a Fox News op-ed. Senator Sanders cites concerns over the environmental impact of data centers, the enrichment of the tech oligarchy, and the dangers of uncontrollable AI as reasons to pause AI development and seek arms-race-style agreements with China. Senator Sanders also cited the OpenAI Hugging Face incident as evidence that AI is becoming uncontrollable. Physical Superintelligence (PSI) emerges from stealth with a $58M seed round led by Breakthrough Energy Ventures. PSI is an AI lab focused on industrializing the discovery of new physics by creating virtual physicists. The company’s first commercial application is optimizing the power, cooling, and compute systems in AI data centers. South Korea doubles its AI/megaproject spend in its 2027 national budget. The government plans to allocate 24 trillion won ($17.5B USD) to semiconductor and AI-enabling infrastructure. OpenAI asks Gavin Newsom to sign youth AI safety bill in published letter. California SB 1119 would require companies that offer AI chatbots to determine users’ ages, conduct child-safety risk assessments, put default parental controls on teen accounts, and add other safety-focused features. AI security startup AIR raises $50M across two rounds: $10M led by Sequoia and $40M led by Greenoaks. AIR’s visibility product discovers what AI agents are being used across a company and its enforcement layer then blocks security risks.