Tuesday's session delivered a mix of technology and commodity headlines, with Anthropic locking in a massive computing agreement and Apple intensifying its legal confrontation with OpenAI. Meanwhile, gold gained ground as crude prices tumbled on renewed hopes for a diplomatic resolution with Iran.
Anthropic's $10B computing commitment
Anthropic has signed a $10 billion, six-year contract for computing capacity from Volta Infra Holdings, a cloud infrastructure startup backed by Nvidia, according to a Bloomberg report. The deal will utilize a data center in Norway operated in partnership with Bitcoin miner Bitdeer Technologies.
Earlier on Tuesday, Volta announced a $10 billion agreement with an unnamed AI laboratory, delivered through Bitdeer, without disclosing the client. The Norway facility will provide 133 megawatts of computing power and will be equipped with Nvidia's latest Vera Rubin chips.
This move underscores Anthropic's aggressive expansion of its AI infrastructure as demand for its Claude models grows across enterprise and consumer segments. The company has recently forged computing partnerships with SpaceX, Advanced Micro Devices, and Akamai Technologies, and Bloomberg has reported that Anthropic also discussed leasing capacity from Meta Platforms.
Gold advances as oil retreats
Gold prices climbed on Tuesday, with spot gold up 0.7% to $4,080.97 per ounce, while US gold futures settled 1.14% higher at the same level. The rally was fueled by declining crude oil prices, which eased inflation concerns and reduced expectations of aggressive US interest-rate hikes.
Oil prices dropped more than 5% to three-week lows after comments from US and Qatari officials raised hopes for a diplomatic breakthrough involving Iran, potentially improving oil flows through the Strait of Hormuz. Lower energy costs supported the view that inflationary pressures could moderate, providing a tailwind for bullion.
Market participants also kept an eye on Federal Reserve policy, with New York Fed President John Williams reiterating that policymakers are prepared to raise rates if inflation does not continue to ease. Other precious metals, including silver, platinum, and palladium, posted strong gains during the session.
Oil slides on Iran diplomacy hopes
Brent crude fell to around $79.34 per barrel, and West Texas Intermediate dropped to roughly $75.73 per barrel, as optimism grew over negotiations that could reopen the Strait of Hormuz. Treasury Secretary Scott Bessent suggested an agreement with Iran could come as soon as Tuesday or Wednesday, while Secretary of State Marco Rubio noted progress in discussions involving Iran and Oman, though no final deal has been reached.
Despite the decline, analysts caution that the market remains highly sensitive to geopolitical developments. Goldman Sachs continues to expect Brent to trade in an $80 to $90 per barrel range until there is greater clarity on negotiations or further military escalation.
Apple escalates OpenAI lawsuit
Apple has intensified its legal dispute with OpenAI by requesting a preliminary injunction that would prevent the AI company and two former Apple employees from accessing or using what Apple alleges are its confidential trade secrets. The request follows Apple's lawsuit accusing OpenAI of attempting to obtain confidential information related to unreleased technologies, internal processes, and future hardware products.
The case centers on allegations involving former Apple executive Tang Tan, now OpenAI's chief hardware officer, and former Apple engineer Chang Liu. Apple claims Tan encouraged prospective OpenAI employees to disclose confidential information during interviews, and that Liu improperly retained access to Apple's internal systems after leaving the company. Apple has also requested expedited discovery, seeking documents and depositions from OpenAI, Tan, Liu, and others connected to the case.
OpenAI has publicly rejected the allegations, disputing Apple's claims and arguing that Apple mistakenly contacted the wrong individual before filing suit. OpenAI denies seeking or possessing Apple's trade secrets, stating it remains focused on developing new AI technologies rather than using confidential information from competitors.
For more on the broader AI investment landscape, see Nvidia's $250B OpenAI lease guarantee and Apple's AI supply woes.
This article is for informational purposes only and does not constitute financial advice.
