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Jul 08, 2026
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Happy Wednesday! SpaceXAI and Cursor plan to launch their first jointly developed model as soon as today. OpenAI is set to release its GPT-5.6 suite of models on Thursday. Amazon seeks to raise $25 billion in a bond sale.
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SpaceXAI and Cursor plan to launch their first jointly developed AI model as soon as Wednesday, according to a memo sent to staff. The companies pushed back plans to launch the new model earlier this week in order to improve its efficiency, according to the memo. The model is expected to process information quickly, making it competitive in some respects with Anthropic’s Opus 4.8 and OpenAI’s GPT 5.5, the memo said. SpaceX is acquiring Cursor for $60 billion in stock. SpaceX CEO Elon Musk said last month that SpaceX and Tesla staff were testing the jointly developed model. Cursor CEO Michael Truell said during an event for the coding app’s customers that Cursor was working on an AI model that had been trained from scratch on xAI’s Colossus data center and would compete directly with Anthropic and OpenAI models. Cursor declined to comment. SpaceXAI did not respond to a request for comment.
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OpenAI on Tuesday announced that it would be publicly launching its latest family of models, GPT-5.6, on Thursday. The announcement comes after the Trump Administration initially asked OpenAI to release the new models in a limited fashion over cybersecurity concerns. Axios on Tuesday reported that the Trump administration had given OpenAI the green light to release its GPT-5.6 Sol, Terra and Luna models more widely. The U.S. government’s involvement in slowing down the release of AI models has sparked widespread confusion and concern in the AI field. The AI companies and U.S. agencies are working through a more systematic approach to release new AI, and particularly the models’ ability to identify cybersecurity vulnerabilities in software, without endangering U.S. companies. Both Anthropic and OpenAI have blunted or planned to blunt their models’ cybersecurity capabilities when releasing them to the broader public.
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Amazon is seeking to raise at least $25 billion from a US bond sale, Bloomberg reported, continuing a wave of borrowing underway by the company this year. Big tech peers including Google and Meta Platforms have also tapped the bond markets this year as the sector looks to fund a massive AI infrastructure build-out. Amazon sold $36.8 billion in US bonds and around $16.8 billion in European bonds in March, and around $10 billion in Canadian bonds in June. The company also sold $15 billion in US bonds in November, which was its first US bond sale in three years. Amazon has projected capital expenditures of $200 billion in 2026, on data centers and other infrastructure, which will likely be significantly more than the cash its operations generate. The company had $143 billion in cash and securities on its balance sheet at March 31, ensuring it has plenty of money to cover the shortfall. But Amazon is also making investments in companies such as Anthropic and OpenAI, and has committed to buy Globalstar. An Amazon spokesperson said “we regularly evaluate our operating plan and make financing decisions, like issuing bonds, accordingly” and that the proceeds from the bond sale could be used to support business investments, fund future capital expenditures and repay debt.
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SpaceX shares fell 6.8% to just below $150 a share on Tuesday, as the company joined the Nasdaq 100 index. The decline suggests that buying demand from index-tracking funds might have tapered off as the date for SpaceX’s addition to the index got closer. SpaceX’s addition to the Nasdaq 100 was expedited under rules designed to incorporate newly public companies with large valuations. The company has less weight in the index than other tech giants like Nvidia and Tesla because only a small portion of its shares were initially available for public trading. Several Wall Street firms, including Morgan Stanley and Goldman Sachs, initiated coverage of the stock with buy ratings and price targets well above the current share price.
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Chinese AI developer MiniMax is working on a new large language model with 2.7 trillion parameters, larger than any other Chinese AI models currently on the market, according to two people with knowledge of the plan. The new model could be released as early as the third quarter, according to the people. The model is known as M3 Pro among MiniMax employees involved in its development, but it is unclear whether the company will use the same name when it releases the model. MiniMax is planning to open-source the model. The new model is much larger than Minimax’s current flagship model, M3, which has 428 billion parameters. Larger-size AI models can be more suitable for handling tasks that involve complex reasoning and multi-step instructions. MiniMax’s new model could help accelerate the ongoing expansion of Chinese open-source AI models around the world. Such models have gained popularity this year among developers who are looking for more affordable models to handle less critical high-volume tasks. The success of the new model will be crucial for MiniMax, which is facing tough competition from Chinese rivals such as Zhipu, DeepSeek and Moonshot AI.
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Nvidia and AI server chip startup d-Matrix are combining their respective hardware in a new system to power AI models, The Information reported. The move is part of Nvidia’s strategy to partner with more of its competitors as a way to hedge against or make money from their success. D-Matrix, founded in 2019, last raised $275 million at a $2 billion valuation in November and is in talks to fundraise again, the report said. CEO Sid Sheth said d-Matrix sets itself apart by putting compute and memory on the same chip and by not using the kind of high-bandwidth memory that Nvidia uses for its chips, and which is in short supply these days. AI cloud startup Parasail, which specializes in renting out AI servers to startups, will be the first customer of the combined | | | |
