Good morning, readers. Today is June 11, 2026, Thursday. Welcome to the morning news on artificial intelligence. Mid-June has arrived, and the global AI industry is undergoing a multidimensional transformation: geopolitical tensions have triggered a brief sell-off in US tech stocks, causing Nvidia's market cap to fall below $5 trillion; however, the race for computing power continues unabated—OpenAI is negotiating the lease of a 10 GW super data center, driving the largest infrastructure layout in history. Meanwhile, the IPO sprint of global AI unicorns is entering a fever pitch, and Chinese AI forces are accelerating both in-depth industrial application and capitalization. Domestic large models have led global usage for six consecutive weeks.
Macro and Market: Geopolitical Risks Temporarily Impact AI Sector, Computing Power Race Continues
On June 10, the Middle East situation tightened again, and rising geopolitical risks quickly increased risk aversion in global capital markets, leading to a sell-off in US tech stocks. Nvidia (NVDA) fell 3.73%, with its market cap falling below the $5 trillion mark; Google fell 2.48%, Microsoft fell 1.5%, Amazon fell 2.53%, Meta fell 2.33%, and Tesla fell 3.8%. The chip sector was under pressure overall, with Qualcomm, ARM, and Broadcom all falling by more than 5%, and AMD and TSMC falling by more than 4%. Oracle fell more than 7% after the market due to unexpected quarterly capital expenditures, raising concerns about the profitability of AI infrastructure business.
Despite the sector-wide correction, the underlying logic of expanding global AI technology infrastructure remains unshaken. According to multiple reports, OpenAI is conducting in-depth negotiations to lease a 10 GW super data center on federal land in Ohio. Nvidia has discussed providing financial guarantees for the project. If calculated based on current estimates, the total cost of the park upon completion will be at least $500 billion, making it the largest infrastructure commitment in OpenAI's history. In terms of capitalization, OpenAI has officially submitted a confidential IPO application to the SEC, significantly accelerating its financing pace.
Global Landscape: Three AI Giants Enter Intense IPO Race, Global Computing Power Map Accelerates Reconfiguration
Currently, the capitalization process in the global AI field is advancing at an unprecedented speed. SpaceX is priced at $135 per share, corresponding to a valuation of approximately $1.75 trillion, and will officially list on Nasdaq on June 12, becoming the largest IPO in US stock market history. After completing a $65 billion H-round financing, Anthropic's valuation has risen to $965 billion, surpassing OpenAI's $852 billion, and has submitted a confidential IPO application to the SEC, expected to list as early as October this year. The combined valuation of the three companies is approximately $3.6 trillion, and their IPO processes will reshape the global capital's valuation anchor for the AI track.
In terms of model iteration, Anthropic officially launched the new model Claude Fable 5, claiming superior performance compared to all previously released models, with significant advantages in software engineering and visual tasks, especially in long and complex task scenarios. At the same time, OpenAI officially entered the physical robot field, CEO Altman announced the formation of a robotics team and adjusted the R&D focus to human-machine collaboration, marking a comprehensive extension of global large model competition from pure software competition to a full-stack competition of "software + hardware."
Specifically, the fundamental characteristics of the three IPO giants exhibit subtle differences:
Anthropic's valuation has surpassed OpenAI, and its commercialization efficiency is more prominent. In the first quarter of 2026, its market share reached 31.4%, surpassing OpenAI's 29% for the first time, becoming the new leader in the global large model industry. The gross margin of its reasoning business has risen from 38% to over 70%, and its business model centered on enterprise customers is favored by public market investors.
SpaceX, although with the highest valuation, also faces significant loss pressures—revenue in 2025 was $18.674 billion, with a loss of $4.937 billion; revenue in the first quarter of 2026 was $4.69 billion, with operating losses of $1.94 billion and net losses of $4.276 billion.
OpenAI continues to incur huge losses, with monthly revenue reaching $2 billion in March, but a loss of $8 billion. Predictions indicate that it may achieve profitability by 2030.
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