Crypto News: Anthropic has big plans

Good morning. Anthropic hopes to beat SpaceX with a bigger IPO. Oil heads for another weekly gain amid more US-Iran uncertainty. And we explain how the “hot dog” dog became one of the world’s most loved breeds. Listen to the day’s top stories.

— Tiago Ramos Alfaro

Market Snapshot
Nasdaq 100 futures	29,477.25	+0.6%
WTI crude oil futures	$86.97	+0.2%
Bitcoin	$77,672.51	+6.9%
Market data as of 07:02 AM ET. Data is subject to provider delays.	Your watchlist

Anthropic expects to match or exceed the size of SpaceX’s initial public offering, which came in at a record $75 billion, people familiar said. The Claude maker is also expected to add Citi to the banks working on the offering as Wall Street jostles for roles in the firm’s debut, the latest sign of overwhelming demand from investors looking to pile into the AI boom. Here’s our explainer about the hype.

In more AI news, Nvidia is talking with Korean chip designer Rebellions about possible collaborations, including a technical partnership or even an acquisition, people familiar said. And Samsung unveiled a plan to return as much as $80 billion to shareholders this year, joining rival SK Hynix in sharing the AI windfall and fueling more optimism across the tech sector. Nasdaq futures gained.

Oil prices headed for a substantial weekly advance as the US push to isolate Iran raised the specter of further disruptions. Crude has rallied more than 50% this year as the US-Iran war rages, with the two sides battling over the Strait of Hormuz. The turmoil has prompted Saudi Arabia to move crude north through the Red Sea using tankers, avoiding the riskier southern route where Iranian-backed militants threaten shipping. But bypassing Hormuz isn’t so easy. Read why here.

Bitcoin also continued to rally. It’s on track for its best weekly gain in more than three years after US Treasury Secretary Scott Bessent’s shock intervention to bring down long-term bond yields triggered an upswing that forced traders to liquidate billions in short positions. Adding to optimism: Donald Trump’s meeting with crypto industry leaders.

US Accuses China of Wrongful Detention of American Scholar

Trump’s super PAC war chest grew to nearly $404 million in July, but spent nothing that month to boost the prospects of Republican candidates in November’s midterms. MAGA Inc.’s total cash-on-hand — built with donations from billionaires including Las Vegas Sands owner Miriam Adelson and venture capitalist Marc Andreessen — is the most among federal fundraising committees.

Deep Dive: ChatGPT Is Texting...

The ChatGPT logo arranged on a laptop.

Photographer: Gabby Jones/Bloomberg

OpenAI rolled out support for controlling Apple’s iMessage service via ChatGPT, a move with the potential to raise privacy concerns for the iPhone maker.

The feature, available on ChatGPT for Mac, allows the chatbot to take actions such as reading, writing and sending text messages.
It also threatens to encroach on the territory of the upcoming Siri AI, which has the ability to comb through users’ messages and other content on devices.
In the past, Apple has sought to block similar types of features, such as an app called Beeper Mini that helped bring iMessage to Android.
The move comes despite broader tension between the two companies. Apple sued OpenAI last month, accusing it of stealing information about upcoming products.

The Big Take

Workers in a ruby mine in Mogok, north of Mandalay.Photographer: Ye Aung Thu/AFP/Getty Images — Workers in a ruby mine in Mogok, north of Mandalay.

Myanmar is among the world’s most commodity-rich nations, yet for five years it’s been riven by brutal fighting over land, self-determination — and money.

Big Take Podcast

What Trump’s Tariffs Mean for Canned Soup

Opinion

Kevin Warsh took the helm of the Federal Reserve just three months ago and he’s already being undermined by the same White House that gave him the job, Jonathan Levin writes. Scott Bessent’s intervention in the Treasury market could make the Fed’s fight against inflation harder, giving Warsh plenty of reasons to be furious.

Howard Chua-Eoan

Lessons from Princess Diana’s Battles With the British Press

Lionel Laurent

Nolan’s ‘Odyssey’ Has a Worthy French Competitor

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Before You Go

The Bad Düben dachshund group at their monthly meeting in Saxony, Germany.

Dachshunds are having a moment as social media and shifting lifestyles fuel their global popularity from New York to Bangkok. They’ve now overtaken poodles to become the American Kennel Club’s fifth-most-popular breed behind French bulldogs, Labrador and Golden retrievers and German shepherds.

A Couple More

Cold-Water Cup Noodles Sell Out in Japan as Surprise Summer Hit

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Bloomberg Power Players - New York: Set against the backdrop of the US Open Tennis Championships, Bloomberg Power Players returns to New York on Sept. 10, bringing together the leaders shaping this global industry. From athletes and team owners to commissioners and investors, this event will gather the most influential voices in the multitrillion-dollar sports economy. Learn more here.