Crypto News: SpaceX needs more billions

Good morning. SpaceX joins the AI borrowing bonanza. Apple is making a serious play for the smart home. And California’s wine glut brings premium pours on the cheap. Listen to the day’s top stories.

— Hellmuth Tromm

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S&P 500 Futures	7,852.25	-0.3%
Nasdaq 100 Futures	31,301.00	-0.6%
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WTI Crude Oil Futures	$90.09	+0.7%
Market data as of 07:04 AM ET. Data is subject to provider delays.	Your watchlist

AI’s enormous funding needs keep growing. SpaceX is said to be in talks to raise $40 billion to buy Nvidia chips in what would be one of the biggest debt financings yet for the technology’s buildout, just days after Broadcom began lining up $60 billion in AI chip financing for Anthropic and others. Ray Dalio warned AI is a “classic bubble” nearing the point of bursting as rates rise and investors seek cash.

Wall Street’s record-setting rally is showing signs of fading today on higher oil. Crude gained as traders weighed increased flows through the Strait of Hormuz against a pickup in Iranian attacks on vessels. The US is meanwhile wary of being drawn into another front in Yemen and is trying to restrain Saudi Arabia from escalating its offensive against the Houthis. Here’s more on the reclusive Houthi leader at the center of that turmoil.

Ding dong. Apple is readying a doorbell, thermostat, smart lock and security cameras with LG as part of its long-awaited push into the smart-home market. The devices, set to be unveiled Oct. 13, will work with Apple’s new home hub, marking a formal reboot of HomeKit, a platform it launched in 2014 that has gained little traction against Amazon and Google.

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Canada is putting its foot on the gas, too. With US tariffs here to stay for now, Prime Minister Mark Carney is tearing down investment barriers and fast-tracking infrastructure and energy projects, including a new west coast oil pipeline. High approval ratings and growing business support are giving him room to move.

America First is also reshaping business at home. Mpower Financing, a lender specializing in loans to international students, has largely shut down after losing access to fresh funding, marking one of the biggest corporate collapses yet linked to the administration’s immigration crackdown.

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Deep Dive: Diesel’s Harvest Squeeze

A combine harvester — A harvester working near Esperance, Western Australia.

Soaring diesel prices aren’t just squeezing drivers at the pump. They’re also hitting farmers just as harvests and planting ramp up, threatening food supplies and another wave of inflation.

Australian farmers face fuel costs more than 50% above last year, with the Iran war and Ukrainian attacks on Russian refineries driving diesel higher.
The squeeze is global: Producers need above-average harvests just to cover costs, with supply uncertainty hitting agricultural regions from South America to Europe and the US, while El Niño adds climate risks across Asia.
Brazil, the world’s top producer of sugar and soybeans and a key supplier to China, faces planting delays and lower yields if diesel shortages persist.
The White House is scrambling for relief: Trump backed away from a diesel-export ban and eased restrictions on tax-exempt fuel, a move offering little immediate relief while sowing confusion among truck stops and fuel sellers.

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Before You Go

Costco’s Kirkland Signature private label.

There’s never been a better time to drink above your pay grade. California’s grape glut is allowing retailers to bottle premium surplus under their own brands, turning what could be a $150 wine into a sub-$30 bargain.

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