Summary

Carl Quintanilla, David Faber and Sara Eisen led off the show with market reaction to positive comments by Vice President Vance about the U.S.-Iran negotiations. AI in the spotlight: Chevron announced it signed a 20-year agreement with Microsoft to provide power for the tech giant's massive West Texas data center project. The anchors remembered the influe…

Key takeaways

• Microsoft announced a 20-year, 2.67+ gigawatt dedicated power deal with Chevron and GE Vernova in West Texas, signaling a new wave of hyperscaler-energy company partnerships that are driving outperformance in industrials and energy sectors over traditional tech stocks.
• Goldman Sachs cut its 12-month U.S. recession probability from 25% to 15%—below pre-war levels—citing progress in U.S.-Iran talks reducing oil price risk and a resilient labor market, while the two-year yield hit an 18-month high reflecting a more hawkish Fed under Kevin Warsh.
• The AI talent and model race is intensifying: Microsoft is reportedly weighing hosting a DeepSeek version on Copilot amid a muddled frontier-model strategy, Anthropic's Fable 5 and Mythos 5 models remain export-banned, and Accenture stock is down 50% YTD as the market punishes companies seen as AI-displacement targets rather than AI beneficiaries.

Why this matters

The convergence of hyperscaler capital expenditure, dedicated energy infrastructure deals, and a hawkish Fed recalibration is reshaping sector leadership—rewarding industrials and energy over software—while simultaneously raising inflation, regulatory, and geopolitical risks that B2B investors must reprice across technology, utilities, and financial services portfolios.

Entities

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Show notes

Carl Quintanilla, David Faber and Sara Eisen led off the show with market reaction to positive comments by Vice President Vance about the U.S.-Iran negotiations. AI in the spotlight: Chevron announced it signed a 20-year agreement with Microsoft to provide power for the tech giant's massive West Texas data center project. The anchors remembered the influential former Fed chairman Alan Greenspan, who died Monday at the age of 100. Also in focus: President Trump's comments on Anthropic and nationa

Themes

• anthropic
• investing