Huang's Day

Good morning.

This week’s Nvidia conference is make or break for Jensen Huang. After riding AI’s explosive growth to a multitrillion-dollar empire, he’s facing a reality check: hyperscalers are building their own chips, DeepSeek can wipe US$600 billion off Nvidia’s market cap in a single day, and Donald Trump’s tariffs are creating chaos.

Huang, ever the salesman, is doubling down—not just on chips but on Nvidia as an AI superpower, selling entire computing ecosystems from semiconductors to software. Nvidia’s biggest customers, though, love the hardware but aren’t quite as keen on bundles.

Still, Huang has been here before, betting on GPUs when no one cared. Expect the conference to have everything set up to convince doubters that Nvidia still owns the track in the AI race.

🏆 LOI Subscriber #TBD

Market movers

ASX-listed gold miners, led by Westgold Resources, continued their rally Friday, as bullion soared past US$3,000, driven by Donald Trump’s trade war, central bank buying and geopolitical uncertainty.

The quick sync

• While sports rights values dip worldwide, Australia remains an outlier—DAZN predicts the NRL’s next deal will only get pricier as Foxtel prepares to renew. (Capital Brief)

• AI is finally moving from boardroom buzz to business reality, with CBA’s Anthropic deal marking a shift toward serious corporate adoption in Australia. (Capital Brief)

• As Labor pushes ahead with its under-16 social media ban, tech giants and startups scramble to sell Australia an age verification fix that critics say won’t work. (Capital Brief)

• A record-breaking 859 budget submissions demand urgent reforms on tax, energy, AI and cost-of-living relief as the Albanese government faces its final budget before the election. (Capital Brief)

• Jamie Dimon torches the proxy advisory duopoly, calling Glass Lewis and ISS incompetent, conflicted and overdue for a reckoning. (WSJ)

Trading floor

M&A

• Ramelius and Spartan near a $4b merger after Spartan’s 175% stock surge. (AFR)

• Smartpay faces takeover bids after RBA’s surcharge review impact. (AFR)

• Sanjeev Gupta may sell and lease back InfraBuild assets amid debt concerns. (The Australian)

• Optus may bundle sports streaming with mobile plans, eyes Optus Sport sale. (AFR)

• Regal CEO sells $3.4m in shares, citing tax and building expenses. (AFR)

• EBOS is considering acquiring Real Pet Food Company but has paused plans as incoming CEO reviews the deal. (The Australian)

• CareSuper is merging with a meat industry fund, surpassing AMP in managed retirement funds. (AFR)

• ConocoPhillips is exploring smaller M&A deals in Australia’s gas sector. (The Australian)

• The White House is weighing an Oracle deal to take over TikTok, but critics warn it could be a cosmetic fix that leaves China's grip on the app intact. (Politico)

Capital Markets

• Cyclone Alfred will reduce GDP by 0.25 points; Treasury plans recovery spending. (Capital Brief)

• Rixon Capital raises SME loan fund, eyes $500m in 3–5 years. (AFR)

• Deloitte predicts a $26b deficit, sparking fiscal sustainability concerns. (Capital Brief)

• Sims shares rise 6% as Toyota’s bid for a US rival boosts sector interest. (The Australian)

• Timor-Leste favors Australian miners to diversify its resource-based economy. (AFR)

• BlueRock battles $3m dismissal claims amid senior staff departures. (AFR)

• 50+ tech firms vie to verify ages for Australia’s teen social media ban. (Capital Brief)

• Oceania Glass collapsed after funding refusal for a $21m plant upgrade. (AFR)

• The 2025 Budget sees record demands on productivity, cost of living, and welfare. (Capital Brief)

• The UN has enjoyed a tax-free haven in Manhattan for nearly 80 years—Trump could finally change that by tearing up the 1947 deal. (WSJ)

VC

• BiVACOR seeks $100m for artificial heart trials after a world-first success. (AFR)

People moves

• FNZ names Anthony Habis APAC head, signaling further Australian expansion. (AFR)

The watercooler