BREAKING: President Trump says a deal with Iran is scheduled to be signed tomorrow, immediately reopening the Strait of Hormuz.

Anthropic has been publicly forced to bend the knee to the US government. The ban on Fable and Mythos reads like censorship, and the market will read it as the TAM of the frontier labs collapsing. Instead, I read this as the opposite, as an acceleration event... The government MUST have first access, because this is The Great Game, the game of nations over the most powerful technology ever discovered, and a technological edge of 30 to 60 days is worth everything. It's the same edge the labs already exploit internally. You build your next model with your unreleased frontier tech, never with the public one. That private head start is what keeps you accelerating ahead of the competition or at least in line with them. The US needs that exact advantage now. Before the public, and before the Chinese open source models can copy it. They have no choice. They cannot allow their own technology to be turned against them. What's being negotiated, in the usual outrageous, hard-ball Trump manner, is the new arrangement: Anthropic and OpenAI are free market operators and state vassals at the same time. Nobody wants to curtail their growth. The Gov just wants to be Customer Number 1 with privileged access. This is the East India Company all over again. A private enterprise left free to grow rich and dominant, granted protection and a clear run by the state, on the unspoken condition that it serves the crown's strategic interests first. That charter was the price of the monopoly. It also sends a message to China and everyone else that US AI is now so advanced the state itself has to control it. They won't, not yet anyway. They just want privileged access, the rest is posturing. And Anthropic will bend the knee, very soon... The hidden outcome is the one that matters. The AI firms are now near-explicitly too big to fail, which means the debt funding the capex buildout comes with an implicit state guarantee. That accelerates the build-out of intelligence. It doesn't curtail it... Open source accelerates too, because going open ensures no state can intervene in the model itself. Though the same Great Game rules apply there, and the Chinese state will take its own privileged access first. So the market may wobble, convinced the TAM of AI just collapsed. The real outcome is an acceleration of intelligence, and a Super Cycle that keeps running.

BREAKING: Pakistan's Prime Minister Shehbaz Sharif says the US and Iran are "closer to a peace deal than ever" with finalization of the deal expected in the next 24 hours. Pakistan is now preparing for the electronic signing of the peace deal, followed by technical level talks next week. "We are confident that this historic peace deal will form a strong foundation for lasting peace," he says.

BREAKING: Elon Musk officially becomes the world's first trillionaire as SpaceX, $SPCX, stock begins trading.

*SPACEX SHARES INDICATED TO OPEN AT $171 IN NASDAQ DEBUT VS IPO PRICE OF $135 PER SHARE

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PENTAGON LOCKED DOWN, HAZMAT TEAMS RESPONDING -CNN, CITING SOURCES

U.S. STRIKES ON IRAN STARTED, U.S. OFFICIAL SAYS

BREAKING: President Trump says that the US Military will "hit Iran hard today." "We are going to hit Iran hard today in case you don't turn on your TV," Trump says. The US stock market falls to a new low of the day.

CPI for May at 4.2%, mostly from energy.

U.S. Central Command (CENTCOM) forces began launching self-defense strikes against Iran at 5 p.m. ET today at the Commander in Chief’s direction, in response to yesterday’s downing of a U.S. Army Apache helicopter. The mission is a proportional response to unjustified Iranian aggression.

Introducing Claude Fable 5: a Mythos-class model that we’ve made safe for general use. Its capabilities exceed those of any model we’ve ever made generally available.

The model that caused a global panic. Claude Fable 5 is now available in Co-Invest.