Bloomberg reported that Meta Platforms (META) is developing a cloud infrastructure business, internally called Meta Compute, to sell access to AI computing power and models. The news sent META shares up 7% in pre-market trading, but data center names like CoreWeave (CRWV), Hut 8 (HUT), and IREN (IREN) sold off sharply on competitive concerns. Bitcoin bounced back to $60,000 after soft economic data and Fed Chairman Kevin Warsh's comments hinting at no immediate rate hikes. Robinhood announced a broad expansion of its crypto business at a London event, including the launch of Robinhood Chain, a savings product with up to 7% yield via Morpho, and expansion of tokenized stocks to 120 countries. Shares rose 8%. SpaceX shares fell over 8% after reports that Meta is entering the cloud infrastructure market, raising competition worries. Separately, VVV token surged 15% after VeniceAI raised $65M at a $1B valuation.

Key facts

• Meta plans cloud business 'Meta Compute' to sell AI computing power and models.
• Bitcoin bounces to $60,000 after weak jobs data and Fed chair's dovish comments.
• Robinhood launches 'Robinhood Chain' and offers 7% yield savings product on Morpho.
• SpaceX drops 8% on Meta's cloud plans; CEO denies handset prototype report.
• VVV token surges 15% after VeniceAI raises $65M at $1B valuation.

KeyAudit data perspective