Wall St Engine (@wallstengine)

$META is reportedly developing a cloud business to sell access to excess AI compute, per Bloomberg. The internal initiative is called Meta Compute. The plans being considered: AI model access hosted on Meta infrastructure, similar to AWS Bedrock Raw AI compute capacity, closer to CoreWeave Developer access to Meta’s data centers, chips, and models

$MU: “LP5 to LP6, DDR5 to DDR6 and newer generations of HBM all come with rising bit costs. This trend... is projected to cause the DRAM cost per bit to rise from current levels.” “Industry data center DRAM & NAND bit shipments in CY26 [are] expected to more than double from 2Yrs ago.”

SPACEX TO ACQUIRE CURSOR IN $60B ALL-STOCK DEAL $SPCX announced it will acquire Anysphere, the company behind AI coding tool Cursor, in an all-stock transaction valuing Cursor at $60B. Cursor will become a wholly owned SpaceX subsidiary. Expected close: Q3 2026, pending regulatory approvals.

Leverage Shares is looking to launch the 2x Long SpaceX Daily ETF under ticker $SPCH before the IPO even starts trading. Important disclaimer: Read the prospectus carefully. Leveraged ETFs carry significant risks and are designed for short-term trading, not long-term holding.

SpaceX is pushing banks for one of the lowest IPO fee rates ever. The company is negotiating to pay less than 0.75% on its planned $75B IPO, though banks could still collect roughly $500M in fees. Goldman and Morgan Stanley are reportedly set to take the largest share of the fee pool, with 21 other brokers involved. That is far below the typical IPO underwriting fee range of 4%-7%, and even low versus other mega-IPOs: GM 2010: $15.8B raise, 0.75% fee Facebook 2012: $16B raise, 1.1% Alibaba 2014: $25B raise, 1.2% Uber 2019: $8B raise, 1.3% Visa 2008: $17.9B raise, 2.8%

Barclays Upgrades $SNDK to Overweight, Raises PT to $2,300 from $1,200 Analyst comments: "Sandisk has been the most aggressive and structurally innovative in its contracting approach. Its New Business Models, or NBMs, discussed at the most recent earnings, are said to provide the company with demand certainty and customers with supply assurance. The contracts vary in length, with the longest reaching into 2031, and are based on quarterly volume commitments that increase during the life of the contract, with a combination of fixed pricing in the short term and variable pricing in the long term. Variable pricing allows the company to capture upside if prices increase. The three contracts signed in the most recent quarter provide minimum contractual revenue of ~$42B. Each contract is secured with financial guarantees that, in total, among the five contracts already signed, exceed $11B. Of the >$11B, there is a portion that is in prepayments; SNDK recognized $400M in prepayment on the balance sheet in FQ3, and the remaining is made up of financial instruments that are managed by third-party institutions, which are triggered and delivered to SNDK if there is a breach in contract. These are the most desired contract types in the ecosystem today, giving customers supply visibility and SNDK guaranteed revenue and more confidence in their market outlook. We think this type of contract fundamentally changes the way memory players can decide and allocate business, making their environment much more secure and protected on the downside."