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TD Cowen is an investment bank and research firm, part of TD Securities, providing equity research, trading, and advisory services.
SpaceX's Grain spectrum purchase, put at nearly $8 billion by a source, is under a tenth of the more than $80 billion TD Cowen says a mobile network would cost. The build would draw on the same cash as Starship, AI infrastructure and the Terafab chip factory.
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The SEC unveiled a five-year exemption for stock tokens two days after the Senate's failed CLARITY cloture vote. TD Cowen cautions that agency rules like it are the easiest to rescind, so firms building on it carry that risk.
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TD Cowen's Jaret Seiberg says the CFTC's leveraged retail crypto rules may not be final until early 2028, colliding with the election cycle. A new administration could revise or drop them, and a rushed schedule invites a procedural court challenge.
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CFTC proposed two crypto leverage rules under existing law on October 5, 20 days after the CLARITY Act stalled 49-50 in the Senate. Until Congress acts, what counts as compliant for leveraged retail crypto will be set by CFTC rulemaking.
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Starbucks said it is not buying Chipotle, days after the Financial Times reported it had hired advisers to work on a takeover proposal. Chipotle, valued at $47 billion, did not immediately respond, and Starbucks reports Q4 results with FY27 guidance later this month.
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Mike Selig's CFTC put one rule into force Friday and proposed another defining event contracts as swaps under its sole oversight, with 30 days for comment. States have won two of three federal appellate rulings so far, and the Supreme Court has been asked to settle the fight.
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Strive's 1,800 coins and Strategy's 4,603 put balance-sheet demand back on the tape, though the pioneer still holds 2,313 fewer bitcoin than it did in June and the newer bid is funded by a preferred paying 13 percent.
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Starbucks has explored a bid for Chipotle, the $41 billion chain its CEO Brian Niccol ran for six years, the Financial Times reported. Starbucks shares fell on the report, Quartz said, a reaction from the holders who would pay for the largest deal the restaurant industry has seen.
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Skydance's David Ellison plans to merge Paramount+ and HBO Max, a pairing he puts at over 200 million subscribers, now that the Warner Bros. deal has closed. The company says it carries roughly $80 billion of debt, so that scale has to turn into cash.
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The Senate blocked the Clarity Act 49-50 on Tuesday. By Thursday the SEC had published a tokenized-stock exemption its chairman tied to that defeat, on terms a future chairman can withdraw without a vote.
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Anthropic pays SpaceX $1.25 billion a month for compute through May 2029 on terms either side can end with 90 days' notice. That notice period covers about $3.75 billion of the roughly $45 billion the contract is worth if it runs to term.
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Fed supervision chief Michelle Bowman is scrapping dozens of internal committees and regrouping bank oversight into five regions drawn on state lines. A parallel plan to raise asset thresholds by as much as 50%, on TD Cowen's estimate, will decide more of what banks pay for supervision.
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Donald Trump wants Jerome Powell forced off the Fed board over a renovation audit and sued if he stays, in a seat whose term runs to January 2028. TD Cowen expects the threat to keep Powell there until at least early January 2027, so Trump gets no vacancy to fill.
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Smarter Web Company plans to raise £15 million to £25 million with MORE, the first preferred share from a UK corporate Bitcoin holder, pending FCA approval. How much it raises, and at what dividend, is an early check on Michael Saylor's claim that Bitcoin-backed credit issuers enlarge each other's market.
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Kansas bankers put about $250,000 into a roughly $1 million ad buy against Republican Sen. Roger Marshall over his swipe-fee bill. With co-lead Dick Durbin retiring, a Marshall loss would leave the Credit Card Competition Act without either lead Senate sponsor.
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Mastercard's Wallet Pay lets twelve wallets issue their own card programs and keeps their stored balances travelling as Mastercard credentials. Half of those wallets came to it through Alipay+.
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ServiceTitan beat on revenue and EPS and nudged its full-year guide up by $4m. The stock fell 30% the next session, because the back half of fiscal 2027 is planned at roughly 15% growth against 25% a year ago.
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A reported target of 38 gigawatts by 2032 has Microsoft roughly tripling its data-center footprint and taking AI capacity past 12 gigawatts. The composition ratio is the part of it a capacity plan can use.
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Nine days of purchases paid for by a security that disburses cash every business day is a demand read on the preferred rather than on bitcoin. The coins Strive bought last week at $79,431 are marked at $77,100.
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Providence Financial is worth about 2.4% of Valley's balance sheet, so scale is not the point. The companies say the funding cost gap between them is more than 50%.
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