Apple's Siri Bet on Gemini, SpaceX's $1.77T IPO, and Claude Fable 5's Hyperscaler-Neutral Launch

Patrick Moorhead and Daniel Newman cover Tim Cook's final WWDC as CEO and Apple's Gemini-powered Siri strategy, the $35 billion Apollo and Blackstone deal backing Anthropic's capacity expansion, Intel's packaging wins with Google and NVIDIA, SpaceX's IPO at a $1.77 trillion valuation, Anthropic's Claude Fable 5 and Mythos 5 launch across every major cloud, and earnings reactions from Oracle, Micron, and Adobe. The handpicked topics for this week are: Apple's Siri AI Will Run on Gemini, Closing Out Tim Cook's Final WWDC as CEO: At WWDC, Apple confirmed Siri AI will run on Gemini through a new billion-dollar per year, multi-year deal, while Apple's Foundation Model Cloud Pro runs on NVIDIA GPUs inside Google Cloud. The announcement marks Tim Cook's last WWDC as CEO before John Ternus takes over on September 1. Apple isn't building its own AI cluster or competing on CapEx. They're betting that by owning the consumption layer, backed by access to health data and private messaging through iMessage, Apple will have a moat that compute spending can't replicate. (The Decode) Apollo and Blackstone Close the Largest Private Credit Deal Ever Backing Anthropic's Capacity Expansion: A $35 billion deal, the largest private credit transaction on record, will fund Google TPU capacity tied to Anthropic's compute needs, with Broadcom backstopping senior debt tranches and Google backstopping lease payments. The structure treats compute as a lendable asset class and signals more than 20 gigawatts of demand still being built out through 2028. Circular financing between chipmakers, cloud providers, and AI labs has moved from controversial to standard practice. (The Decode) Intel's Foundry Wins Packaging Work on Google's TPUs, Not a Full Fab Deal: Reports that Intel landed a deal tied to Google and NVIDIA reframe what's actually being handed off. Intel gets the packaging work on over 3 million TPUs, the compute die stays with TSMC, and the I/O die is being negotiated with Samsung at 2nm. INTC rose 12% Monday. The deal represents a low-risk path for Intel to augment, not replace, TSMC, while raising questions about anti-competitive dynamics in the foundry market. (The Decode) SpaceX Becomes an AI Infrastructure Company With a $1.77 Trillion IPO: SpaceX's IPO priced amid oversubscribed demand, with its valuation now reflecting not just Starlink connectivity and launch dominance but a newly material AI business, including AI1 orbital data center tests planned for late 2027 and a $920 million per month Google compute contract running through 2029. A sum-of-the-parts breakdown of the connectivity, launch, and AI segments lands well short of the trading price, with the gap largely explained by confidence in Elon Musk's track record of execution. (The Decode) Anthropic Launches Claude Fable 5 and Mythos 5 Across Every Major Cloud: Anthropic shipped Claude Fable 5 and Mythos 5 with same-day availability across Snowflake, AWS Bedrock, Vertex AI, and Microsoft Foundry, pricing at $10 and $50 per million tokens. The hyperscaler-neutral distribution strategy lands ahead of Anthropic's anticipated IPO. The models represent a real step up in research capability over Opus 4.8, but they come with a significant change. Users no longer have the option to opt out of data sharing with Anthropic, a shift some enterprises, including Microsoft, are already responding to. (The Decode) Is SpaceX a Once-in-a-Generation Entry or the Top of the Market? One side argues SpaceX represents a generational opportunity on par with early Amazon or Netflix, with interplanetary travel and off-world resource extraction as the long-term payoff that justifies looking past current valuation math. The other side argues this is peak euphoria: a company trading at roughly 95 times sales, propped up in part by circular investment from Google into both SpaceX and its AI segment, with a steep drawdown likely before any sustained climb. (The Flip) The Chip and Security Trade Reverses From Broken to Bifurcated: The semiconductor sector posted its biggest single-day gain since 2020, with the SOX up 5% on Monday, June 8, as a prior selloff in names like Broadcom, CrowdStrike, and Palo Alto Networks fully reversed. Intel rose 12%, Marvell 10%, and Corning 7%. The rebound reframes the AI trade narrative from a broad breakdown to a split between winne