SpaceX and xAI Combine in Mega Merger | The Pulse 2/3/2026

Stocks on both sides of the Atlantic headed for new records on fresh momentum following a 2-day slump. Precious metals also rebounded, with spot silver climbing more than 7% and gold advancing towards $4,900.

The Indian rupee gained after a surprise announcement by President Trump that US tariffs on India will be cut from 25% to 18%. Trump says Indian Prime Minister Narendra Modi has agreed to stop buying Russian oil.

And Elon Musk has paved the way for sending AI data centers into space, with the merger of his space and AI companies. The deal to combine SpaceX and xAI values the enlarged entity at $1.25 trillion.

Today’s guests: Jimmy Muchechetere, Investec, Senior Equity Analyst; Sunny Mann, Baker McKenzie, Global Chair; Christian Kleinerman, Snowflake, Executive Vice President of Product; Charles Myers, Signum Global Advisors, Chairman and Founder

—
"The Pulse With Francine Lacqua" is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.

Chapters:
00:00:00 – The Pulse with Francine Lacqua
00:00:41 – Market roundtable: Investec’s Jimmy Muchechetere & Baker Mackenzie’s Sunny Mann
00:13:00 – SpaceX combines with xAI at $1.25 trillion valuation
00:15:30 – Oracle $25 billion bond sale eases AI debt fears
00:16:17 – Christian Kleinerman, Snowflake Head of Product
00:23:40 – Tuesday headlines
00:24:05 – Trump eyes Iran nuclear deal
00:25:45 – Charles Myers, Signum Global Advisors Founder
00:35:02 – European stocks head for new highs as previous metals rebound
00:37:05 – France adopts budget, PM survives no-confidence votes
00:40:40 – Trumponomics vs. Reganomics
00:40:55 – Wood: There are some ecosystem challenges
00:43:50 – Nintendo profit disappoints
——–
More on Bloomberg Television and Markets

Like this video? Subscribe and turn on notifications so you don’t miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9
Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more.

Connect with Bloomberg Television on:
X: https://twitter.com/BloombergTV
Facebook: https://www.facebook.com/BloombergTelevision
Instagram: https://www.instagram.com/bloombergtv/

Connect with Bloomberg Business on:
X: https://twitter.com/business
Facebook: https://www.facebook.com/bloombergbusiness
Instagram: https://www.instagram.com/bloombergbusiness/
TikTok: https://www.tiktok.com/@bloombergbusiness?lang=en
Reddit: https://www.reddit.com/r/bloomberg/
LinkedIn: https://www.linkedin.com/company/bloomberg-news/

More from Bloomberg:
Bloomberg Radio: https://twitter.com/BloombergRadio

Bloomberg Surveillance: https://twitter.com/bsurveillance
Bloomberg Politics: https://twitter.com/bpolitics
Bloomberg Originals: https://twitter.com/bbgoriginals

Watch more on YouTube:
Bloomberg Technology: https://www.youtube.com/@BloombergTechnology
Bloomberg Originals: https://www.youtube.com/@business
Bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake
Bloomberg Espanol: https://www.youtube.com/@bloomberg_espanol
Bloomberg Podcasts: https://www.youtube.com/@BloombergPodcasts