Good morning and welcome to Markets Desk.
The Federal Reserve's debit card interchange fee cap is officially dead. A three-judge panel from the Eighth Circuit upheld a lower court ruling striking down the Fed's twenty-one cent limit on swipe fees, a decision that hands significant leverage back to banks and card networks and raises real questions about the cost of everyday transactions for merchants and consumers alike.
Shifting to the AI space, Anthropic has filed its S-one, and the prospectus is a document worth reading carefully. Seven of the company's co-founders are structured to hold fifty point one percent of voting control at IPO, concentrating power at the top while one co-founder is notably left out of that arrangement entirely. The filing also acknowledges the possibility of humans losing control of AI models, which is a remarkable disclosure to put in front of public market investors.
And speaking of the AI trade more broadly, cracks are showing across the sector. AMD is emerging as a name that analysts are watching closely as the landscape fragments, with the chip designer seen as a more durable beneficiary than some of the platform plays that have driven headlines in recent months.
That's the tape. Markets Desk, signing off the floor.
