Good morning, you're tuned in to Markets Desk.
Bloom Energy surged this week after releasing a mid-year report showing that most data center developers are prepared to build their own power generation if the grid can't keep up. That's a direct tailwind for fuel cell technology, and the market responded accordingly, pushing the stock sharply higher on the read-through to independent power demand.
Shifting to the AI space, a new open-source Chinese model called GLM five point two is drawing serious attention in Silicon Valley, particularly for its strength in long-running coding tasks. The CEO of Vercel called it genuinely impressive, and the buzz is drawing comparisons to the moment DeepSeek's R one forced a reassessment of where the frontier in artificial intelligence actually sits.
On the policy front, California's proposed billionaire tax is running into resistance at the top. The Service Employees International Union scaled back its one-time five percent levy on individuals worth more than one billion dollars, but Governor Gavin Newsom rejected the compromise, signaling he wants the proposal off the ballot entirely rather than a negotiated version of it moving forward.
That's the tape. Markets Desk, signing off the floor.
