Good afternoon and welcome to Markets Desk, your midday read on what's moving markets and making news.
The Congressional Budget Office confirmed Monday that the federal deficit for fiscal two thousand twenty-six is now projected at two point one trillion dollars, up from the one point nine trillion forecast in February. The CBO attributes that two hundred billion dollar gap largely to tariff revenues falling short of expectations, undermining the administration's fiscal math in real time.
Shifting to the technology sector, Elon Musk is moving forward with plans for Terafab, a one hundred million square foot semiconductor manufacturing facility in Grimes County, Texas. That would make it more than five times the size of the world's current largest building — a staggering physical bet that Musk's empire will need chip production capacity at a scale the industry has never attempted.
And Meta is back in the open-source conversation in a meaningful way. The company released Muse Glimmer Monday, a new open-weight artificial intelligence model, accompanied by a statement from Mark Zuckerberg reaffirming Meta's commitment to delivering AI to billions of users through open models. The reception in the tech community has been notably warm, though analysts are watching whether the strategy translates into competitive positioning against closed-model rivals.
That's the tape. Markets Desk, signing off the floor.
