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

Posted on 02/04/2026
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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

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"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

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