Good morning, investors. If you thought AI couldn’t intertwine itself with Wall Street any further, think again.

Anthropic just inked a deal with Blackstone, Goldman Sachs and other financial heavyweights in a joint venture to sell AI tools to private-equity-backed companies.

But that shouldn’t surprise anyone who’s been paying attention to markets the last six months.

Palantir shared its best quarterly results on record the same day Iran broke its ceasefire in the Middle East.

As if on cue, the company crushed earnings and put Wall Street on notice for how AI as a defense trade could show up as a line item on a balance sheet.

“Our record levels of revenue and profit are the direct results of the revolutionary way we built this business, which is unlike anything we have seen in corporate America,” said CEO Alex Karp in a statement.

The backdrop to Palantir’s earnings, almost fittingly, includes rising oil prices and Treasury yields as well as new Iranian missiles fired at the UAE.

Skeptics have argued enterprise AI spend is mostly hyperscaler capex moving in circles between Microsoft, Nvidia and a handful of other players.

Palantir's results push back on that directly.

Meanwhile, US government revenue climbed 84% to $687 million, accelerating from 66% growth the prior quarter.

Those numbers are not an accident.

Karp has publicly argued that AI software compresses military targeting cycles from days to minutes, and the Pentagon is starting to take advantage.

While the stock continues to trade at eye-watering valuations, it has pulled back from its recent highs at the end of 2025.

From an investor perspective, Palantir’s blowout quarter gives contractors and private sector companies an updated view of just how profitable an AI-forward defense company can be.

“And it is worth noting there is really nobody making the case that the U.S. military should have second-rate AI capabilities or lackluster software,” Karp said.

“If we are going to ask someone to step into harm’s way on behalf of our country, they deserve the best.”

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Governments print. We stack bitcoin & gold.

🛢The UAE reported drone strikes incoming from Iran. The targeted pipeline, Fujairah, carries up to 1.8 million barrels per day of oil and it sits outside the Strait of Hormuz. The attack comes days after the UAE exited OPEC. (WSJ)

🤖 Amazon’s AI spending will pay off. That’s according to CEO Andy Jassy, who said Monday that the company’s shareholders will be rewarded down the line by the ambitious capex. He said it reflects a once-in-a-generation opportunity. (CNBC)

🚗 The US will move forward with tariffs on EU cars. President Trump’s plan to raise import tariffs on EU cars to 25% is happening, according to White House officials, though they noted it is only “one part” of a larger deal. (Reuters)

🏙 We’re bringing investors together in in New York. Our friends at Finimize are hosting a stellar line up with Anthropic, Robinhood, NYSE, SoFi, VanEck, as well as our very own Anthony Pompliano. Grab a ticket and join us at 6pm on May 19th.

🗓 May 5, 2003: Apple announced its iTunes Music Store had sold more than one million songs in its first week, instantly making it the largest online music company in the world.

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