Elon Musk's SpaceX announced the acquisition of xAI, creating what it calls the most ambitious, vertically integrated innovation engine on and off Earth. The combined effort spans rockets, space-based internet, direct-to-mobile communications, and AI—all tied to a vision of extending human consciousness to the stars.
Current AI systems rely on massive terrestrial data centers that consume enormous amounts of electricity and cooling. SpaceX argues that this approach is unsustainable, and that the only logical path forward is to move compute into orbit, where near-constant solar power can be harnessed with minimal operating costs.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.