Tech Update: Anthropic’s $35B Deal, FTC Sues Amazon, Apple-OpenAI Dispute

As the trading week continues, market participants are navigating a flurry of corporate developments and macroeconomic shifts that may impact investment strategies. Despite persistent headwinds like inflationary pressures, geopolitical volatility, and elevated energy costs, the financial landscape is punctuated by significant milestones and challenges from industry titans including Anthropic, Amazon, Apple, and OpenAI.

Below is a summary of the most recent news within the technology sector:

TL;DR

• Anthropic reportedly agreed to a $35 billion cloud-computing deal with Lambda, adding Nvidia-powered capacity to support demand for its AI products.

• Hut 8 is reportedly developing a 350MW AI data centre in Texas, highlighting continued investment in AI infrastructure.

• Apple has accused OpenAI of mishandling or destroying evidence in an ongoing trade-secrets dispute involving a former Apple engineer.

• Amazon is facing a lawsuit from the FTC and 22 states, which alleges the company overcharged advertising customers and misled them about ad auction pricing.

• Amazon shares fell 2.5% on Monday following news of the lawsuit.

• Middle East tensions remain a potential source of market volatility, particularly for energy markets.

• Traders are also watching upcoming earnings from Broadcom, Snowflake, Zscaler, Lululemon and KT Corporation.

Anthropic Seals a $35B Deal with Nvidia-Backed Lambda 

Multiple news outlets (like Yahoo Finance, Bloomberg, and Reuters) reported today, 01 September, that AI research and safety company Anthropic, has signed off a deal with cloud-computing company Lambda. The deal with the Nvidia-backed cloud provider is reportedly worth $35 billion.

The Anthropic-Lambda Deal in Details 

Hut 8 (HUT.O) is reportedly developing a data center project in Nueces County, Texas, with a planned capacity of around 350 megawatts, according to a source familiar with the matter. 

The company, which has transitioned from its origins as a cryptocurrency miner toward developing AI-focused data center infrastructure, is expanding its presence as demand for computing capacity continues to grow. 

The rapid adoption of generative AI has driven major technology companies to commit hundreds of billions of dollars to data center infrastructure, including facilities powered by advanced chips from Nvidia and other semiconductor manufacturers.

Anthropic, which is preparing for a potential IPO, has also been scaling up its computing resources as it anticipates increasing demand for its AI products, including Claude Code. 

The company said last week that it plans to spend $45 billion leasing AI cloud computing capacity from Nscale's data center campus in West Virginia. 

The source said the agreement with Lambda will add Nvidia-powered capacity intended to support rising demand for Anthropic's Claude AI. 

The Wall Street Journal, which initially reported the deal, said Nvidia would hold the lease for the data center. Hut 8 disclosed in July that it had entered into a 15-year lease with an "investment-grade customer," representing $19.6 billion in base-term contract value. The Financial Times subsequently reported that Nvidia was the tenant behind Hut 8's 1-gigawatt Beacon Point campus.

Apple Alleges OpenAI Evidence Spoliation in Trade Secrets Case

OpenAI is facing renewed legal pressure from Apple, with the iPhone-maker accusing the AI company of mishandling evidence in an ongoing trade-secrets dispute.

In a filing submitted on Monday, Apple asked the court to accelerate the discovery process, arguing that OpenAI has deliberately failed to preserve or produce important evidence. The allegations form part of Apple's broader lawsuit, which claims that OpenAI improperly obtained confidential information from former Apple employees. OpenAI has asked the court to dismiss the case.

Former Apple engineer Chang Liu is at the centre of the latest allegations. Liu joined OpenAI in January and is among hundreds of former Apple employees who have reportedly moved to the AI company as it expands into hardware. Apple claims Liu downloaded a confidential circuit schematic while at the company and subsequently used it during his work at OpenAI.

Apple said a MacBook previously issued to Liu was only recently handed over by OpenAI. According to an initial forensic examination, the device may contain evidence indicating that Liu and other OpenAI personnel knew he continued to have unauthorized access to Apple's third-party cloud storage accounts after leaving the company.

The filing contains another allegation concerning the handling of evidence. Apple claims Liu sent instructions to an OpenAI colleague regarding the destruction of evidence, and that the colleague indicated she would comply. Apple's original lawsuit alleges that OpenAI encouraged former Apple employees to provide confidential materials connected to products that had not yet been released, including technical drawings and components.

Apple also alleges that Liu used a tool at OpenAI with the same name as an internal Apple engineering application.

OpenAI has disputed Apple's characterisation of Liu's conduct. The company has said its recruitment of Apple employees followed standard industry practices and maintained that Liu's access to cloud-stored information was intended to assist a former Apple colleague. OpenAI has previously released excerpts of text messages in support of its account. The company did not immediately respond to a request for comment on Apple's latest filing.

Apple's legal team argued that the delayed production of the MacBook strengthens its case for expedited discovery. According to the filing, the computer is among the limited pieces of evidence OpenAI has provided so far and, Apple argues, indicates that confidential information may have been used while evidence was being removed or destroyed.

The company is seeking damages and a court order preventing OpenAI from continuing the alleged conduct, as well as the destruction or return of any Apple proprietary materials. Apple separately asked the court earlier this month to immediately restrict OpenAI from using the trade secrets it claims were taken.

The legal dispute comes as the relationship between Apple and OpenAI has become increasingly strained. Tensions have grown following OpenAI's collaboration with Jony Ive, Apple's former design chief, on a new generation of hardware products. Bloomberg has reported that the partnership's first product could be a compact smart speaker featuring a rounded, doughnut-like design and moving elements.

A hearing on Apple's request for expedited discovery is scheduled for 1 October.

FTC & 22 States Sue Amazon 

On Monday, 31 August, it was reported that the Federal Trade Commission (FTC) and 22 states filed a lawsuit against tech giant, Amazon. The lawsuit alleges that Amazon defrauded advertising customers, overcharging 1.2 million and misleading them on prices for online auctions for ads. 

Moreover, it alleges that while Amazon claimed to be offering competitive prices, it was actually inflating them. FTC Chairman, Andrew Ferguson, states that “when one of the world’s largest online retailers engages in unfair and deceptive conduct, the impact can be staggering,” and that the company “has millions of advertising customers who were misled into paying significantly higher prices.”

What Did Amazon Say?

Following these claims Amazon published a blog post stating that the FTC “leans in a handful of simplified communications to allege a companywide effort to deceive.” It also said that “that is patently false.”

How Did AMZN Share Price React?

In light of the less-than-optimistic news, Amazon stock closed 2.5% lower on Monday.

What Else Should Traders Keep in Mind 

Besides the updates mentioned above, traders and market watchers may want to keep an eye on the following:

• Any updates or potential escalations from the Middle East, particularly between Iran and the USA. Just yesterday, President Donald Trump told Fox News that the US would “hit them hard,” referring to Iran. These statements came following Iranian strikes on US military personnel in Jordan. Today, Tuesday, however, Iran’s President, Masoud Pezeshkian, said that the country is willing to return to the memorandum of understanding if the US does so too. Traders may want to remain vigilant regarding these divergent narratives; any further friction within this geopolitical sphere could trigger substantial volatility across global exchanges, especially within the energy sector.

• Earnings reports from Broadcom and Snowflake on Wednesday, and Zscaler and Lululemon on Thursday.

Conclusion 

Technology stocks and the broader markets remain influenced by a combination of corporate developments, AI infrastructure spending, regulatory scrutiny and geopolitical uncertainty. 

The reported expansion of Anthropic's computing capacity and Hut 8's data-centre plans underline the continued investment surrounding artificial intelligence, while the legal disputes involving Apple and OpenAI and the FTC's case against Amazon highlight regulatory and legal risks facing major technology companies. 

Meanwhile, developments in the Middle East and upcoming corporate earnings could provide further catalysts for market activity as the trading week progresses. 

Traders and investors may therefore continue monitoring company announcements, economic developments and geopolitical headlines for potential changes in market sentiment.

*Past performance does not guarantee future results. The above is for marketing and general informational purposes only, and these are only projections and should not be taken as investment research, investment advice or a personal recommendation.