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WSJ : Ken Griffin Says New York ‘Doesn’t Welcome Success’ Under Mamdani

Ken Griffin Says New York ‘Doesn’t Welcome Success’ Under Mamdani
Billionaire suggests expansion will focus on Miami after mayor criticized $238 million home

  • Citadel CEO Ken Griffin added to his criticism of New York Mayor Zohran Mamdani and suggested his investing firm Citadel would “double down” on Miami’s being the place for growth.
  • Griffin said Mamdani’s policies are “triggering the trauma” he experienced in Chicago, citing concern about New York’s direction.
  • Griffin told CNBC that “we probably will go through” with a building in New York City.

Billionaire Ken Griffin on Tuesday amplified his criticism of New York City Mayor Zohran Mamdani and suggested his investing firm Citadel would “double down” on Miami’s being the place for growth instead of Manhattan.

“Mamdani is making it really clear: New York doesn’t welcome success,” Griffin, the founder and chief executive officer of Citadel, said at the Milken Institute Global Conference in Beverly Hills, Calif.

The mayor recently appeared in a video in front of a property Griffin purchased at 220 Central Park South in 2019 for roughly $238 million, a deal that set a record for the highest-priced home ever sold in the U.S.

“We’ve secured a pied-à-terre tax,” Mamdani said in the video, posted April 15. “This is an annual fee on luxury properties worth more than $5 million, whose owners don’t live full time in the city. Like for this penthouse, which hedge fund CEO Ken Griffin bought for $238 million.”

Griffin called the video “creepy and weird.” He alluded to alleged security risks, saying the video was “frightening,” and he mentioned that the CEO of UnitedHealthcare was fatally shot not far away.

“Anything that creates, like an agitation, in the extremist on either side of the aisle is a frightening dynamic,” he said, before condemning political violence and bringing up the recent assassination attempt on President Trump and other administration officials at a media dinner in Washington, D.C.

“I’ve had my differences with President Trump over the years—I’ve also had a lot of wins with him—but the idea that he has survived three assassination attempts is just incomprehensible,” Griffin said.

Joe Calvello, the mayor’s press secretary, responded with a statement saying Mamdani wants all New Yorkers to succeed.

“That includes business owners and entrepreneurs who create good-paying jobs and make this city the economic engine of America,” he said in the statement. “It also includes Ken Griffin, who is a major employer in our city and a powerful figure in our economy. That does not negate the fact, however, that our tax system is fundamentally broken.”

The statement added that the tax system “rewards extreme wealth while working people are pushed to the brink” and that the wealthiest New Yorkers must contribute “their fair share.”

In an email sent to employees on April 23, as first reported by The Wall Street Journal, Griffin’s chief operating officer raised the possibility that the firm might not move forward with a large new Midtown construction project to bolster its presence in New York.

Griffin said at the Milken conference that it is “still a point of discussion internally” whether Citadel will move forward with New York construction. “We went to Miami and revised our building plan to make it a bigger office building,” he said of construction of a 54-story tower in Florida that is under way.

The billionaire investor told CNBC that “we probably will go through with the building” in New York.

He is heavily invested in the development at 350 Park Ave. that he plans to build with Vornado Realty Trust, a publicly traded real-estate company. Citadel and its affiliate, Citadel Securities, would be the anchor tenants, occupying some 850,000 square feet.

In March, Griffin extended a $400 million loan to the project. He has also acquired a majority stake in a proposed development partnership, according to Vornado’s financial disclosures.

“Demolition began literally days ago, and we at Vornado are ready to go,” Steve Roth, Vornado’s chairman, said on a Tuesday earnings call. “Citadel has to be committed. They will be committed,” Roth said. Analysts at Evercore ISI wrote in a Tuesday note that they remained optimistic about the project’s development.

At the Milken conference, Griffin said Mamdani’s early tenure is forcing him to recall bad feelings he experienced in Chicago when Citadel was based there. He now spends much of his time in Miami after relocating Citadel there in 2022, citing frustration with Illinois policies and crime in Chicago.

“Looking at what Mamdani just did to me, and more broadly is doing to the City of New York, is triggering the trauma I went through in Chicago,” he said.

Mamdani, a Democratic socialist, pledged during his campaign to increase taxes on the city’s millionaires and corporations, although only the governor and state lawmakers have the power to make those changes.

New York Gov. Kathy Hochul, who met privately with Griffin last week, recently offered Mamdani support for his plan to raise taxes on luxury second homes to help plug the city’s budget deficit after initially expressing skepticism.

Griffin made clear his differences with Mamdani go well beyond the video of the outside of his 24,000-square-foot Manhattan penthouse.

The billionaire said he wants Citadel to be in a “state that embraces business,” before adding that he thinks New York is moving toward “redistributed handouts that leave people dependent on the government for their lives and their livelihoods.”

Griffin offered to purchase a copy of “Animal Farm” for every ninth-grade student in New York City. The George Orwell classic, recently made into a movie, is an allegory on the Russian Revolution and the early history of the Soviet Union.

“Mayor Mamdani, you ship me an email, get me the delivery address, I’ll get them shipped right away,” he said.

WSJ : A Hidden Liability for U.S. Cities: Looming Infrastructure Repair Costs

A Hidden Liability for U.S. Cities: Looming Infrastructure Repair Costs
With no balance-sheet penalty for putting off infrastructure repairs, cities often delay making improvements

  • A new study offers a glimpse of the magnitude of the repairs local governments will need to address in coming years.
  • There’s no balance sheet penalty for putting off infrastructure repairs, and the potential costs cities face for bringing structures up to date are invisible to muni bond market investors.
  • The difficulty of determining when infrastructure will need to be updated is partly why the Governmental Accounting Standards Board hasn’t defined future infrastructure costs as a liability.

U.S. cities are facing huge liabilities that remain invisible on their books: dilapidated roads, bridges and buildings.

A new study aims to put a dollar figure on the total wear and tear on the country’s urban infrastructure, and arrives at $1.03 trillion. That is not necessarily what it would cost to bring the infrastructure up to date, but it offers a snapshot of the magnitude of the repairs local governments will need to address in coming years.

The costs are hypothetical for now but could someday hit cities’ bottom lines. About a decade ago, for instance, new rules made cities account for their long-term pension obligations. Afterward, taxes rose, services were cut and municipal bond prices fell for many cities.

The new paper, by municipal research pioneer Richard Ciccarone, examines the age and expected life of infrastructure in 2,000 cities.

“You’re hiding an obligation or a commitment that’s got to be made sooner or later,” Ciccarone said, “and it’s usually more expensive at that point.”

He said many of the city structures in everyday use are already well past their intended expiration date.

With no balance-sheet penalty for putting off infrastructure repairs, cities trying to close budget gaps and avoid tax raises often delay improvements to their roads, bridges, vehicles and equipment. The looming costs associated with keeping cities livable for residents can take a back seat to pension and debt payments—and remain invisible to investors in the $4 trillion muni bond market.

“The study highlights a real and important challenge facing local governments nationwide,” said Spencer Duncan, mayor of Topeka, Kan. “Like nearly all cities, Topeka faces a fundamental challenge: infrastructure needs exceed available funding.”

Older cities, such as Philadelphia, Baltimore and Milwaukee, face some of the biggest potential burdens for repairing and updating their infrastructure, the study found.

Breakdowns of aging infrastructure can be disruptive and dangerous. Jackson, Miss., residents were left without drinking water for weeks in 2022 after flooding overwhelmed the city’s out-of-date water treatment facility. The same year, a Pittsburgh bridge collapsed, injuring 10 people, and federal investigators later found the city had failed to maintain and repair it.

Growing cities in the South, including Austin, Texas; Charlotte, N.C, and Phoenix, fared among the best in the study. Jacksonville, Fla., outranked other big cities—despite struggling with its pension costs—thanks to a local infrastructure sales tax, federal stimulus funding, and repairs and updates following recent hurricanes.

Philadelphia is considering spending $1.5 billion in city funds over the next six years to improve its aging infrastructure, said Rob Dubow, the city’s finance director. An additional roughly $20 billion is expected to come from other sources, including the federal and state governments.

Baltimore is in the midst of a 10-year spending plan that includes significant infrastructure updates, a city spokesman said. He said the city has been strained by highway-maintenance responsibilities it took over from the state of Maryland following the 2008 financial crisis.

Ciccarone, who spent 48 years in the muni market, delayed retirement to finish the study. Investortools, a software platform for fixed-income managers, bought his firm Merritt Research Services in 2019 and published the study on Tuesday.

In it, Ciccarone used the few numbers that cities do report on the age and intended life of their buildings and infrastructure to come up with the $1.03 trillion wear-and-tear figure for the 2,000 U.S. cities. That amounts to more than three times the cities’ municipal bond debt and four times their pension debt.

Ciccarone arrived at that figure by looking at infrastructure assets’ original cost and their “useful life”: the number of years that cities estimate each road, bridge or vehicle will last.

By Ciccarone’s calculation, a $100 million tunnel halfway through its useful life would have wear and tear of $50 million plus inflation. He arrived at the figure by multiplying the cost of an infrastructure asset by the share of its useful life that has passed, then adjusting for inflation.

In practice, that $100 million tunnel might end up getting repaired for far less than $50 million. Or it might be safe to drive through well past the end of its expected useful life. Estimates of how long assets will last don’t necessarily take into account “actual infrastructure performance,” said Duncan, the Topeka mayor.

The difficulty of determining exactly when infrastructure will need to be updated is part of the reason the Governmental Accounting Standards Board has so far declined to define future infrastructure costs as a liability.

The board, which publishes widely adhered-to guidelines for states’ and cities’ annual financial statements, has shown signs of getting stricter, though: It is currently considering forcing cities to be a bit more transparent about infrastructure assets at the end of their estimated useful lives.

It began defining pensions as a liability in 2014, and many cities had to add hundreds of millions of dollars of debt to their balance sheets. Then many cities’ bottom lines fell by tens of millions more in 2018 when they began having to also account for other post-employment benefits promises such as retiree healthcare.

Lisa Washburn, a managing director at bond-research firm Municipal Market Analytics, said Ciccarone’s study is a first step toward filling a longstanding information gap in municipal finance.

“You have your bond obligation, and then you have your pension obligation, and then you’ve got infrastructure over here and it’s got no number on it,” she said. “How do people make budgetary decisions about how scarce resources are getting spent?”

FT : Fusion start-up backed by Bill Gates plans UK’s first commercial plant

Fusion start-up backed by Bill Gates plans UK’s first commercial plant
Most ambitious British timeframe yet for the technology comes as US and China race ahead in funding for sector

A US nuclear fusion start-up backed by Bill Gates has set out plans to complete the UK’s first commercial plant within a decade, as America and China race ahead in efforts to prove the technology is viable.

Type One Energy, supported by the Microsoft co-founder’s Breakthrough Energy Ventures, has formed a consortium with US engineering firm Aecom and UK-based fusion supplier Tokamak Energy to develop the clean energy generator.

The UK plant, based on Type One’s design of a 400 megawatt commercial facility for a US public energy provider, is targeting completion by the mid-2030s, the most ambitious timeframe yet for the UK fusion industry.

Chris Mowry, chief executive of Type One, told the FT he was in “very early conversations with several potential customers” on the UK project.

Unlike fission, the technology used in nuclear power plants since the 1950s, fusion seeks to generate energy by combining atomic nuclei. Although yet to be proved commercially, it holds the promise of abundant clean energy.

Britain’s investment in fusion trails the US and China despite its leading role in fusion research since the 1940s. The UK government has committed £2.5bn to fusion over five years — including an initial £1.3bn to develop a prototype reactor called Step.

The funding gap has already begun to reshape the UK’s domestic industry. Some start-ups have scaled back ambitions to build fully commercial plants and instead shifted towards supplying components and technology.

Tokamak Energy, which has raised about $335mn, has shifted focus towards supplying next-generation superconducting magnets to other developers.

UK group First Light Fusion last year scrapped plans for a self-funded commercial plant, citing technical barriers and financial constraints, and is now expanding into non-fusion markets.

Mark Thomas, First Light’s chief executive, said building a commercial plant was a “very big undertaking”, adding that “very few are on that journey” given “the several billion dollars of investment needed to get to that point”.

The company has pitched an alternative plant design and pursued partnerships to fund the project. It said it could become profitable within four to five years from non-fusion revenues, and was “building a resilient business that can stand on its own two feet”.

The US and China are ploughing funds into commercialising nuclear fusion technology. Many fusion companies believe fusion can supply power to the grid by the 2030s, while sceptics believe they are still decades away.

The Chinese government is taking “very big strides” as it seeks to become the world leader, said Chris Gadomski of research firm BloombergNEF.

The leading US developers are backed by big tech groups such as Microsoft and Google, as well as tech billionaires including Sam Altman.

US Commonwealth Fusion Systems has raised about $3bn and plans to build its first commercial plant in the early 2030s. Google has signed up as an offtake customer.

Ian Hogarth of European venture investor Plural said European governments could play the role of hyperscalers, which led the US funding for the fusion technology.

Plural has invested in European start-up Proxima Fusion, which has pitched a €2bn test facility in Bavaria and is seeking majority funding from the German government.

State backing can “massively crowd in private investment”, Hogarth added, helping start-ups overcome capital-intensive milestones, drawing parallels with Nasa’s early support for SpaceX.

The Information : Anthropic Commits to Spending $200 Billion on Google’s Cloud

Anthropic Commits to Spending $200 Billion on Google’s Cloud and Chips

The Takeaway
  • Anthropic committed to spend $200 billion with Google Cloud over five years as part of their recent agreement.
  • Contracts involving Anthropic and OpenAI are now worth over half of the $2 trillion in backlogs at major cloud providers.
  • The arrangements show how much the AI boom still hinges on the plans of two cash-burning startups.

When Google last month said it would supply Anthropic with an astonishing five gigawatts of server capacity, the companies didn’t put a dollar figure on that commitment.

But as part of the deal, which begins next year, Anthropic plans to spend about $200 billion with Google over five years, according to a person with knowledge of it. The commitment means Anthropic represents more than 40% of the “revenue backlog” Google disclosed to investors last week, reflecting contractual commitments from its cloud customers.

While that sounds like a high percentage, revenue backlogs reported by Google’s cloud rivals are even more tied to Anthropic and its archrival OpenAI.

Together, contracts involving Anthropic and OpenAI now make up around half of the $2 trillion revenue backlog across Amazon, Microsoft, Google and Oracle, the four biggest U.S. cloud providers.

It’s a reflection of just how much the AI boom still hinges on the plans of two cash-burning startups.

Backlog figures don’t include revenue the cloud providers have already generated from the AI firms. Companies report them to give investors an indication of future revenue, based on long-term deals. Those backlogs have ballooned as Anthropic and OpenAI have grown.


The cloud providers have anticipated such deals for years. Google, Microsoft and Amazon have each invested billions of dollars in the two AI leaders in the hopes they will become large renters of cloud servers, and ultimately deliver the cloud providers revenue that is many times the size of their investments.

OpenAI and Anthropic are already among the largest, if not the largest, such renters of cloud servers. OpenAI is projecting to spend around $45 billion on servers this year, up from about $17 billion last year, The Information has reported. Much of OpenAI’s spending this year is likely to happen with Microsoft, an early backer that has invested more than $13 billion in the ChatGPT maker.

Anthropic has projected it would spend upwards of $20 billion renting servers this year, or about triple what it spent last year. That projection, however, occurred in mid-December, before Anthropic’s revenue exploded in the first quarter, so the final figures could be materially higher.

Google Cloud runs the application programming interface that makes up a majority of Anthropic’s business. That helps explain Google Cloud’s remarkable 63% revenue growth in the first quarter. (Revenue growth at the much bigger Amazon Web Services, which also helps power Anthropic’s API, accelerated nearly five percentage points to 28% in the first quarter compared to its growth in the prior quarter.)



In addition to reporting Google Cloud’s revenue acceleration, Google also last week said its revenue backlog roughly doubled to more than $460 billion in the first three months of this year; the new deal with Anthropic would account for much of that increase.

Similarly, Amazon’s revenue backlog, which it calls performance obligations, rose 49% to $364 billion in the first quarter. OpenAI increased its spending commitment with AWS by $100 billion in that period, Amazon said, representing more than 80% of the increase. Amazon in April also struck a server rental deal with Anthropic worth $100 billion for “up to” five gigawatts over the next 10 years. That capacity would consume more than two Hoover Dams’ worth of electricity.

In total, OpenAI and Anthropic spending commitments make up about half of the revenue backlog AWS has announced, including the April deal.

In aggregate, Anthropic projected late last year that it would pay Amazon, Google and Microsoft about $200 billion to run its Claude AI on their cloud servers through 2029, according to the startup’s most optimistic forecasts from mid-December. OpenAI, meanwhile, projected last quarter it would spend about $180 billion on servers in 2029 alone.

Some investors may be skeptical about OpenAI and Anthropic’s ability to spend so much money. The two companies’ projections assumed that by 2029, they will have grown their revenues 20 to 30 times compared to what they generated in 2025.

Oracle’s shares have fallen 45% since September, when it effectively announced a $300 billion cloud computing deal with OpenAI that’s set to run through 2032, as investors worry that the spending may not materialize or might happen on other clouds instead.

How Oracle is Different

Competitors do have at least one advantage over Oracle: they make money from Anthropic and OpenAI in other ways besides renting out servers, namely by selling the two firms’ AI to cloud customers. As part of an updated partnership agreement between Microsoft and OpenAI, for instance, Microsoft will keep 100% of sales from selling OpenAI models to Azure cloud customers, which could total billions of dollars this year. Previously, Microsoft gave OpenAI a 20% cut of such sales.

Similarly, Amazon and Google keep a significant share of sales of Anthropic models to their cloud customers. At the end of last year, Anthropic expected cloud providers to keep nearly $2 billion from reselling Anthropic models this year, and another $6 billion next year. Oracle doesn’t host and resell models from OpenAI and Anthropic yet.

OpenAI and Anthropic plan to go public long before 2029, making it easier for them to raise capital. They also could raise money from Nvidia, which has already invested billions of dollars in given each of them, and has plenty of reasons to ensure they can afford to keep spending heavily on servers powered by Nvidia chips. Nvidia has long acted as a kind of central bank to dozens of companies that buy or rent its server chips.

One advantage for Google is it uses in-house AI server chips to power computing for Anthropic, which likely produces better profit margins than when it rents out Nvidia’s expensive AI servers to cloud customers. (Google pays its chip partner Broadcom for some services related to the AI chip.)

Amazon also has invested in in-house AI chips to power services such as Bedrock, which Amazon Web Services customers use to access Anthropic and other models.

Amazon is poised to improve its financial position further when OpenAI starts using a lot of Trainium chips from AWS rather than just renting Nvidia chips. When Amazon announced it would invest $50 billion in OpenAI and expand the two companies’ cloud computing deal, Amazon also said in a securities filing that OpenAI use of Trainium would consume 2 GW of computing capacity.

Microsoft’s in-house AI server chip is nascent, while Oracle hasn’t produced such a chip.

>>> US After Hours Summary: AMD +15.3%, SMCI +19.3%, FLEX +15.6%, ADPT +12.5%, V

After Hours Summary: AMD +15.3%, SMCI +19.3%, FLEX +15.6%, ADPT +12.5%, VECO +12.2% higher on earnings; UPST -13.6%, ANET -13.4%, FRSH -7.6%, LITE -3.8% lower on earnings; AVTX +49.4% jumps on clinical data

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: EVC +76.6%, SMCI +19.3%, FLEX +15.6% (also to spin off its Power and Cloud portfolio), FLYW +15.5% (also $50 mln accelerated share repurchase program), AMD +15.3%, ADPT +12.5%, VCYT +12.3%, VECO +12.2% (also receives $250 mln in orders for certain products), PTGX +9.7%, HNGE +9.2%, CARL +7.6%, NBIX +7.2%, WTTR +7.2%, LMAT +7.1%, SSRM +7%, IFF +5.6%, JAZZ +5.5%, DVA +4.6%, IAG +4.3%, ATRC +3.7%, AGBK +3.5%, MTCH +3.1%, VSEC +3.1%, ECG +2.8%, SWIM +2.6%, LYV +2.2%, VGNT +2.2%, TLN +2.1%, INNV +2%, SUPN +1.6%, DHT +1.5%, PBI +1.4% (also increases dividend), EXEL +1.3% (also increases share repurchase authorization by $750 mln), INTA +1.2%, DOC +1.1%, GXO +1.1%, CBT +0.9% (also increases dividend), PAAS +0.9% (also enhanced shareholder return framework), BV +0.8%, JKHY +0.8%, DNTH +0.8%, GNW +0.8%, LEU +0.5%, XRAY +0.5%, GNL +0.5%, AIZ +0.4%, JOBY +0.4%, SU +0.4%, HTGC +0.3%, CTVA +0.2%, CHRD +0.1%, MRCY +0.1%

Companies trading higher in after hours in reaction to news: AVTX +49.4% (topline results from its Phase 2 LOTUS trial, also commences stock offering), TRVG +6.6% (files antitrust damages claim against Google units in German court), TENB +4.7% (CFO purchases 12K shares worth $258K), EXPD +1.2% (declares a semi-annual dividend of $0.81/sh), GOOG +1% (Anthropic aiming to spend $200 bln Google's cloud and chips, according to The Info), AMCR +0.9% (sells two beverage closure compression molding facilities), CRNC +0.6% (CRNC files complaint against AMZN at ITC), PAA +0.5% (provides update on NGL sale process), JBSS +0.5% (voluntarily recalls snack mix products), PFE +0.1% (developing weight loss drugs, according to WSJ), CBOE +0.1% (reports April volumes)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: ATOM -29.2%, PRIM -29%, ATEC -20.4%, KVYO -19% (also CFO to step down), TMDX -18.9%, HCKT -18.8%, MYGN -14.5%, WOLF -14.3%, UPST -13.6%, ANET -13.4%, LMB -12.4%, JAN -12.4%, MTW -12.2%, NRGV -11.7%, ANGI -11.2% (also names new COO), VTOL -10.6%, LUMN -9.9% (also to acquire Alkira), SLRC -9.5%, LDI -9.4%, SLDP -9.2%, OUST -9.1%, TDC -8.9%, PARR -8.6%, AROC -8%, FRSH -7.6%, TEM -7.4%, TSLX -7.1%, MNTN -7%, AZTA -6.7%, TYGO -6.6%, NVTS -6.5%, MQ -6.3%, JXN -5.3%, DAVE -5.2%, LCID -5%, ONTO -4.4%, WK -4.3%, SWKS -4.2%, BJRI -4%, CPNG -4%, LITE -3.8%, BMBL -3.7%, RPD -3%, SDGR -2.9%, MBC -2.8%, RARE -2.7%, CC -2.6%, RVLV -2.5%, J -2.4%, GRAL -2.4%, LOGI -2.3%, PMT -2.3%, TRVI -2.3%, HL -2.2%, MSTR -2.2%, ALC -2.2%, OXY -1.9%, QLYS -1.9%, GPOR -1.7%, COTY -1.6%, SOLV -1.6%, DVN -1.4%, EMR -1.4%, QRVO -1.4%, CRK -1.3%, CYTK -1.3%, RCUS -1.2%, TALO -1.1% (also authorizes new $200 mln share repurchase program), AEE -1%, QDEL -1%, BFAM -0.7%, RLAY -0.7%, EOG -0.6%, MWA -0.6%, MG -0.6%, PFSI -0.5%, EA -0.3%, CRC -0.2%, TTAM -0.2%, PRU -0.1%

Companies trading lower in after hours in reaction to news: BZAI -17.8% (stock offering), RSI -7.9% (stock offering by selling shareholders), INGM -7.3% (announces launch of $330 mln offering by principal stockholder and concurrent stock repurchase; files stock offering), VRDN -3.7% (commences $150 mln convertible notes offering and $100 mln stock offering), CRBG -2.7% (AIG to sell 25 mln shares, its remaining stake in CRBG), ETR -2% (commences $2.175 bln stock offering), GPOR -1.7% (names new CEO), CYTK -1.3% ($650 mln stock offering), BEN -1.3% (reports April AUM), AMZN -0.9% (CRNC files complaint against AMZN at ITC), CAH -0.7% (increases dividend), AAPL -0.6% (reaches $250 mln Siri settlement, according to FT), LIN -0.3% (files mixed securities shelf offering), TVTX -0.2% ($400 mln convertible notes offering), WAB -0.2% (investing R$20 mln to expand ops in Brazil), NDAQ -0.1% (reports April volumes)