Spanish Prime Minister Pedro Sánchez on Wednesday joined a chorus of world leaders welcoming the announcement of a U.S.-Iran ceasefire but issued a thinly veiled swipe at the Trump administration for having initiated the hostilities.

“Ceasefires are always good news. Especially if they lead to a just and lasting peace. But this momentary relief cannot make us forget the chaos, the destruction, and the lives lost,” Sánchez said in a social media post, according to a translation.

“The Government of Spain will not applaud those who set the world on fire just because they show up with a bucket.”

Sánchez, who has emerged as one of the European Union’s leading critics of U.S. and Israeli strikes against Iran, called for “diplomacy, international law and PEACE” to prevail.

His comments come shortly after the U.S. president said he had agreed to suspend attacks on Iranian infrastructure for two weeks, sparking a broad-based relief rally across risk assets.

Trump had earlier threatened that “a whole civilization will die tonight, never to be brought back again” if no deal was struck by his Tuesday deadline.

Iranian officials said the temporary truce meant safe passage through the strategically vital Strait of Hormuz would be “possible,” subject to coordination with its armed forces and “technical limitations” — caveats that may give Tehran some room to define compliance on its own terms.

World leaders welcomed the ceasefire, although analysts characterized the agreement as fragile and warned that a substantial lack of trust on both sides will likely complicate the path to lasting peace.

Sánchez has repeatedly raised the ire of the White House since the U.S. and Israel first launched strikes against Iran on Feb. 28.

Spain’s government refused to allow two jointly operated bases in its territory from being used in U.S. strikes against Iran, before later closing its airspace to U.S. aircraft involved in attacks as it doubled down on its anti-war stance.

In response, Trump renewed his criticism of Spain’s defense spending and threatened to sever all trade ties with the southern European country.

Alongside Spain’s prime minister, European Commission President Ursula von der Leyen welcomed the two-week ceasefire, saying it brings “much needed de-escalation.”

EU foreign policy chief Kaja Kallas described the deal as “a step back from the brink after weeks of escalation.”

British Prime Minister Keir Starmer also welcomed the ceasefire agreement, saying it “will bring a moment of relief to the region and the world.”

Israel, for its part, backed the U.S. ceasefire with Iran but said the agreement doesn’t cover fighting against Iran-backed Hezbollah in Lebanon.

Saudi Arabia, Qatar, Turkey, India, China and Japan all issued statements welcoming the diplomatic breakthrough, which was brokered by Pakistan.

Further talks to explore a comprehensive end to the Middle East crisis are scheduled to take place in Islamabad on Friday.

— CNBC’s Kevin Breuninger contributed to this report.

Governments around the world are making efforts to crack down on teen social media use amid mounting evidence of potential harms, but critics argue blanket bans are an ineffective quick fix.

Australia became the first country to enforce a sweeping social media ban for under-16s in December, requiring platforms like Meta’s Instagram, ByteDance’s TikTok, Alphabet’s YouTube, Elon Musk’s X, and Reddit to implement age verification measures or face penalties.

Several European countries are now looking to follow Australia’s lead, with the U.K., Spain, France, and Austria drafting their own proposals. Although a national ban in the U.S. looks unlikely, state-level legislation is underway.

It comes after Meta, the parent company of Facebook, Instagram and Threads, faced two separate defeats in trials related to child safety and social media harms in March.

A Santa Fe jury found Meta misled users about child safety on its apps. The next day, a Los Angeles jury ruled that Meta and YouTube designed platform features that contributed to a plaintiff’s mental health harms.

These developments are set to “unleash a lot more legislation,” Sonia Livingstone, social psychology professor and director of the London School of Economics’ Digital Futures for Children center, told CNBC.

However, Livingstone said a social media ban for teens is a slapdash solution from governments that have failed to properly police tech giants for years.

“I think the argument for a ban is an admission of failure that we cannot regulate companies, so we can only restrict children,” she said, explaining that the U.S. and Europe already have a lot of legislation in the books that isn’t being enforced.

“When are governments really going to enforce, raise the stakes on fines, ban the companies if necessary for not complying,” she added.

Experts argue the sector has for too long escaped accountability and the rigid requirements faced by other industries.

“[Governments] should be implementing the law [and] big tech companies should be facing a slew of regulatory interventions that forbid a whole series of practices that they currently do,” Livingstone said.

She highlighted the U.K.’s Online Safety Act, which “requires safety by design” — this means features such as Snapchat’s “Quick Add” that invite teens to befriend others should be stopped, according to Livingstone.

Livingstone believes that a blanket ban wouldn’t even be under discussion if social media companies had undergone appropriate premarket testing to establish if their features are safe for their target audience.

“There are lots of areas where we have a well functioning market that requires testing to establish it meets the standards…[before products] can go into the market,” she said. “If we did that for AI and for social media, we would be in a whole different place and we’d not be having to talk about banning children from anything.”

Josh Golin, executive director at Boston-based non-profit Fairplay for Kids, told CNBC that he’d like to see “privacy and safety by design legislation rather than blanket bans” across the U.S.

This includes passing the Children and Teen Online Privacy Protection Act to put a stop to personal data-driven advertising towards children, so there’s “less financial incentive for social media companies to target and addict kids.”

Golin added that passing the Senate’s version of the Kids Online Safety Act (KOSA) is also key to ensuring platforms are held legally responsible for design features that can cause addiction or other harms.

He added that Meta has already successfully lobbied to stop KOSA even though it passed the Senate in 2024. But, if it continues to block legislation further, Golin thinks this could see further pressure “line up behind bans because addictive and unsafe is not OK.”

Many Australian teens flouted the social media ban when it first came into force in December. A BBC report found that downloads of VPNs, which hide users’ locations to avoid country-specific restrictions, increased before the ban.

Additionally, downloads of some apps that weren’t yet affected such as Lemon8, Yope and Discord also surged in the days after the law came into effect, per the report.

“I think it [a ban] certainly gets rid of all the harmful aspects, but it gets rid of the good ones too and I’m just not yet sure if that’s proportionate,” Nash added.

A temporary U.S.-Iran ceasefire sparked a broad relief rally across assets on Wednesday, but experts warned that any deal concerning lasting peace will be complicated by a major trust deficit.

The ceasefire came following hastened diplomatic efforts led by Pakistan and just hours before Trump’s threatened deadline for wiping out the entire Iranian civilization, briefly pulling the region back from the brink of a massive military bombardment.

Oil prices cooled to below $100 per barrel following the ceasefire announcement, but remain far above the pre-war levels of around $70 per barrel.

While U.S. President Donald Trump said the two-week ceasefire was contingent on the “complete, immediate, and safe opening” of the Strait of Hormuz, Iranian officials stated that safe passage through the strait would be “possible,” subject to coordination with its armed forces and “technical limitations” — caveats that may give Iran some room to define compliance on its own terms.

“This is a problem that could derail the ceasefire later this year,” said Matt Gertken, chief geopolitical strategist at BCA Research, warning that the coordination requirement remains a risky ambiguity in both sides’ statements so far.

Trump may temporarily accept Iran as a gatekeeper — with U.S. midterm elections approaching and gasoline prices sharply higher than before the war — but after the election, the U.S. national security establishment will start to demand a more permanent solution,” said Gertken. “Fighting will ignite later this year, if not later this month.”

Tehran also said that its armed forces will cease defensive operations if attacks against Iran are halted. After the ceasefire came into effect at 8 p.m. ET Tuesday, missiles were still launched from Iran towards Israel and several Gulf states.

The reprieve on Tuesday would allow some time for the two sides to reach a longer agreement to end the six-week-old war, which has killed thousands of people and sparked a global energy crisis, with their delegations expected to meet in Islamabad on Friday.

Iran is reportedly finalizing a joint maritime protocol with Oman to institutionalize coordinated management of tanker traffic through the strait, which could embed Iranian authority over the crucial energy artery into a standing bilateral agreement.

Israel agreed to suspend strikes but urged Washington to press for deeper Iranian concessions, including the surrender of enriched uranium stockpiles. In its 10-point terms, Iran requested Washington to accept its uranium enrichment program and the lifting of all sanctions.

The ceasefire will likely hold in the near term, given the economic costs accruing to the global economy from six weeks of conflict, said Michael Langham, emerging markets economist at Aberdeen Investments. “Parties with vested interest in stopping the conflict and reopening the strait will double down on efforts to find a compromise,” he said.

If the truce holds and the strait reopens, the global economic damage should prove manageable, Langham added. Central banks could broadly resume their pre-conflict paths — and attention may shift from inflation to growth, if commodity prices normalize quickly, he added.

The ceasefire sparked a relief rally in markets amid repricing for a de-escalation in the conflict, but investors will watch for something more durable than a two-week pause, Geoff Yu, senior market strategist at BNY, said on CNBC’s “Squawk Box Asia” on Wednesday.

“What the market is going to start pricing ahead is a first step towards further de-escalation and perhaps something more permanent,” he said, flagging that the disruption has extended beyond crude oil to commodities such as helium, critical to semiconductor manufacturers in South Korea and Taiwan.

The surging price of jet fuel isn’t the airline industry’s only problem. Now, it’s whether it will have enough.

Since the U.S. and Israel attacked Iran on Feb. 28, the price of jet fuel in the U.S. has nearly doubled, going from $2.50 a gallon on Feb. 27 to $4.88 a gallon on April 2, with the increases even sharper in other regions. The effective closure of the Strait of Hormuz is choking off supplies of both crude and refined products like jet fuel, further driving up the price.

That’s forcing airlines to consider cutting flights, especially overseas.

Carsten Spohr, CEO of Germany’s Deutsche Lufthansa, told employees in a webcast last week that the carrier is assigning teams to come up with contingency plans because of the war in the Middle East, including for drops in demand or a lack of jet fuel, a spokesman said. Those plans could include grounding some of its aircraft.

The U.S. produces a lot of jet fuel and isn’t as exposed as other regions like Europe and parts of Asia are in comparison. But aircraft fill up locally, so some U.S. airlines could face shortages on international trips.

United Airlines CEO Scott Kirby told reporters late last month that the carrier, which has the most service to Asia among U.S. airlines, would have to cut back its flights there. He also said it’s “not impossible” that airlines collectively would have to reduce service in that region.

He noted that as the price of jet fuel goes up, it could be more acute in parts of the U.S. that aren’t as connected by pipelines.

“There’s not enough refining capacity, and so fuel price prior to this and going forward is more susceptible to supply weakness on the West Coast than anywhere else in the country,” he said.

Kirby told employees earlier in March that the airline is preparing for oil to stay above $100 a barrel through 2027 and is pruning some of its flights in the near term.

“To be clear, nothing changes about our longer-term plans for aircraft deliveries or total capacity for 2027 and beyond, but there’s no point in burning cash in the near term on flying that just can’t absorb these fuel costs,” he said in a March 20 message to employees.

Airlines overall are pruning some flights for the coming months, though they often adjust schedules throughout the year to match demand, aircraft availability or other complications.

Domestic capacity in the second quarter for U.S. carriers is up 2.1%, down from previous plans of 2.3% growth, while total capacity is set to rise 1.1%, down from 2.4% on the week ended March 20, according to a Monday report from UBS.

“We expect more capacity cuts in the coming weeks,” UBS said.

So far, airline executives have said that travel demand is strong, but the fuel strains and price spikes are a headache for carriers and passengers alike as the peak summer travel season approaches.

Fuel is generally airlines’ biggest expense after labor, and carriers are already raising airfare and fees like for checked luggage to make up for the added cost.

Investors will be listening for more insights into how the jet fuel spike could affect the industry as airline earnings kick off Wednesday with Delta Air Lines. That carrier owns a refinery, so it could benefit from jet fuel sales.

The reticence expressed by Democrats about removing President Donald Trump from office — even after he ousted Venezuelan President Nicolás Maduro and attacked Iran without seeking congressional approval — quickly fell away after his latest threat to Iran.

The president’s Tuesday morning Truth Social post, which threatened “a whole civilization will die tonight” and raised the specter of nuclear war, began a chorus of calls either for Trump’s impeachment or for his removal via the invocation of the 25th Amendment. On Tuesday evening, Trump and Iran announced a two-week ceasefire.

“This is a threat of genocide and merits removal from office. The President’s mental faculties are collapsing and cannot be trusted,” Rep. Alexandria Ocasio-Cortez, D-N.Y., posted to X on Tuesday. “To every individual in the President’s chain of command: You have a duty to refuse illegal orders. That includes carrying out this threat.”

Trump’s ultimatum came ahead of his Tuesday night deadline for Iran to make a deal with the U.S. and reopen the Strait of Hormuz, the key shipping channel for the world’s oil out of the Persian Gulf.

The chance of Trump being removed from office is low, and his Cabinet members — who would have to play an active role in invoking the 25th Amendment — routinely publicly praise him.

Senate Minority Leader Chuck Schumer, D-N.Y., posted to X after the announcement that he was “glad Trump backed off and is desperately searching for any sort of exit ramp from his ridiculous bluster.”

But the pause may not be enough to forestall calls for removal in Congress, where dozens of Democrats — and a few Republicans — condemned Trump on Tuesday. Several said the ceasefire changes nothing.

“Just because a President announces he’s agreed to a two week ceasefire moments before he threatened to commit war crimes, does not mean he is suddenly fit to serve. #25thAmendment,” posted Rep. Melanie Stansbury, D-N.M.

Rep. John Larson, D-Conn., on Monday introduced articles of impeachment, citing Trump’s “serial usurpation of the congressional war power and commission of murder, war crimes and piracy.”

On Tuesday, Rep. Ilhan Omar, D-Minn., also advocated for impeachment. “When will it be enough for my Republican colleagues to grow spines and remove him from office?” Omar posted to X.

Others, such as Rep. Ro Khanna, D-Calif., argued that Section 4 of the 25th Amendment — which allows for the involuntary transfer of power if the vice president and a majority of the Cabinet declare the president incapacitated — should be invoked.

“If the United States Congress has any life left in it, every member of Congress and senator must be calling for Trump’s removal today based on the 25th Amendment,” Khanna said in a video posted to X. “He is threatening the entire destruction of a civilization. He is calling Iranians animals.”

Former House Speaker Nancy Pelosi, D-Calif., said in a statement late Tuesday that Trump should be removed from office one way or another.

“If the Cabinet is not willing to invoke the 25th Amendment and restore sanity, Republicans must reconvene Congress to end this war.”

The White House criticized the calls for Trump to be removed from office.

“This is pathetic,” White House spokesperson Davis Ingle said in an email. “Democrats have been talking about impeaching President Trump since before he was even sworn into office. The Democrats in Congress are deranged, weak, and ineffective, which is why their approval ratings are at historic lows.”

Just 140 Democrats in December voted to advance a measure from Rep. Al Green, D-Texas, to impeach Trump.

Rep. Maxine Waters, D-Calif., who has at times called for Trump’s impeachment, told CNBC in March that any such effort was off the table for at least as long as Democrats are in the minority in both chambers. And in an election year in which Democrats are trying to hammer Trump and Republicans on affordability, many see impeachment as a losing issue.

“I think when we take control of the House we will consider that,” Waters said.

But neither impeachment nor the use of the 25th Amendment is likely at the moment, with Republicans in control of both chambers and no open revolt within the Trump administration over the Iran war.

Section 4 of the 25th Amendment has never been invoked and would require buy-in from Vice President JD Vance, the Cabinet and eventually two-thirds of Congress if Trump argued he is not incapacitated.

Republican Marjorie Taylor Greene, the former Georgia representative and Trump acolyte-turned-antagonist, called Trump’s post “evil and madness.”

“25TH AMENDMENT!!! Not a single bomb has dropped on America. We cannot kill an entire civilization,” Greene posted to X.

Elected Republicans began to publicly recoil in the hours after the president’s initial proclamation that he would destroy the Iranian civilization.

Sen. Lisa Murkowski, R-Alaska, broke sharply with Trump in a social media post on Tuesday, condemning his rhetoric.

“The President’s threat that ‘a whole civilization will die tonight’ cannot be excused away as an attempt to gain leverage in negotiations with Iran,” Murkowski said. “This type of rhetoric is an affront to the ideals our nation has sought to uphold and promote around the world for nearly 250 years. It undermines our long-standing role as a global beacon of freedom and directly endangers Americans both abroad and at home.”

Murkowski, a moderate who has clashed with Trump in the past, said “[e]veryone involved — especially the President and Iran’s leaders — must de-escalate their unprecedented saber-rattling before it is too late.”

Sen. Ron Johnson, R-Wis., a current Trump ally, broke with the president during a Monday appearance on the “John Solomon Reports” podcast. Johnson said he hoped Trump’s words were “bluster.”

“I do not want to see us start blowing up civilian infrastructure,” Johnson said. “We are not at war with the Iranian people. We are trying to liberate them.”

And Rep. Nathaniel Moran, R-Texas, in a statement posted to X on Tuesday pushed back on Trump’s rhetoric while stopping short of calling for his removal.

“I do not support the destruction of a ‘whole civilization.’ That is not who we are, and it is not consistent with the principles that have long guided America,” Moran wrote. “I have and will continue to support a strong national defense — one that is focused, disciplined, and firmly rooted in protecting the safety and security of the American people. But, how we protect the lives of the innocent is just as important as how we engage the enemy.”

Rep. Kevin Kiley, a former California Republican recently turned independent, in a post on X said, “The United States does not destroy civilizations.”

“Nor do we threaten to do so as some sort of negotiating tactic. We should all desire a future of freedom, security, and prosperity for the people of Iran,” he said, asserting that Congress “has a responsibility to conduct oversight with respect to ongoing military operations and our obligations under both U.S. law and international agreements to which we are a signatory.”

Delta Air Lines and Southwest Airlines are raising checked bag fees by $10 for tickets, the third and fourth major U.S. carriers to increase prices as the industry grapples with a jump in jet fuel expenses this year.

“As part of an ongoing analysis of the business and against the evolving global backdrop, Southwest Airlines is increasing its fees on first and second checked bags by $10, effective on all reservations ticketed or voluntarily changed on or after April 9, 2026,” Southwest said in a statement.

Southwest Airlines ended its policy allowing all customers to check two bags for free less than a year ago.

The changes would bring the fee to check a first piece of luggage to $45, and $55 for a second bag on each airline. Delta’s changes take effect with bookings starting Wednesday and don’t apply to long-haul international travel but domestic flights and shorter flights abroad.

“These updates are part of Delta’s ongoing review of pricing across its business and reflect the impact of evolving global conditions and industry dynamics,” the airline said in a statement Tuesday.

A third bag on Delta would cost $200 to check.

Last week, United Airlines and JetBlue Airways increased their checked bag fees. Other carriers often follow such pricing moves.

Jet fuel in major U.S. cities was going for $4.69 a gallon on Monday, according to Airlines for America, citing Argus data, up nearly 88% since the U.S. and Israel attacked Iran on Feb. 28. The key Strait of Hormuz shipping channel has remained effectively closed over the past month, choking off global crude and refined fuel supplies.

Delta reports first-quarter results before the market opens on Wednesday, and investors are likely to question executives on how well they are covering the surge in fuel, airlines’ biggest expense after labor. Analysts have pointed to strong demand as a salve for high fuel, but it’s not clear that carriers will be able to cover the entirety of the fuel price run-up.

Danone’s CEO told CNBC that inflationary pressures from the Iran war may force the company to consider price hikes as the outlook for conflict in the Middle East remains highly uncertain.

When asked if the company would be raising prices, CEO Antoine de Saint-Affrique said, “we are not there yet.”

“Nobody knows when [the war] is going to stop, and depending how the next two to four weeks are going to evolve, the outcome from a macroeconomic standpoint, is going to be very, very different,” he told CNBC’s Charlotte Reed.

“If it lasts for long enough, it will have an impact,” he added.

His comments come as companies increasingly take stock of how the war may impact their operations and cost base. 

The conflict in the Middle East has now entered its sixth week, with U.S. President Donald Trump turning up the tone on Iran over the weekend to reopen the Strait of Hormuz. 

The president on Monday said Iran has until 8 p.m. Eastern time to reopen the strategically important strait where normally a fifth of global oil supply passes through.  

The effective closure of the narrow passage has caused not only surging energy prices but also soaring fertilizer and shipping costs. 

The Head of the International Monetary Fund Kristalina Georgieva warned Monday that even if the conflict resolves soon, the Iran war will inevitably lead to higher inflation and weaker growth.

Earlier this month, Britain’s Food and Drink Federation (FDF) forecasted food inflation of at least 9% by the end of the year, revised upwards from an estimated 3.2% previously. That would be the highest annual food and non-alcoholic drink inflation since 2023. 

“Given the fast-changing nature of the situation, this revision is based on assumptions that the Strait of Hormuz opens to cargo traffic within the next two-three weeks and the majority of key facilities, such as oil, gas and fertiliser sites, return to normal within a year,” the FDF said on April 1. 

“If it lasts for long enough, it will have an impact,” de Saint-Affrique said. 

Danone reported a roughly 2.1% overall price increase in the fourth quarter, while volume-led growth stood at 2.5%. 

The company is betting it can capitalize on its healthy brands to remain relevant as food brands also face increasing competition from cheaper private labels that offer grocers higher margins. In March, it announced it would buy protein shake maker Huel for an undisclosed sum to optimize its position in the fast-growing nutrition space. 

Retailers have also warned that they can only absorb increased costs for so long before passing them on to their customers.

British retailer Next said late last month that it had accounted for £15 million ($20 million) of additional costs likely to arise from the Middle East conflict, such as fuel and air freight, assuming the disruption lasts for three months.

“Beyond the next three months, if we see these costs persist, then we will begin to pass costs through as higher pricing,” Next said.

Bill Ackman’s Pershing Square said Tuesday it is planning to buy Universal Music Group in a cash and stock deal.

UMG will form a newly merged company with Pershing Square and list on the New York Stock Exchange, according to the terms of the transaction, which is expected to close by the end of the year.

“Since UMG’s listing, Sir Lucian Grainge and the company’s management have done an excellent job nurturing and continuing to build a world-class artist roster and generating strong business performance,” said Pershing Square CEO Bill Ackman in the Tuesday statement.

“However, UMG’s stock price has languished due to a combination of issues that are unrelated to the performance of its music business and importantly, all of them can be addressed with this transaction.”

This is a breaking news story. Please refresh for updates.

Oil prices edged higher after U.S. President Donald Trump doubled down on his threats to attack Iran’s civil infrastructure, warning that the nation will be “taken out in one night,” if the Islamic Republic’s leadership failed to reopen the Strait of Hormuz.

U.S. West Texas Intermediate crude futures for May were up 0.93% at $113.46 per barrel as of 8:45 p.m. ET. Brent crude for June delivery gained about 0.54% to $110.36 per barrel.

On Monday, Trump repeated his threat that the U.S. will destroy Iran’s power plants and bridges if Tehran did not reopen the Strait of Hormuz by 8 p.m. ET on Tuesday, while also signaling that Iranian leadership was negotiating in earnest.

The closure of the narrow waterway connecting the Persian Gulf and Gulf of Oman has led to a supply shock, sending prices for crude, jet fuel, diesel, and gasoline soaring since the war broke out on Feb. 28.

“They have ’til tomorrow,” the president said. “Now we’ll see what happens. I can tell you, they are negotiating, we think in good faith, we’re going to find out. We’re getting the help of some incredible countries that want this to be ended, because it affects them also.”

Reuters reported that the U.S. and Iran were discussing a framework plan to end their 5-week-old conflict, as Tehran has pushed back against Trump’s pressure to swiftly reopen the Strait of Hormuz, which would allow traffic to start flowing again through the vital energy artery.

Iran has rejected the U.S. ceasefire proposal, presenting its own 10-point plan, according to Axios, including a permanent end to hostilities in the region, rather than a temporary ceasefire, a protocol for safe passage through the Strait of Hormuz, lifting of sanctions, and reconstruction.

But the changes for a ceasefire deal to be reached before the deadline remained slim, according to the report.

Trump responded to the proposal, saying that “They made a … significant proposal. Not good enough, but they have made a very significant step. We will see what happens.”

“As the deadline approaches, [Trump] wants to apply even more pressure to get them across the finish line,” Brain Jacobsen, chief economic strategist at Annex Wealth Management.

Shipping through the Strait of Hormuz is slowly resuming, with 8 tankers transiting Monday, up from the average of fewer than 2 transits per day in March, according to S&P Global Market Intelligence. That, however, is a fraction of the pre-war levels with an average of 20 million barrels of crude oil and products transiting per day via the strait in 2025.

Broadcom said Monday that it’s agreed to produce future versions of artificial intelligence chips for Google, and signed an expanded deal with Anthropic that will give the AI startup access to about 3.5 gigawatts worth of computing capacity drawing on Google’s AI processors.

Shares of Broadcom rose 3% in extended trading.

The disclosure in a securities filing underscores the surging demand for infrastructure that can run generative AI models. Anthropic’s popularity has soared this year, with its Claude app becoming the top free U.S. app listed in Apple’s App Store in February after a dispute between the company and the Pentagon became public.

On an earnings call last month, Broadcom CEO Hock Tan said that “for Anthropic, we are off to a very good start in 2026” in providing 1 gigawatt of compute from Google’s homegrown tensor processing units (TPUs). Broadcom helps Google make its TPUs.

“For 2027, this demand is expected to surge in excess of 3 gigawatts of compute,” he said.

In a note following the earnings call, analysts at Mizuho led by Vijay Rakesh estimated that Broadcom would pick up $21 billion in AI revenue from Anthropic in 2026 and $42 billion in 2027. The filing on Monday did not contain a dollar amount.

Meanwhile, Broadcom is also collaborating with Anthropic rival OpenAI on custom silicon for AI. Both model builders currently rely heavily on graphics processing units from Nvidia through cloud providers such as Amazon, Google and Microsoft. OpenAI has also committed to drawing on six gigawatts of AMD’s GPUs, with the first gigawatt set to come in the second half of this year.

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