It's finally here.

Anthropic has officially filed for its IPO - and the numbers are crazier than we thought.

Here are all the key details:

- They’ve filed to list on Nasdaq under ANT, targeting the week of Nov. 16.

- Investors are eyeing a $1.5T–$1.75T valuation, down from earlier $2T+ expectations.

- Q3 revenue surged 45% QoQ to $16.8B, but Anthropic warns growth may not be sustainable.

- H1 brought an $80.7B net loss, including $72B in non-cash accounting charges.

- It has agreements for up to $120.5B in SpaceXAI & Nvidia compute through 2029.

- Nearly 25% of 2025 revenue came from just 2 customers.

- It has 94 pages dedicated to "risks" including a “catastrophic AI-related incident” so large that it couldn’t get insurance.

A $1.75T valuation, billions in compute commitments, customer concentration and a warning about catastrophic risks and slowing growth.

Are you buying?

Imagine someone telling you just 2 years ago that this was in a company's IPO prospectus.

What would you say?

FOMC, inflation, GDP & Big Tech earnings all in the SAME week!

Here's everything you need to watch:

Tues:
- Sept durable goods orders
- Sept new home sales
- US consumer confidence
- Israeli election

Wed:
- Fed rate decision
- Microsoft & Alphabet earnings

Thurs:
- September PCE inflation
- Q3 GDP
- Weekly jobless claims
- ECB rate decision
- Amazon & Intel earnings

Fri:
- BoJ rate decision

Important!

Over the week, 168 S&P 500 companies are reporting earnings, with AI spending, cloud growth & profit margins in focus.

A lot for markets to digest after last week's sharp sell-off.

Insane.

Not only did Meta burn through all its free cash flow in the last quarter to invest in the buildout (even going negative for first time ever), but it's now raising even more cash??

According to the WSJ, it's looking to raise $95B from shareholders.

$35B of common stock & convertible preferred now, then up to $60B drip-fed from 2027.

Who needs free cash flow when you have shareholders?

In just 24 hours, things have almost completely reversed in the Iran war.

Here's the latest:

- Netanyahu pushed for strikes on Iran before tomorrow's election. His chief pushed back in an "unprecedented" confrontation.

- Trump rejected Netanyahu's request for joint strikes, even as he endorsed him as an "outstanding Warrior Prime Minister".

- Saudi, Turkey & Pakistan sent top security officials to Tehran for urgent talks, while Qatar pushes to revive negotiations.

- Iran has offered to reopen Hormuz only if US lifts naval blockade.

- Brent crude fell to $115 on hopes of de-escalation

So what happens now?

The force posture in the region points to an escalation but an attack before midterms is unlikely.

The mediation efforts are a last ditch attempt to salvage a deal, but Iran has little incentive to strike one before midterms as does Trump post midterms.

So, we sit in this intolerable holding pattern...

As new concerns start to mount about Neoclouds like CoreWeave, now is a good time to remind you that the CEO sold $1 Billion in stock since IPO and all 3 founders have sold over $3.3 Billion...

Today, China sentenced a Billionaire copper tycoon to life in prison for fraud.

Last month, the Evergrande founder also got life for the developer's collapse.

Over in the US?

Billionaires are paying lobbyists who're busy selling Trump pardons.

Big Tech is betting hundreds of billions on AI. But voters living next to new data centers are asking what they get beyond higher electricity bills.

With the midterms approaching, that anger could become a political roadblock for the AI boom.

The problem? Companies have already power contracts and debt commitments. Politicians can slow the building. Those bills keep coming.

So Trump is calling Norway a "shit house country" because *checks notes* the Nobel committee didn't give him a peace prize??

The biggest rotation since 2009 is happening right now.

The S&P 500 equal weight index is outperforming the cap weighted index by one of the widest margins on record.

Investors are fleeing mega cap tech.

The Magnificent 7 is no longer magnificent.

The scariest chart in AI right now.

Research firm Gartner estimates $3.5 trillion of AI infrastructure could be impaired by 2030.

The spending has outpaced the revenue potential. The math doesn't work.

It estimates 80% of neoclouds gone as independent companies by 2030.

The largest pension fund in the US just cut its Mag 7 exposure by 26%!

Calpers, the $640B giant, is rotating out of Big Tech.

Its view is that markets are concentrated in a handful of over valued names.

Hedge funds sold first.

Pension funds are following.

FOMC, inflation, GDP & Big Tech earnings all in the SAME week!

Here's everything you need to watch:

Tues:
- Sept durable goods orders
- Sept new home sales
- US consumer confidence
- Israeli election

Wed:
- Fed rate decision
- Microsoft & Alphabet earnings

Thurs:
- September PCE inflation
- Q3 GDP
- Weekly jobless claims
- ECB rate decision
- Amazon & Intel earnings

Fri:
- BoJ rate decision

Important!

Over the week, 168 S&P 500 companies are reporting earnings, with AI spending, cloud growth & profit margins in focus.

A lot for markets to digest after last week's sharp sell-off.

Turns out the prediction markets completely misread the Brazilian election winner.

80%+ odds of Bolsonaro winning for weeks!

Are the prediction markets misreading the US midterms as well?

Only 2 companies have contributed 34% of the S&P 500's earnings growth.

Q3 earnings are expected up 30% YoY, but Nvidia & Micron drive 34% of it.

10 companies = 2/3.

The other 490? A paltry 10%.

A rally this narrow is not breadth, it's a concentration bet.