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I don’t get the hype. Dom already had the Roadster’s capabilities in the last 7 Fast and the Furious movies.

Tesla could have made it faster if they had family. by @afinancebro

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The most romantic gesture of 2026 is not a diamond ring. A Chinese bride surprised her groom at their wedding with a $12,000 Nvidia RTX 5090 GPU, reducing him to tears in front of their guests. In an era where AI compute is the most coveted resource on the planet, apparently the way to a tech man’s heart is through his VRAM.

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OpenAI’s revenue story just got significantly more complicated. The Financial Times reported today that OpenAI told investors its annualized revenue is approaching $50 billion as of September, roughly $20 billion below the $70 billion figure that had been widely circulating. The gap is not the result of a business slowdown but a calculation error made by investors who took OpenAI’s August run rate of $40 billion, applied the company’s stated 70% quarterly growth figure, and arrived at $70 billion. OpenAI’s own number, which excludes cloud partner sales that Anthropic counts in its figures, puts the real run rate closer to $50 billion.

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The distinction matters more than it might appear. At $50 billion, OpenAI’s annualized revenue now falls below Anthropic’s $65 billion run rate for the first time, flipping the competitive narrative that has driven valuation benchmarks across the sector. OpenAI raised $122 billion in March at a valuation north of $300 billion, implying a revenue multiple of roughly 28x on the revised figure versus 20x on the $70 billion estimate. AI stocks including Nvidia and Oracle fell on the news. OpenAI has also reportedly delayed its IPO from 2026 to early 2027, adding further uncertainty to a listing that investors had been pricing as one of the defining market events of the year. For a company burning cash at scale and carrying an extraordinary infrastructure cost base, the IPO timeline delay is the detail that will matter most to the market. by @afinancebro

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The timing could not be more pointed. Just days after Anthropic filed for an IPO targeting a $2 trillion valuation, two of its largest corporate customers are actively scaling back their use of Claude. Microsoft has cut internal Claude spend by more than 33%, slashing the per-employee token budget from $100,000 to $10,000 per month and forcing Copilot to auto-route to cheaper models. Palantir and Nvidia are also pulling back over soaring costs and data privacy concerns.

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Meta’s situation is even more telling. The company used Claude Code to build its own AI coding tool, then cut active Claude Code users from 60,000 to 30,000, a 50% decline, as it pushes employees toward its internally developed Muse Code and MetaCode alternatives. Muse Code, which uses Meta’s own models, already has over 6,000 employee users, while MetaCode, an in-house only tool, has surpassed 30,000. Meta did not just reduce its Claude spend. It used Claude to build the product that replaced it.

The strategic risk for Anthropic is significant. Its IPO prospectus disclosed that its two largest direct customers accounted for roughly 24% of FY25 revenue combined. If those customers are actively building in-house alternatives and redirecting employees away from Claude, the revenue concentration risk investors are being asked to underwrite just became more visible. Public market investors pricing Anthropic at $2 trillion will need to decide how much of that valuation survives customers who are quietly becoming competitors. by @afinancebro

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Anthropic has filed for an IPO targeting a valuation of over $2 trillion, nearly double the $965 billion private valuation it commanded just four months ago in May 2026. The prospectus, reported by Reuters, reveals a company scaling at a pace rarely seen in corporate history. FY25 revenue hit $4.59 billion, up 1,088% year over year from roughly $400 million in FY24. The growth is extraordinary. The cost of that growth is equally extraordinary.

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Compute and infrastructure spending reached $7.33 billion in FY25, up approximately 3x year over year, accounting for 58% of total operating expenses of $12.65 billion. The operating loss came in at $8.06 billion, and the net loss hit $42 billion, though $34 billion of that was a non-cash accounting charge tied to financing instruments that may convert into equity. Strip that out and the cash burn picture is still significant, but more manageable given the $20.3 billion in cash and short-term investments sitting on the balance sheet at year end. Anthropic also carries $518 billion in compute and infrastructure obligations, a figure that reflects the scale of its commitments to cloud providers and chip suppliers to keep its models running and improving.

The concentration risk is worth noting. Anthropic’s two largest direct customers accounted for roughly 24% of total FY25 revenue combined, a meaningful dependency for a company heading into public markets. The IPO will test whether public market investors are willing to underwrite a $2 trillion valuation for a company with $4.6 billion in revenue, no profit, and $518 billion in future infrastructure commitments. For context, that implied revenue multiple exceeds what markets assigned to Nvidia at the peak of its 2024 AI rally. The bet is simple: Anthropic believes it is building one of the most consequential technologies in history. The question the market will answer is how much that belief is worth today. by @afinancebro

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CFA Level I pass rates just rebounded to 43% in August, back above the ~40% decade average, but the data reveals something worth knowing before you register: candidates who took the exam in February passed at 45%, while those who waited until May dropped to just 39%. If you’re studying for Level I, timing your test date might matter more than you think.

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Pros and cons anybody?

European Commission President Ursula von der Leyen confirmed in her State of the Union address to the European Parliament this week that Brussels is opening the door for Canada to become the first-ever associate member of the EU, telling lawmakers “we want to bring the relationship with Canada to the highest level possible.” The status does not currently exist in the EU’s framework and would need to be created from scratch, but von der Leyen’s statement moves this from a WSJ leak into an actual policy commitment from the top of the European Commission.

Canada’s trade relationship with the US has collapsed into a full tariff war, with 50% US tariffs on Canadian goods answered by Canadian retaliation on $20 billion of American products, pushing Ottawa to diversify away from a neighbor it can no longer treat as a stable trading partner. An associate membership would reportedly include visa-free live-and-work access for Canadians across the EU and deeper cooperation on energy, AI, defence, and critical minerals, without the political entanglement of full membership. Norway and Iceland have both stayed close to the EU economically while declining full membership for decades. Canada may be about to become the first country to get a bespoke tier between the two.

If you are catching the latest news, you must be following @volateality

#finance #financememes #investing #stock #investmentbanking taken in Atlantic Ocean by @afinancebro

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Everyone’s celebrating this new EU-Canada mobility partnership like it’s a golden ticket. Cool, more visa access. But before you start picturing Aperol on a yacht in Portofino, let’s actually think this through.

EU citizens work fewer hours for less pay. Canadians work more hours for pay that doesn’t stretch much further. Move the labor pool around and the math doesn’t magically improve, it just relocates the same problem across an ocean. A vacation to Europe and actually living, working, and paying taxes there are two completely different experiences. One’s a highlight reel. The other’s rent, taxes, and a grocery bill.

This isn’t a knock on the idea, more mobility for qualified, vetted workers is genuinely a good thing, and there’s real value in experiencing how people live somewhere else. Just don’t confuse “easier to move” with “better off.” Read past the headline before you start packing. by @afinancebro

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Anthropic just told investors something most AI labs still can’t say. The company reports its adjusted operating income will be positive for a second straight quarter, with gross margins above 80% before even factoring in revenue shared with distribution partners like Amazon or the cost of training frontier models.

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The timing matters. Just days ago, OpenAI officially ruled out an IPO for 2026, with Sam Altman calling it “an ill-advised moment to go public” given growing safety concerns across the industry. It’s a stunning reversal for a company that was reportedly eyeing a trillion-dollar-plus valuation and had confidentially filed IPO paperwork back in June. Altman even suggested the industry may be nearing an agreement to intentionally slow the pace of frontier AI development.

Anthropic is moving in the exact opposite direction. While OpenAI pumps the brakes, Anthropic is reportedly targeting a $2 trillion valuation with marketing for its IPO expected to begin as early as mid-October. Two of the biggest names in AI, same industry, same safety concerns even being voiced by leadership on both sides, but two completely different bets on timing. One is telling Wall Street “not yet.” The other is telling Wall Street “now.” by @afinancebro

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Next week, they’ll be ramping up development. by @afinancebro

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Churning comments has never felt so good. by @afinancebro

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