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- Anthropic Reportedly Posted Quarterly Revenue Growth of 50% and Was Cash-Flow Positive. Here's Why It Might Not Be Enough to Impress Investors Before the Company's Massive IPO
Anthropic reportedly told investors at a private day that its revenue reached $16.8 billion for the three months ended Sept. 30, up 50% quarter over quarter, and that it was cash-flow positive and adjusted-profitable. That growth is slower than the 140% gain seen between the first and second quarters, and Jefferies had reportedly expected an annual revenue run rate of at least $80 billion. The company has delayed its IPO registration statement twice amid AI safety concerns and very heavy infrastructure spending. A Saxo Markets strategist says a valuation above $2 trillion would be about 30 times annualized Q3 revenue, making valuation the main debate. The article argues investors are now asking tougher questions about funding, cost of capital and returns, so these results may not impress them much.
- Anthropic Is Growing 50%, Microsoft Isn't
Anthropic said its revenue rose 50% quarter over quarter to $16.8 billion, and the author estimates its 2027 revenue could exceed $100 billion and its IPO valuation could reach $2 trillion. The author argues this growth puts pressure on public companies whose shares depend on AI, such as Microsoft, whose $3.9 trillion market cap is up only 4% over the past year while the S&P 500 is up 16%. In its latest quarter, Microsoft reported revenue of $90 billion (up 18%) and diluted EPS up 32% to $4.81, but AI revenue was not highlighted separately. According to the article, Microsoft's legacy business is weighing on its valuation, and Alphabet, Meta and Amazon face a similar challenge.
- Jim Cramer Says OpenAI Revenue Isn't 'Apples to Apples' With Anthropic, Daniel Newman Calls Debate 'Hilarious' — $500 Billion Wiped Out
The Financial Times reported that OpenAI told investors its annualized revenue was approaching $50 billion at the end of September, below the $70 billion previously reported. Investors had earlier adjusted the figures to match Anthropic's method of counting the full value of sales made through cloud partners. Many commentators framed the $20 billion gap as a difference in revenue accounting rather than a sales decline: Jim Cramer said the numbers are not apples to apples, while Daniel Newman blamed confusion between gross and net revenue. Under its amended Microsoft deal, OpenAI will keep paying Microsoft a 20% revenue share through 2030, and Shay Boloor argued the key question is how much of each AI dollar OpenAI keeps after Microsoft, Amazon and Alphabet take their cut. Market research platform Bull Theory said $500 billion was wiped out of the US stock market on Thursday.
- Roth conversions: When the ‘juice isn't really worth the squeeze,’ according to a top-ranked advisor
Roth conversions move pretax or nondeductible IRA money into a Roth IRA, which can potentially reduce lifetime taxes but can also raise income in the conversion year, so the strategy isn't right for everyone. As of March 31, Roth conversions were up 41% from the same period in 2025, according to Fidelity data covering 19.6 million IRA accounts. Advisors warn that extra income can phase out tax benefits such as education credits, the SALT deduction worth up to $40,400 for 2026, and the $6,000 senior deduction, and can also raise Medicare premiums. For ACA marketplace enrollees, income above 400% of the federal poverty line, about $63,000 for a single person or $129,000 for a family of four in 2026, can cost them the premium tax credit, so they should proceed with caution.
- The U.S. budget deficit just hit almost $2 trillion — and Washington isn’t doing much about it
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Meta is reporting its third-quarter earnings after the market closes Wednesday, and Yahoo Finance's Brian Sozzi says the report will be hard to interpret. Recent good news on Meta's AI products, including new models and an AI agent, may not appear directly in the results but will likely be discussed on the earnings call. The key uncertainty is how investors will react if Meta raises its capex outlook again: it could be seen as fueling those products, or as overspending on offerings not yet reflected in financials. Sozzi expects the market to give Meta the benefit of the doubt on higher capex, as long as the increase does not shock investors.
- Zerohash rolls out a new tool to move crypto without copying wallet addresses
Zerohash launched AUTH, a service that lets users move crypto, stablecoins and blockchain-based stock tokens between linked exchange accounts or self-custody wallets without copying wallet addresses or choosing a blockchain network. To transfer, users pick an account in an app that offers AUTH, sign in and approve the move, while the service handles routing and settlement and each app sets which assets and transfer types it allows. AUTH supports more than 600 connections, including Coinbase, Robinhood, Gemini, MetaMask and Phantom, with Coinbase, Robinhood and Gemini live and Kraken in beta. The launch comes as Zerohash's application for a national trust bank charter, returned by the Office of the Comptroller of the Currency in July, remains pending after a narrower refiling on Aug. 18.
- 2 charts show why Wall Street is right to worry about tech stocks
Rising cost of capital could affect the financial statements of hyperscalers such as Oracle (ORCL) and Google (GOOG, GOOGL) in 2027, as they need fresh debt to fund AI infrastructure and free cash flow may turn negative. JPMorgan strategist Mislav Matejka forecasts hyperscaler free cash flow will turn negative in 2027, implying credit markets will drive more of the AI build-out. Consensus estimates for 2027 capital expenditures are already rising from levels experts believe are too low. Morgan Stanley sees total 2027 capex among hyperscalers reaching $1.6 trillion, up from $978 billion estimated for this year. Dan Ives of Yorkville expects capex to reach the trillions and over 1,000 datacenters to be built in the next few years.
- Update on loan rate cuts as of the evening of Oct 19: MB, VietinBank, SHB, OCB join in
SHB, MB, VietinBank and OCB have announced loan rate cuts, following Agribank, Vietcombank, BIDV, ACB, LPBank and VietBank, with typical reductions of 1.5-2% per year. MB is cutting 1.5% per year for five priority sectors, to rates from 7.9% per year, and up to 2% in some cases; VietinBank is cutting up to 2% per year, while OCB offers up to 2.25% per year on some medium- and long-term loans for OCB Priority Banking members. SHB is cutting 1.5-2% per year for businesses and households and offers rates from 5.5% per year for lecturers and students at some universities. Vietcombank commits to cutting at least 2% through year-end, BIDV applies rates from 6% per year on short-term VND loans from 15/10/2026, and VietBank runs a VND 3,000 billion package. Specific benefits depend on borrower type, loan purpose, term and program conditions, following directives from the Government and the State Bank of Vietnam.
- Nvidia wins CPU business from Modal, previously exclusive to AMD and Intel
Modal, a San Francisco-based AI cloud startup that previously ran its AI agent workloads only on Intel and AMD processors, will begin using Nvidia's new Vera CPU. Early tests showed the Nvidia chip doubled work capacity for AI agents, and Modal plans to run it alongside Intel and AMD chips, assigning each task to the most efficient hardware, though integration requires substantial software changes. Modal recently raised $750 million in a round led by Accel at a $15.75 billion valuation and expects $1 billion in sales over the next year, with usage tripled and revenue up more than 15 times year-over-year. Nvidia projects at least $20 billion in Vera chip revenue this fiscal year in a market it estimates at about $200 billion, and says OpenAI, Anthropic, Oracle and Perplexity also plan to use the chips.
- America's EV Plans Have Died
Billions of dollars went into EV factories, dealerships and marketing after President Biden set a goal for 50% of new US car sales to be zero-emission by 2030, but EV sales have since fallen sharply. US EV sales dropped 30.7% in the first nine months of 2026, after the $7,500 tax credit expired on September 30 last year, and gas prices near $4.50 per gallon have done little to lift them. According to Kelley Blue Book, the average transaction price of a new EV was $54,754 in August, above the $50,089 average for all new cars. Ford's EV sales fell 80.2% to 6,047 in the third quarter, and it has no new EV planned until its Fathom launches next year, while Tesla holds over 50% of the market and no other major automaker has even 10%. The article says EVs could recover if gas prices reach $5 and stay there for months, but that is uncertain.
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