The 8:30 show, hosted by Julie Hyman, Pras Subramanian and Jake Conley, discusses the stock market's rebound. Other topics include Anthropic's (ANTH.PVT) commitment to a “Public Benefit” fund, Elon Musk's promise to American children about SpaceX (SPCX) stock ahead of earnings, and doubts over an IPO after Microsoft (MSFT) withdrew.
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Related tickers and likely impact
QQQ
▲ Likely positiveInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/16/2026 | 709.82 |
| Change that session | -2.50% |
SPY
▲ Likely positiveSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/16/2026 | 763.31 |
| Change that session | -1.10% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Claim a stake in the hottest companies - BEFORE they strike it big
Fast-growing private companies such as Anthropic often deliver their biggest gains to wealthy early investors before they list, leaving ordinary investors out. Investment trusts, which are listed funds, can hold both listed and private companies as well as assets such as infrastructure, office blocks and windfarms. For example, Scottish Mortgage Trust first invested in SpaceX in 2018 with £150 million, and that stake grew to about £3.8 billion by the time SpaceX listed in June; the trust also holds Anthropic. Anthropic is set to list on Nasdaq as early as next month, with valuations suggesting it could be worth as much as $2 trillion. SpaceX shares are currently down some 7%.
- Can Anthropic's Shadow Board Cripple Its IPO?
Anthropic's IPO documents show the Long-Term Benefit Trust (LTBT), which holds only 5% of shares, can appoint most of the board, including four members, and can block some corporate actions. It also has a say in debt issuance and in selling more than half the company. Its mandate is to steer AI for humanity's long-term benefit, and it has appointed former Federal Reserve Chair Ben Bernanke and Neil Buddy Shah, CEO of the Clinton Health Access Initiative. The article asks what happens if the trust views a management decision as not serving long-term benefit, while Anthropic competes with Chinese AI advances and OpenAI. IPO investors may see this as a risk to Anthropic's ability to innovate, and the federal government has so far stayed out of this governance.
- Hyperliquid CEO Jeff Yan Says Perpetual Futures Markets Can Democratize Access to Pre-IPO Companies. Here's Why He's Right.
At Token2049 in Singapore, Hyperliquid CEO Jeff Yan argued that most gains from private firms before their IPOs go to a privileged few, and that his exchange's pre-IPO perpetual futures offer earlier exposure. Perps never expire and only track price, conferring no share ownership, earnings rights or voting power. Anthropic's valuation rose from $586.56 million in May 2021 to $965 billion in May 2026, with most gains going to funds and institutions. Yet its perp implied about $2 trillion on October 15, double its latest funding round, while a Space Exploration Technologies perp traded at $180–$200 after launch and slid to $160–$170, versus a $135 June IPO price. The author advises against buying pre-IPO perps, since they carry no claim on the company and Anthropic's financials are not yet public.
- Anthropic IPO: Musk Wants AI Firm To Hand Shares Directly To Public, Says 'This Is What I Will Be Doing'
Elon Musk suggested Anthropic should distribute its shares directly to the public, responding to the company's plan to commit 5% of its equity to a new Public Benefit Fund, which could rise by 2% for every 50% increase in valuation above a baseline. Co-founders pledged to donate 80% of their equity, and Anthropic committed $200 million to address AI-driven labor disruption. Critics including David Sacks and investor Vijar Kohli questioned whether the LLC structure serves the public good or could dilute voting rights and complicate the IPO. Anthropic, which confidentially filed for a U.S. listing in June, reported third-quarter revenue of $16.8 billion, up 45% from the previous quarter, but some investors are discussing a valuation near $1.5 trillion, below earlier expectations of $2 trillion.
- 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.
- Microsoft pulls out of UK data centre deal with Nscale, Telegraph reports
According to the Telegraph, Microsoft has withdrawn from a planned agreement to be the anchor tenant of Nscale's proposed data centre in Loughton, Essex, though no specific reason was established. The project has faced delays and power supply problems, with authorities reportedly suggesting a grid connection might not come until the 2030s. Nscale's flagship data centre in Norway is also about six months behind schedule, with only 6.4 megawatts of its planned 30-megawatt capacity operational. The setback comes ahead of a possible IPO that could raise as much as $3 billion as early as October, while Microsoft and Anthropic account for about 85% of Nscale's contracts. Nscale says it remains committed to Loughton and that its relationship with Microsoft is strong, while Microsoft has not commented publicly.
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Latest news
- Why Meta's Q3 earnings could be a little hard to interpret
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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