Hi there, this is your daily ☕️ Finpresso.
In today's newsletter:
💰 Broadcom to lend Anthropic up to $42B for chips
💵 Anthropic eyes up to $2T valuation in November IPO
⚖️ Subpoena reveals California probe into OpenAI cyber incidents
📉 French budget panic sparks euro-zone bond sell-off
🪙 SEC proposes crypto self-custody for fund advisers
Plus: 🌍 9 macro stories, 🏢 9 corporate stories, and 📑 6 research & reports.
| 💰 Broadcom to lend Anthropic up to $42B for chips LINK |
- Broadcom has agreed to lend Anthropic up to $42 billion to fund the AI infrastructure built around its chips, according to Anthropic's IPO prospectus, blurring the line between chip supplier and financial backer.
- The financing is largely convertible debt that Broadcom can turn into Anthropic shares after the IPO, and it would cover roughly 33% of Anthropic's $125.2 billion, five-year commitment to lease Broadcom's custom AI chips.
- Anthropic's own filing flags a conflict-of-interest risk from Broadcom acting as both supplier and lender, while analysts warn of "circular" AI spending in which chipmakers finance the clients who then buy their products.
| 💵 Anthropic eyes up to $2T valuation in November IPO LINK |
- Anthropic is aiming to list its shares before Thanksgiving, with investors pegging a potential valuation of $1.8 trillion to $2 trillion, according to a Bloomberg report citing unnamed sources.
- Formal IPO marketing could begin the week of November 9 with trading starting before November 26, timing reportedly set to let the company share third-quarter results expected to be strong, though plans could still change.
- The prospectus shows revenue of nearly $4.6 billion last year, a 12-fold jump, alongside an operating loss topping $8 billion and projected spending of $518 billion on cloud, computing and infrastructure in the years ahead.
| ⚖️ Subpoena reveals California probe into OpenAI cyber incidents LINK |
- California Attorney General Rob Bonta has issued an investigative subpoena to OpenAI, opening a probe into cybersecurity vulnerabilities and incidents tied to the company's AI models, his office said yesterday.
- The move widens an inquiry Bonta announced last month into the "Hugging Face incident," in which OpenAI's AI agents hacked the open-source platform in July, gaining access to parts of its infrastructure.
- The case runs alongside a Federal Trade Commission industry-wide investigation into OpenAI, Anthropic and other AI labs, with Bonta warning that developers failing to secure their models could face legal accountability.
| 📉 French budget panic sparks euro-zone bond sell-off LINK |
- French government borrowing costs jumped yesterday, dragging eurozone bonds into a broad sell-off that revived memories of the region's debt crisis 15 years ago, with the key gap to Germany hitting its widest since 2012.
- The yield on France's 10-year bonds climbed to its highest since 2002 before easing, driven by worry over Paris's record public debt and political uncertainty ahead of the 2027 presidential election.
- Deutsche Bank's Jim Reid notes the France-Germany yield gap widened 13.9 basis points, its biggest daily jump since March 2020; traders now watch today's first eurozone September inflation reading and the US jobs report for the next move.
| 🪙 SEC proposes crypto self-custody for fund advisers LINK |
- The SEC proposed rules on Thursday that would let registered investment advisers and regulated funds hold clients' crypto directly rather than always parking it with an outside custodian, Chairman Paul Atkins citing a market now worth "multi-trillion" dollars.
- The plan clears up long-standing ambiguity over the "qualified custodian" rule by permitting self-custody under certain conditions and letting state trust companies hold both client and fund crypto, with a 60-day public comment period once published.
- The move reverses a withdrawn 2023 proposal that would have forced every client asset into an approved custodian, a rule critics said left advisers with nowhere compliant to put crypto; it advances under existing authority while the CLARITY market-structure bill stays stalled in the Senate.
🌍 Macro News
- Euro heads for fourth weekly loss as French and Fed concerns weigh. LINK
- US mortgage rates reached their highest since November 2023, cooling applications. LINK
- US factory activity expanded for ninth month, while executives cited inflation concerns. LINK
- Oil slumped on reports of a coordinated release of fuel stockpiles. LINK
- US trade representative says India deal is not imminent, cooling expectations. LINK
- US prosecutors charged California tech owner with smuggling servers to China. LINK
- US blacklisted Russia-linked A7 Network over alleged $17 billion sanctions evasion. LINK
- EU probes Binance's continued service to customers despite lacking bloc-wide licensing. LINK
- Kashkari says one softer inflation reading won't rule out further rate hikes. LINK
🏢 Corporate News
- OpenAI fired three safety researchers over alleged sharing of confidential information. LINK
- Lyft will pay $272.5 million to settle California driver-classification lawsuit. LINK
- Amazon secured 20-year nuclear power deal to supply 690 megawatts. LINK
- Dell and partners plan $15 billion-plus hyperscale AI data center in Japan. LINK
- Accenture beat quarterly revenue guidance and forecast faster fiscal 2027 growth. LINK
- Nike cut its annual outlook after first-quarter sales missed expectations. LINK
- Airtel Money priced London listing at £1.96, valuing it £5.3 billion. LINK
- NBCUniversal is cutting hundreds of streaming technology jobs, mostly at Sky. LINK
- Robinhood Wallet added dYdX-built Arcus for eligible users swapping stock tokens. LINK
📈 Stocks
| ▲ Biggest winners |
| Accenture rose 16% after fiscal Q4 earnings beat with $3.80 EPS vs $3.19 estimate and strong AI bookings growth. LINK |
| Synopsys rose 13% after announcing a multi-year partnership with OpenAI to develop GPT-Synopsys for AI-driven semiconductor design and a separate $1 billion-plus cloud deal with Amazon. LINK |
| Ubiquiti rose 7% after GuruFocus reported its GF Value estimate of $552.39. LINK |
| ▼ Biggest losers |
| Paramount Skydance fell 10% after the company cut its investment-grade bond sale by $2 billion and shifted proceeds into loans. LINK |
| Repligen fell 8% after Zacks Research downgraded the stock to Hold. LINK |
| Pershing Square fell 5% after Jones Trading downgraded it from Buy to Hold. LINK |
📑 Research & Reports
- Euro-area firms plan to fund most AI investment internally, ECB survey finds. LINK
- Tokenized real-world assets reached $34.5 billion, with distinct trading patterns. LINK
- US stock funds have 20.3% exposure to companies with China-linked trade-policy risks. LINK
- Citi raised bitcoin and ether targets, expecting steadier, slower crypto inflows. LINK
- India's net portfolio inflows fell 16.6% in 2025-26 despite economic growth. LINK
- Goldman says a US diesel export ban would hit Latin America hardest. LINK