Nvidia Faces Potential $470 Billion Market Cap Wipeout in Two Sessions as Shares Slide; Microsoft Reclaims Second Spot
- Nvidia is facing a potential $470 billion loss in market capitalisation over two trading sessions as shares extend their decline amid growing scrutiny of CEO Jensen Huang's reported links to Singapore-based businesswoman Alice Huang, who US officials suspect of having ties to Chinese intelligence.
- Nvidia shares closed at $168.80 on November 10, down 5.5% from the previous close of $178.68. The stock has also fallen from $186.65 on November 6.
- The latest decline puts Nvidia's market capitalisation at approximately $4.07 trillion.
- The controversy centres on allegations surrounding Huang's reported relationship with Alice Huang and questions over the movement of Nvidia chips to Chinese companies.
- Nvidia's board has launched an independent investigation, while US lawmakers have sought a closed-door briefing with Huang.
- The company has said it has no reason to believe that its trade secrets or US national security have been compromised.
- The sell-off has pushed Nvidia below Microsoft in market capitalisation rankings, allowing the software giant to reclaim the position of the world's second-most valuable company.
- Investors are also reassessing the sustainability of massive AI infrastructure spending and the potential returns from the sector.
- Nvidia is scheduled to announce its next quarterly results on November 17, which will provide fresh insight into AI chip demand and its business outlook.
South Korea’s Exports Surge 112% in First 10 Days of November as Semiconductor Shipments Jump 331%
- South Korea’s exports reached $33.5 billion in the first 10 days of November, up 111.9% year-on-year, according to preliminary data from the Korea Customs Service.
- The figure marks a record for the first 10 days of November and the second-highest export value recorded in any 10-day period, behind early September’s $35.1 billion.
- After adjusting for working days, daily exports increased 97.7% to $4.46 billion. The latest period had 7.5 working days compared with seven a year earlier.
- Semiconductor exports surged 331.2% to $16.6 billion, recording the strongest growth among major export categories.
- South Korea’s year-to-date exports reached $963.7 billion. At the current daily pace, the country could cross the $1 trillion mark around November 20.
- Separately, third-quarter goods exports increased 72.3% year-on-year to $318.6 billion, the highest quarterly level since records began in 2015.
- The top 10 exporters accounted for more than 60% of total exports in Q3, the highest share since records began in 2010. Exports from large companies rose 103.5%, while small and medium-sized firms recorded growth of 12.8% and 10.7%, respectively.
- Semiconductor exports jumped 219% to $148 billion in Q3, accounting for 46.5% of total exports, compared with 25.1% a year earlier.
US Commerce Secretary Received Classified Memo on Nvidia CEO Jensen Huang’s Reported Ties to Suspected Chinese Spy
- US Commerce Secretary Howard Lutnick received a highly classified intelligence memo concerning Nvidia CEO Jensen Huang’s reported relationship with Alice Huang, whom US officials suspect of being linked to China's Ministry of State Security, according to Axios.
- The memo was drafted under Secretary of State Marco Rubio this spring and reportedly cited intelligence suggesting Alice Huang was recruited to gather information on Jensen Huang and potentially encourage Nvidia to seek access to its most advanced chips for China.
- The two individuals are not related. The memo reportedly drew on surveillance of Alice Huang and a chip-smuggling investigation involving her company, Singapore-based Megaspeed.
- According to Axios, the memo was circulated before President Donald Trump's China visit on May 13–15.
- On May 14, the Commerce Department cleared around 10 Chinese companies to purchase Nvidia's H200 chips, Reuters reported. Some approvals reportedly came before the intelligence warning, and it remains unclear how many resulted in actual shipments.
- The Information reported that the relationship helped facilitate at least $7.5 billion in Nvidia chip shipments to Chinese companies, according to Reuters.
- Nvidia shares declined for a second consecutive session on Tuesday as lawmakers from both parties called for investigations. Huang is expected to face a closed-door congressional briefing next week.
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Oil Prices Fall for Second Straight Day, Hit Lowest Close Since August 31 as Trump Signals No Immediate Strikes on Iran
- Brent and WTI crude futures fell for a second consecutive session on Tuesday, closing at their lowest levels since August 31 after US President Donald Trump signalled that further military strikes against Iran were unlikely for now.
- Brent briefly dropped below $90 per barrel for the first time since August before recovering some losses after Iranian security official Mohsen Rezaei said Tehran was not currently negotiating with Washington.
- Trump said Iran was “militarily effectively over” and suggested the conflict could end “fairly soon”. However, he confirmed that the US naval blockade in the Strait of Hormuz would remain in place and that American forces were still “locked and loaded”.
- US Secretary of State Marco Rubio told G7 allies that economic sanctions and the naval blockade were proving effective, reducing the need for major military operations.
- Brent has fallen around 22% from its six-month high of $118 per barrel reached on October 30. It had already declined 5.85% on Monday, following a 16% weekly drop the previous week.
- Eurasia Group analyst Gregory Brew said oil prices may struggle to remain below $90 without more durable signs of de-escalation and a US-Iran agreement.
- ING strategists estimated that Gulf crude exports have recovered to around 80% to 85% of pre-war levels, while refined fuel shipments have recovered to only 35% to 40%.
India’s Short-Term Bond Yields May Rise as RBI Withdraws Liquidity and Rate Hike Expectations Build
- India's short-term bond yields are expected to face upward pressure as the Reserve Bank of India (RBI) withdraws excess liquidity and markets anticipate further interest rate hikes.
- After raising the repo rate by 25 basis points on October 7, the RBI could deliver up to 75 basis points of additional hikes, amid inflation forecasts of 5.93%, close to its 6% upper tolerance limit.
- Banking system liquidity surplus has declined sharply from ₹11 trillion in early September to ₹2.3 trillion as of November 5.
- The decline follows liquidity withdrawal through currency swaps and ₹1.25 trillion in bond sales by the RBI.
- Short-term government bonds and Treasury bills are expected to underperform as tighter liquidity conditions and rate hike expectations weigh on demand.
- The spread between five-year and 10-year government bond yields has narrowed to 32 basis points from 37 basis points, signalling scope for further yield curve flattening.
US Chooses Sustained Economic Pressure Over Renewed War With Iran, Rubio Says
- US Secretary of State Marco Rubio said President Donald Trump considered two options regarding Iran: returning to military conflict or reaching an agreement, but ultimately chose a third approach based on sustained economic pressure.
- Speaking at the G7 foreign ministers' meeting in Paris, Rubio said Washington is imposing significant economic costs on Tehran to restrict its ability to finance terrorist groups and rebuild military capabilities.
- He said the pressure campaign has no fixed end date and will continue as the US pursues its objectives.
- Rubio reiterated that Washington remains focused on weakening Iran's financial and military capabilities through economic measures.
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Hegseth Avoids Impeachment as US House Votes 211-204 to Refer Resolution Back to Committee
- US Defense Secretary Pete Hegseth avoided impeachment on Tuesday after the House of Representatives voted 211-204 to refer the impeachment measure back to committee, blocking the immediate effort to hold him accountable.
- Representative Thomas Massie, who sponsored the measure, was the only Republican to oppose the motion. Democrats supported referring the resolution back to committee.
- Hegseth defended his record ahead of the vote, describing Massie as a “disgruntled and disappointed member of Congress” and arguing that the impeachment articles largely reflected policy disagreements.
- President Donald Trump welcomed the outcome, praised Hegseth and said all Republicans except Massie had supported him.
- Trump cited US military operations in Venezuela and Iran, record military enlistment and higher troop morale as evidence of Hegseth's performance.
- Democrats are expected to revive the impeachment effort after taking control of the House in January.
Trump Claims Major Victory Against ‘Fake News’ After Judge Rules Against BBC
- US President Donald Trump claimed a major victory in his fight against what he calls “fake news” after Judge Jeffrey T. Kuntz ruled against the BBC.
- According to Trump's account, the judge found that the broadcaster had fabricated a report and acknowledged editing video footage to make it appear that Trump had said words he never actually spoke.
Asian Markets Mixed as Nikkei Rises on CoreWeave Results, SoftBank Slumps After Quarterly Loss
- Japan’s Nikkei 225 rose on Wednesday, supported by strong results from AI cloud provider CoreWeave, while SoftBank shares declined after the company reported a quarterly loss.
- CoreWeave reported third-quarter revenue of $3.66 billion, up more than $1 billion from the previous quarter and above analyst estimates of $3.55 billion.
- The company raised its 2026 revenue guidance to $13 billion to $13.3 billion. Its revenue backlog increased to approximately $132.5 billion from $104.2 billion at the end of June.
- Despite strong revenue growth, CoreWeave reported a net loss of $709 million, while quarterly interest expenses stood at $846 million. CEO Michael Intrator described the quarter as a “breakout quarter”.
- CoreWeave shares gained in after-hours trading, easing investor concerns about the debt-heavy company's growth outlook.
- Meanwhile, stronger-than-expected US October inflation, with headline CPI rising 0.4% month-on-month, pushed Treasury yields higher and strengthened expectations of a December Federal Reserve rate hike.
- Rising rate expectations also put pressure on regional bond markets.
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US Household Debt Rises to $19.1 Trillion as Mortgage Delinquencies Hit Highest Level Since 2018
- US household debt increased 1.8% quarter-on-quarter to $19.1 trillion in the third quarter, according to the New York Federal Reserve's Household Debt and Credit Report.
- The share of household loans at least 30 days overdue rose to 5%, compared with 4.7% in the previous quarter.
- Mortgage balances more than 90 days overdue increased to 1.13%, the highest level since the first quarter of 2018.
- Home equity line of credit balances increased by $23 billion, marking the largest quarterly rise since 2005.
- New auto loan delinquencies also increased, while the pace of student loan delinquencies slowed and credit card delinquencies improved.
- The US 10-year Treasury yield climbed back to 5%, reaching the level for the first time since November.
- Despite rising mortgage delinquencies, the New York Fed said overall household credit quality remains sound.
Iran Says No Ongoing Negotiations With US, Rejects Reports of Planned Meeting With Vice President Vance
- Iran’s Supreme National Security Council Secretary Rezaei said Tehran is not currently engaged in negotiations with the United States, according to Iran’s Fars News Agency.
- Rezaei said Iran had asked Washington for a clear response to its conditions but had received no satisfactory answer.
- He described the US response as deceptive and dismissed claims that negotiations would continue or that a meeting would take place in Qatar as false.
- Rezaei also rejected reports that he was planning to meet US Vice President JD Vance, calling them false and unfounded.
Netanyahu Calls for Regime Change in Iran, Warns of Growing International Pressure to Accept Nuclear-Armed Tehran
- Israeli Prime Minister Benjamin Netanyahu said Iran has not abandoned its objective of destroying Israel and is seeking to rebuild its capabilities after Israel repelled the immediate threat.
- Netanyahu argued that the only way to permanently stop Iran's alleged plans is to overthrow the current Iranian regime.
- He warned that Israel could soon face international pressure to accept a nuclear-armed Iran and called for the formation of a national unity government.
- Addressing domestic political developments, Netanyahu criticised proposals to form a minority government that could rely on support from parties or lawmakers he accused of defending Hamas.
- He said he could not rely on a government made up of people who hate Israel, clarifying that he was not referring to Arabs but to those who oppose Israel.
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Rubio Says US Sees No Need for Large-Scale Military Operation Against Iran, Cites Effectiveness of Sanctions and Naval Blockade
- US Secretary of State Marco Rubio said Washington sees no need for a large-scale military operation against Iran, citing the effectiveness of US economic sanctions and maritime blockade measures.
- Speaking in Paris on November 10 after the G7 foreign ministers' meeting, Rubio said the impact of sanctions on Iran is expected to become increasingly significant.
- He said the US remains open to reaching a “real agreement” with Tehran but described Iran's proposed conditions as “absurd”.
- Rubio reiterated that President Donald Trump has ruled out Iran's demand for war reparations.
- On the latest US, Ukraine and Russia trilateral talks in Abu Dhabi, Rubio described the discussions as “very productive”.
- He also suggested expanding future negotiations to include European representatives.
US Senators Raise National Security Concerns Over Nvidia CEO Jensen Huang’s Reported Ties to Suspected Chinese Spy
- US Senators Elizabeth Warren and Jim Banks said on November 9 that Nvidia CEO Jensen Huang’s reported connection to a suspected Chinese intelligence operative makes national security concerns “even more urgent”.
- CNBC reported that Huang admitted to an affair with Alice Huang, a former executive at Singapore-based Nvidia customer Megaspeed, whom US officials reportedly believe is linked to China’s Ministry of State Security.
- Megaspeed has been accused of helping restricted Chinese companies obtain Nvidia chips.
- Nvidia’s board has launched an independent investigation. The company reportedly said it has no reason to believe trade secrets or US national security were compromised.
- Warren and Banks urged lawmakers to include the proposed AI Overwatch Act in the National Defense Authorization Act. The legislation would prohibit exports to China of AI chips more advanced than Nvidia’s H200.
- Three Republican House committee chairs have also requested a closed-door briefing with Huang on November 18.
- Chinese academics criticised the allegations as politically motivated, while China’s Foreign Ministry dismissed them as “groundless speculation”.
Three Contract Workers Die After Suspected Toxic Gas Leak at Tata Electronics’ iPhone Components Plant Near Hosur
- Three contract workers died on Monday evening after inhaling suspected toxic gas while servicing a nano-filtration tank at Tata Electronics’ Marigold facility in Krishnagiri district, near Hosur, Tamil Nadu.
- The incident occurred around 5:10 pm. Police said one worker, Akmal Babu Bhai, opened the tank’s lid and collapsed after being overcome by gas. Sarathi Kumar fell into the tank while attempting to rescue him, while Kaveri was also overcome by gas as she raised the alarm and tried to help.
- The facility’s safety team pulled all three workers out, but doctors at a private hospital in Hosur declared them dead on arrival.
- Police suspect a chemical powder used to control odour inside the tank may have triggered the release of toxic gas.
- Reuters reported that the effluent treatment plant was operated by Nalco Water, an Ecolab unit.
- Krishnagiri Collector C. Dinesh Kumar said proper safety measures were missing. The district administration, Tata Electronics and Apple have ordered investigations.
- Production was not affected as the facility was shut for Deepavali. The Hosur facility has previously faced fire and contamination-related setbacks.
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SoftBank Reports ¥1.12 Trillion Quarterly Loss as AI Data Centre Investments and Intel Stake Hit Results
- SoftBank Group reported a net loss of ¥1.12 trillion ($7 billion) for its fiscal second quarter, reversing a ¥2.5 trillion profit a year earlier and missing analyst expectations for a profit.
- The loss was driven partly by advance payments for power generation equipment for US AI data centre projects, including a planned campus in Pike County, Ohio.
- SoftBank said it made the payments early to secure equipment amid fears of shortages and long delivery timelines. These advance payments reached $9.48 billion by the end of September.
- Falling share prices of Intel, Arm and Coupang also weighed on results. SoftBank recorded a ¥270.1 billion loss on its Intel investment, according to the Financial Times.
- The company also faced losses on derivative contracts backed by Intel shares. These contracts helped raise $7.4 billion in August.
- Financing costs increased to ¥461.9 billion during the quarter.
- The Vision Fund division reported an ¥81.58 billion loss, compared with a ¥2.38 trillion profit a year earlier. Declines in portfolio companies, including Grab, weighed on Vision Fund 1.
Strong US Inflation Data Fuels Bets on December Fed Rate Hike as AI Investment Adds to Price Pressures
- US monthly inflation remained firm in October, with core CPI rising 0.3% for the month. Gasoline prices increased 1%, slowing sharply from September's 9.1% rise, while food prices recorded their biggest monthly increase since April.
- Annex Wealth Management chief economist Brian Jacobsen said headline inflation remains elevated and warned that recent oil price movements have also fed into underlying price pressures.
- Chicago Fed President Austan Goolsbee flagged AI-driven demand as a potential source of inflation. Officials are increasingly concerned that heavy AI investment could raise input costs and competition for skilled workers, including plumbers and electricians.
- Fed Governor Christopher Waller indicated he could support a larger rate increase if inflation accelerates, saying he would lean towards a 50-basis-point hike under such circumstances.
- Regan Capital CIO Skyler Weinand said stronger-than-expected inflation, robust October payroll growth and upward revisions to previous employment figures provide a basis for a December rate increase.
- Treasury prices fell and yields climbed following the inflation release. Yields on two-year to five-year Treasury notes rose by more than 10 basis points.
- Markets increased bets on further Fed tightening, pricing in at least two rate increases by mid-2027 and a small probability of a 50-basis-point move in December. A 25-basis-point December hike is fully priced in by markets.
US Government Received $12.26 Billion From Venezuelan Natural Resource Exports, Confidential KPMG Report Says
- A confidential KPMG report reviewed by The New York Times says the US government received and spent more than $12 billion from Venezuelan natural resource exports during the first nine months of 2026.
- Between January 3, which the report identifies as the start of US military intervention, and September 30, the US Treasury's Venezuela custodial account received $12.26 billion in deposits.
- Most of the funds were reallocated shortly after receipt. The account held approximately $170 million as of September 30 and generated around $12 million in interest.
- Most funds returned to Venezuela were sold into the market through foreign exchange auctions conducted by Venezuelan commercial banks.
- The report did not identify the ultimate beneficiaries of the proceeds from these transactions.
- The report was dated just days before the US midterm elections.
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Adani Group Plans Over $120 Billion Investment Over Five Years, Targets ₹18 Lakh Crore Asset Base
- Adani Group plans to invest more than $120 billion over the next five years, Adani Enterprises director Pranav Adani told Fortune India.
- Around 70% of the planned investment will go into energy businesses, including renewable and thermal power, data centres, and transmission and distribution. Another 20% will be allocated to ports, airports and roads, with the remaining 10% going to businesses such as cement, copper and aluminium.
- The plan implies annual capital expenditure of more than $20 billion, with scope for further increases.
- The group's three listed power companies account for around $60 billion of the planned investment. Adani Ports and the aviation business are expected to receive a combined ₹1 lakh crore.
- The investment programme is expected to more than double the group's asset base to ₹18 lakh crore, or approximately $191.6 billion, within five years.
- Adani Group is targeting EBITDA of ₹2.6 lakh crore to ₹3 lakh crore over the same period.
- The proposed spending exceeds the group's record FY26 capital expenditure of ₹1,52,967 crore. Its asset base stood at ₹7,85,098 crore and EBITDA at ₹94,834 crore in FY26.
- Karan Adani said the plan excludes additional spending on coal gasification, nuclear energy, aluminium and acquisitions.
- The announcement follows Adani Enterprises' recent plan to spend ₹35,000 crore to ₹40,000 crore annually over the next couple of years, mainly on airports, data centres and a PVC complex at Mundra.
US October CPI Rises More Than Expected, Strengthening Bets on Further Fed Rate Hikes
- US headline CPI increased 0.4% month-on-month in October, while core CPI, excluding food and energy, rose 0.3%, both exceeding expectations, according to the Bureau of Labor Statistics.
- The BLS did not publish annual inflation figures because data collection was disrupted by last October’s government shutdown.
- Core CPI rose 0.296% month-on-month, marking the third consecutive month of increases around 0.3%. The annualised three-month rate climbed to 3.75%, compared with 1.6% in July.
- The report is the final CPI release before the Federal Reserve’s December 8–9 policy meeting. Before the release, Fed Governor Christopher Waller said core inflation of 0.3% or higher could justify a 50-basis-point rate increase.
- Markets increased their bets on further monetary tightening, with investors pricing in at least two Fed rate hikes before mid-2027.
- US Treasury yields climbed following the data. The 10-year yield rose 9.03 basis points to 4.952%, while the two-year yield gained 16.54 basis points to 4.715%.
- The report cited the Iran war, tariffs and the data centre boom among the factors contributing to inflationary pressures this year.
- Brent crude fell below $90 per barrel on Tuesday for the first time since August. Analysts said easing expectations of a US-Iran escalation are gradually reducing the geopolitical risk premium in oil prices.
- However, lower crude prices may take time to feed through to US retail gasoline prices, which typically respond with a lag.
- US October CPI came in hotter than expected, with headline inflation rising 0.4% MoM and core CPI increasing 0.3% MoM, both above forecasts.
- BLS did not release YoY inflation figures due to insufficient October 2025 data following last year's government shutdown.
- US two-year Treasury yields jumped as markets priced in a higher probability of further Fed rate hikes next year. Nasdaq 100 futures fell 1.5%.
France Says Trump Unlikely to Change Trade Policy Despite Republican Midterm Setbacks
- French Trade Minister Nicolas Forissier said US President Donald Trump is unlikely to change his trade policy despite Republicans losing control of both chambers of Congress in the midterm elections.
- Forissier said Democratic control of the House and Senate would increase scrutiny of tariffs but that Trump retains considerable authority and independence over trade policy.
- He expressed uncertainty over how much the election results would actually affect Washington’s trade approach.
- Forissier stressed the importance of continuing discussions on last year’s EU-US trade agreement.
- Under the deal, the EU agreed to eliminate tariffs on US industrial goods in exchange for a 15% cap on tariffs covering most EU exports to the US.
Trump Says Iran War Is “Effectively Over”, Rules Out Further Strikes for Now; Oil Prices Fall Below $90
- US President Donald Trump said on Monday that the Iran war is “effectively over” following talks with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani, Tehran’s main mediator.
- Trump signalled no immediate plans to resume bombing Iran, saying further military action was “quite unlikely”. However, the US naval blockade and Operation Iron Gate will continue.
- Trump said Qatar, Saudi Arabia, the UAE, Bahrain and Kuwait prefer the current approach. He described the naval blockade as the “Greatest Naval Blockade in History” and said the US remains “locked and loaded” if circumstances change.
- Operation Iron Gate is a US Central Command task force of around 20 personnel tasked with restricting the movement of weapons, dual-use technology and illicit revenue across Iran’s land borders and the Caspian Sea.
- Qatari officials reportedly presented proposals on Iran’s nuclear programme last week. Tehran has demanded an end to the blockade, sanctions relief, the release of frozen assets and compensation for war damage.
- US Secretary of State Marco Rubio dismissed Iran’s demands as “outrageous and ridiculous”, saying they were unrealistic.
- Qatari Prime Minister Sheikh Mohammed said he was grateful for the positive discussions aimed at reaching a deal and restoring regional peace.
- Brent crude fell 3% to an intraday low of $89.40 per barrel, while WTI declined 2.76% to $84.00, with both hitting their lowest levels since late August.
- ING analysts said expectations of de-escalation have reduced the geopolitical risk premium in oil prices, while recovering regional shipping flows have added further downward pressure.
RBI Asks Banks to Classify Bond Forward Trades as Level 3 Assets, Restricting Dividend Payouts From Unrealised Gains
- The Reserve Bank of India (RBI) has asked some lenders to value bond forward transactions using Level 3 inputs during recent in-person audits, Bloomberg reported, citing people familiar with the matter.
- The classification could restrict banks' ability to distribute profits generated from these transactions, as RBI regulations prohibit dividend payments from net unrealised gains on Level 3 investments recognised in profit and loss accounts.
- Banks are also required to deduct such unrealised gains from their Common Equity Tier 1 (CET1) capital, potentially affecting their reported capital strength.
- Axis Bank and Federal Bank have incorporated similar restrictions into their dividend policies, explicitly prohibiting dividend payments from unrealised gains on Level 3 instruments, including derivatives.
- Banks commonly sell bond forward contracts to insurance companies, allowing insurers to lock in future bond prices and hedge against interest rate fluctuations.
- The notional value of these transactions reached approximately ₹1.1 trillion ($11 billion) this year, according to clearinghouse data.
- Banks have raised concerns with the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and held informal discussions with the Clearing Corporation of India (CCIL) about incorporating additional pricing data into its trade repository.
Anthropic Targets Up to $64.4 Billion From IPO at $70–$78 Per Share, Eyes $1 Trillion Valuation
- Anthropic plans to offer approximately 825 million Class A shares at a price range of $70 to $78 per share, potentially raising up to $64.4 billion, according to a draft prospectus reviewed by Reuters.
- The revised pricing range replaces an earlier filing circulated to banks on Monday, which indicated a range of $70 to $80. Anthropic subsequently withdrew that document, saying the pricing details were inaccurate.
- The company is also planning a separate $26 billion private placement involving strategic investors, including Alphabet, NVIDIA, AMD, Broadcom, Micron, Microsoft and Taiwan Semiconductor Manufacturing Company (TSMC).
- Combined, the IPO and private placement could raise up to $90.4 billion, making it one of the largest capital-raising exercises in history.
- Anthropic is reportedly targeting a valuation of approximately $1 trillion, although earlier discussions had indicated expectations of $1.5 trillion to $2 trillion.
- The prospectus also provides for an additional 23.65 million Class A shares to be sold by existing shareholders. The company's board and related entities may separately seek to sell up to $303 million in shares.
- Anthropic reported annualised revenue of approximately $81 billion as of October 31, 2026, an increase of $10 billion from September 30.
- The number of customers generating at least $100,000 in annual revenue has increased to 11,900.
- The company disclosed approximately $70.7 billion in committed obligations falling due within the 12 months after September 30, alongside total committed spending of approximately $900.9 billion.
- Anthropic expects to incur a $3.8 billion tax liability related to the settlement of restricted stock units.
Iran Claims Two Oil Tankers Exploded and Caught Fire in Strait of Hormuz; Qatar Warns of Prolonged Crisis as IRGC Inspects Secret Missile Facility
- Iran's Islamic Revolutionary Guard Corps (IRGC) Navy claimed that two oil tankers attempting to cross the Strait of Hormuz through unauthorised shipping routes were intercepted after explosions and are now on fire.
- According to Iran's Tasnim News Agency, one vessel, described as a supertanker, exploded after reportedly striking a sea mine.
- The IRGC also claimed that the second tanker was attempting to make a covert passage under the protection of a US military fighter jet when it encountered an incident and was intercepted.
- Iranian military officials alleged that both vessels had switched off their navigation and identification systems before attempting to cross the restricted route. The ships were reportedly abandoned along the southern shore of the strait and remain engulfed in flames.
- Separately, Qatar warned that a closure of the Strait of Hormuz extending into winter would significantly increase the economic cost of the ongoing crisis.
- Qatar also said both the United States and Iran had responded positively to mediation efforts aimed at easing tensions.
- Meanwhile, Iranian military officials, including General Ali Abdullahhi and IRGC Aerospace Force Commander Brigadier General Saeed Mojtaba Mousavi, inspected a newly established underground missile facility described as a "missile city".
- During the inspection, Abdullahhi reportedly unveiled a new classified weapon and reviewed the latest military developments and operational readiness of the IRGC Aerospace Force.
US Seeks Russia’s Approval for Article 4 and Article 5-Style Security Guarantees for Ukraine at Abu Dhabi Peace Talks
- The United States plans to seek Russia's approval for security guarantees for Ukraine modelled on NATO's Article 4 and Article 5 provisions during the trilateral talks in Abu Dhabi beginning November 10, Politico reported.
- The proposal would mark Washington's first direct attempt to discuss such guarantees with Moscow, as negotiations increasingly focus on Ukraine's post-war security arrangements.
- A US official said resolving territorial disputes would require agreement on a broader post-war security architecture.
- Washington has reportedly shown openness to potential restrictions on Ukraine's ability to rebuild its military capabilities and a gradual lifting of sanctions against Russia.
- US envoy Jared Kushner said a lasting settlement would require direct engagement between Russia and European countries on broader security arrangements affecting the region.
- European officials have expressed concern that the US approach could amount to concessions to the Kremlin. EU foreign policy chief Kaja Kallas has also pushed back against the proposal.
- Russia continues to demand Ukraine's withdrawal from four regions it claims, while the details of any proposed security guarantees remain unclear.
- It is also uncertain how such guarantees could be implemented if Ukraine remains outside NATO. US Secretary of State Marco Rubio said no agreement had been finalised.
France Accuses Iran of Cyberattack on Hundreds of Supermarkets, Seeks Arrest Warrants Against IRGC Linked Hackers
- French Foreign Minister Jean-Noël Barrot on Monday accused Iran of being behind an October cyberattack that disrupted refrigeration systems at hundreds of supermarkets, describing the incident as unprecedented.
- Paris prosecutors have opened a judicial investigation into the head of the Iranian cyber group Shahid Kaveh and two of his deputies, according to reports.
- Prosecutors describe Shahid Kaveh as an offensive cyber unit linked to the Islamic Revolutionary Guard Corps' (IRGC) Electronic and Cyber Centre.
- Paris prosecutor Laure Beccuau said investigators have also requested international arrest warrants against the three individuals.
- The charges include aggravated fraudulent access to computer systems by an organised group and causing damage through methods considered dangerous to people.
- The offences are further aggravated because investigators allege the cyberattack was carried out to serve a foreign power, specifically Iran.
- Barrot said the attack followed methods associated with Shahid Kaveh. Investigators reportedly found evidence including the use of Persian language and IP addresses linked to devices in Iran.
- France is also seeking European Union level sanctions against those responsible for the alleged cyber operation.
- Tehran has not publicly responded to France's latest accusations and has routinely denied involvement in cyber operations.
Trump Says Gulf Countries Want US to Continue Naval Blockade Against Iran, Warns Washington Is ‘Locked and Loaded’
- US President Donald Trump said Qatar, Saudi Arabia, the UAE, Bahrain, Kuwait and other Middle Eastern countries want Washington to maintain its naval blockade against Iran.
- In a Truth Social post, Trump said he discussed Iran and the ongoing regional conflict during an "excellent conversation" with Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani.
- Trump described the existing restrictions as the "Greatest Naval Blockade in History" and said the US was continuing its Operation Iron Gate through land and sea measures.
- He claimed that all the countries involved agreed Iran must not be allowed to develop nuclear weapons, calling the issue non-negotiable.
- Trump warned that the US remained prepared to take military action if developments in the Middle East changed, saying Washington was "locked and loaded" and ready to respond.
- However, he said further escalation appeared unlikely at present and claimed Israel and other Middle Eastern countries were protected against Iranian threats.
- Trump also pointed to what he described as positive momentum towards ending the conflict, adding that Washington would continue protecting American interests.
Meta Builds Enterprise AI Sales Team, Partners With Accenture, Deloitte and IBM to Target Corporate Customers
- Meta is building a dedicated sales team to target small and medium-sized businesses while approaching major consulting firms, including Accenture, Deloitte and IBM, to expand its enterprise AI business, The Information reported.
- The strategy involves selling directly to smaller businesses and using consulting partners to help large corporations deploy Meta's AI products.
- The move follows the September 28 launch of Meta Enterprise Platform, which CEO Mark Zuckerberg described as the next major pillar of the company's business.
- Former MongoDB CEO CJ Desai was appointed to lead the enterprise initiative as Meta's chief enterprise platform officer.
- The platform initially includes Muse Agent, Meta Business Agent, Muse API and Muse Code, targeting businesses and developers.
- Meta subsequently launched Muse for Small Business, which connects its AI agent with workplace software from companies including Zoom, Intuit and Slack.
- Meta President Dina Powell McCormick said the company's platforms have approximately 200 million small business owners.
- However, analysts say building trust among large enterprises could be a major challenge as Meta competes with established enterprise technology providers such as Microsoft and Salesforce.
Banks Turn Cautious on AI Infrastructure Lending After $2.5 Trillion Nasdaq Sell-Off, Even for Anthropic and Google Deals
- Banks that were aggressively competing for AI infrastructure financing deals just weeks ago are now becoming increasingly cautious, even when projects involve major companies such as Anthropic and Google, Reuters reported.
- The shift follows Thursday's technology sell-off, which wiped approximately $2.5 trillion off the Nasdaq 100 and pushed the index into correction territory.
- Lenders say their debt exposure is approaching capacity, with investors increasingly reluctant to take on additional risk. Banks are stress-testing borrowers' cash flows against a potential economic downturn and examining whether major technology customers could reduce or terminate their commitments.
- JPMorgan Chase and other banks are reportedly considering significant discounts to offload Qualtrics-related debt, according to Bloomberg.
- The pullback is particularly pronounced among riskier borrowers, including neocloud companies and independent data centre operators. Nebius explored a high-yield bond issuance in September but abandoned the plan last month.
- Bonds issued by Meta and SpaceX are also trading below their face value. Bank of America analyst Yuri Seliger said 10-year spreads for hyperscalers have widened by approximately 50 basis points this year, compared with around 20 basis points for high-quality industrial companies without AI exposure.
- JPMorgan's loan category that includes data centres reached $29 billion at the end of the third quarter, representing 12% of its commercial real estate loan portfolio, compared with 8% three years ago.
- Despite the financing concerns, Goldman Sachs CEO David Solomon told CNBC that demand for AI infrastructure investment remains "very strong".