Anthropic filed its S-1 on 26 October and has applied to list on Nasdaq under the ticker ANT;
It shows a net loss of $80.7bn for the first half of 2026, the number most of the coverage led with;
It also shows a $693m operating loss, down from $2,135m, while revenue grew from $1,163m to $16,286m;
Between the two sits $81.1bn of non-cash fair-value movement, triggered by Anthropic's own valuation rising;
Operations generated $3.9bn of cash, against $1.5bn consumed a year earlier, and Note 8 implies a gross margin near 85%;
The ANT contract is quoted per billion dollars of valuation, so its index near 1,846 prices Anthropic at about $1.85tn;
That is 91% above the $965bn round in May and 8.3% below the 2,000 level that marks $2 trillion, on a contract that has barely traded;
A pre-IPO perpetual conveys no shares, no vote and no claim, and Anthropic has said unauthorised stock transfers are void;

Can Anthropic's Upcoming IPO Break $2 Trillion?

The Federal Reserve announces its decision at 2pm New York time on 28 October, which is 18:00 UTC;
CME FedWatch put the odds of no change tonight at 92.8% on 27 October, so the decision itself is close to a non-event;
The meeting that matters is 8 and 9 December, which carries a fresh dot plot and somewhere between seven and a half and eight and a half chances in ten of a rate rise, depending on the venue;
Gold is near $4,044 on 28 October, about 28% below the record $5,590 it set on 28 January, and it has fallen while the Middle East escalated;
The most coherent explanation is that an oil shock now reaches gold through inflation and interest rates before it reaches it through fear;
The new Fed chair called September's rise a dose of accommodation, and the rates market has read that as a promise of more;

The Fed Decides Tonight. What Happens to Gold?

Indonesia began cutting pipeline gas exports to Singapore on 24 October, 31 BBTUD of it, redirected to power stations at home.;
It looks like the kind of headline that should lift an energy price.;
US gas fell instead, losing the $3 handle and closing near $2.64 the day the cut was announced.;
It fell on American weather, not Indonesian politics.;
The short version: a pipeline curtailment in Southeast Asia and a US futures contract are not the same market.;

Why Did Indonesia Cut the Gas to Singapore?

SpaceX packed three market-moving events into 48 hours: a third quarter revenue beat, a proposal to merge with Tesla, and about 1.3 billion shares coming free to sell, roughly 9.6% of the company and about $193bn at the current price. The stock rose 7.8%, then fell 9.1%. It ended below where it started. Untangling which event did what is the whole exercise. Six things worth knowing:

;Why the unlock fired on Thursday rather than a date in the calendar; Why Elon Musk could not sell a single share into it, and what he controls instead; What he actually said about merging SpaceX with Tesla, in his own words; What the price did across the two sessions, measured against its peers; Why SpaceX is now 12% a rocket company by revenue, and what the other 88% is;

The number that should worry a shareholder, and it is not the unlock. Plus the tranche that quietly failed to trigger in August, which makes December bigger than almost anyone has written.

Why Did SpaceX Fall 9% After Its $193bn Unlock?

Goldman Sachs says Brent is carrying a risk premium of nearly $25 a barrel above fair value, and forecasts the price at $90 by December. Brent traded above $110 this morning. One of those two things has to give.

The bank's reasoning is that the shortage behind the premium is healing. Gulf flows have recovered sharply, and the supply deficit has nearly closed. The price has not noticed.

Five things worth knowing before you take a side:

What the $25 figure actually measures, and the second Goldman number that is not the same thing; How far Gulf oil flows have really recovered, and how far they have not; Why shipping a barrel costs about $20 more than a year ago, and why a ceasefire only removes $7 of it; The one thing that is clearly coming down, and why it is smaller than it looks; Why near-zero spare capacity gives this premium no obvious floor.

Is $25 of the Oil Price About to Vanish?

Pearl (PRL) set a record high this week after rising roughly eight times in eight weeks. It is a Bitcoin fork with one change: miners run matrix multiplication, the maths behind AI models, instead of SHA-256 puzzles. That single swap has made it one of the loudest stories in crypto.

Here is what the move is actually built on:

A mining system where the work itself is AI compute; No pre-mine, no venture allocation and no token sale, so every coin was mined; A price path from $0.26 in August to a record above $2.20; A June research preprint that mined the chain successfully using random numbers; A thin spot order book sitting under a very active perpetual contract.

Read on for the detail behind each, including the supply schedule almost nobody is pricing, and what would actually change the story.

Why Is PRL at an All-Time High?

A car drove up a ramp, went upside down, fired ten compressed-air thrusters, rotated in mid-air and landed on its wheels. Then it hopped over a moving Cybertruck. The internet lost its mind and Tesla's stock jumped roughly 5% — while America was asleep. Here are four things behind the hype: what the physics actually allows, why the fastest trim has one seat, what the deposit really buys, and what happened once the market opened.

Tesla's Flying Roadster: 4 Things Behind the Hype

Three inflation readings landed in two days and every one ran hot, including the second-largest monthly producer price rise on record. The market's response got smaller each time, the ten-year had its sharpest one-day fall in over a year, and the odds of an October rate hike fell rather than rose. Here is what actually printed, what it did to the rate path, and six stocks sitting on opposite sides of it — measured on ApeX contract data, hour by hour.

6 Stocks to Watch After This Week's CPI and PPI

September CPI came in at 3.7% headline and 2.6% core, both above forecast, with gasoline alone more than half the monthly rise. Markets had one of the worst sessions of the year and the two facts were duly joined together. The print did real damage and the hour it landed was the worst hour of the day for chips and for silver. But the semiconductor index had already fallen five sessions running before it, and the reason for that is not in the CPI report.

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