Business

Anthropic updated its IPO prospectus with full third-quarter earnings, reporting $33.24 billion in revenue through September 30th, up 1,200 percent from last year. It also reported a $104 billion net loss during the same period, mostly from accounting charges. For this quarter alone, Anthropic reports roughly $17 billion in revenue with a net loss of $23.29 billion, plus commitments to spend $895.4 billion “mostly on compute and infrastructure.”

The last time Changpeng Zhao got into a Twitter fight with a guy whose company he was an investor in, FTX went belly up. Anyway, here he is scolding Elon Musk about a grimace emoji in response to the enormous, record-breaking hack of Binance.

“Our newer businesses, ranging from Grocery to Pharmacy to Amazon Leo to Zoox are progressing encouragingly,” Amazon CEO Andy Jassy says as part of the company’s Q3 earnings report, which revealed total revenue of $201.9 billion. “There has never been a trillion dollar revenue business, and we may have two of them in the next 5-10 years.”

Polymarket said it paused trading “out of an abundance of caution” after one of its third-party partners was “compromised.” Some users reported that their accounts were drained shortly before the stoppage. “We’ll make this right and are fully reimbursing all affected traders,” Polymarket said.

Memory executive Jaejune Kim said in the company’s latest quarterly earnings call that “tight supply conditions” will continue in 2028, driven by demand from AI. As it predicted, Samsung reported record quarterly revenue of 195.3 trillion Korean Won ($146.3 billion), and said its 2027 supply of HBM RAM is already sold out.

Both newsletter platforms have helped host podcasts for a while, and now they’re getting into the money side. Last week Substack announced an early access program for dynamic sponsorship placements, with programmatic ads coming “soon.” Smaller rival Beehiiv followed up yesterday, though has both types of audio ad ready to use right now.

It’s a time frame the company has suggested before. It says a “virtuous cycle” (well, virtuous for memory manufacturers at least) is seeing AI productivity gains lead to increased demand, maintaining pressure on supply even as SK Hynix ramps up production. It’s already signed agreements to sell more than half the RAM it’ll produce through 2028.

This one is for the real finance sickos — what the increased cost of capital for CoreWeave means. Marc Rubenstein, a former hedgie, is fairly granular about CoreWeave’s loans, which is helpful for trying to understand this situation. I came away wondering if Nvidia, which I think is is functionally the central bank for the neoclouds, will decide to bail CoreWeave out, and if so, what that will look like.

According to Reuters’ sources, the FTC was investigating Shein over “delivery delays and other customer complaints,” adding that the settlement would be “equivalent to 44% of Shein’s second-quarter profit.” The European Union also opened an investigation into Shein earlier this year over concerns about “addictive design” features and illegal product listings.

Semafor reports that, along with other investors like board member Laurene Powell Jobs, “Elon Musk has invested roughly $1 billion in Skydance, according to people familiar with the matter, providing a much needed financial injection as the company looks to cut costs and bolster its stock price.

In a deep-dive profile of Marc Andreessen’s petty grievance bullshit, Bloomberg Businessweek gently points out that he is not exactly a member of the reality-based community. Since covid, that’s gotten worse, as he and his wife have cocooned themselves away from ever encountering a normal person.

In January 2024, the label announced a major cost-cutting initiative that is expected to run through 2027. As another round of layoffs is expected, several executives are leaving, including Tunji Balogun, Chairman and CEO of Def Jam Recordings; Nicole Wyskoarko and Sam Riback of Interscope Geffen A&M; Ben Mortimer, President of Polydor Label Group; Rebecca Allen, Chief Artist and Strategy Officer at Universal Music Group UK; and Mark Crossingham, Managing Director of UMG Ireland.

The London Review of Books surveys the gambling landscape: how “prediction markets” have been handed the CFTC, market manipulation, and the blurring of reality. To state the obvious: “Prediction markets don’t produce truth. They are high-stakes wait-and-see machines, that’s all.” Do stay to read the very end.

The chip manufacturer reported a net income of NT$763 billion (about $24 billion) for the quarter, up 69 percent compared to last year, and it’s predicting it’ll do even better in Q4. It’s a good time to make computer chips.

BofA CEO Brian Moynihan doesn’t want people turning to the banks when an agent screws up a transaction. He says the bank is working with the AI industry to argue for human payment authorization, at least until the risk of error is mitigated by “further development of the capabilities” of agents.

The company’s unsecured debt due in 2032 is now trading below 80 cents on the dollar, Bloomberg reports. “Yikes” is right, Elon — if CoreWeave crumbles, other debt-laden neoclouds might be in trouble, too.

That’s according to analysts at Counterpoint, who also say sales in Q3 2026 were 20 percent down on the previous year, as supply shrinks and prices rise. Samsung held the top spot, helped by Galaxy Z Fold 8 sales, with Apple close behind.

The former Warner Bros. Discovery CEO will receive the massive windfall after WBD officially merged with Paramount on Tuesday. It consists of more than $224 million in WBD shares sold by Zaslav, as well as $381 million held in stock options, according to The Hollywood Reporter.

The company founded in Kansas in 1989 (and now legally based in Switzerland for tax reasons) has seen its annual revenue triple to $7.2 billion under the leadership of employee number six, Cliff Pemble. The short WSJ profile of the CEO who learned to fly in order to write better cockpit software is the antidote to Silicon Valley’s attention-seeking bootlickers.

Another quarter another record profit, fueled by AI demand for the company’s memory chips.

Tomorrow’s event will announce more than $1 billion in commitments for the Trump admin’s “Genesis Project” AI push and investments from the NSF and Energy Department, reports Axios, including $100 million in credits from something called National Compute.

An IPO prospectus viewed by Reuters included Amodei’s compensation, which the outlet says is higher than last year’s pay for Google CEO Sundar Pichai and Amazon CEO Andy Jassy. Anthropic is expected to file for its IPO this fall, potentially valuing the AI company at over $2 trillion.

Write Love Pens, a small pen and stationery shop, had initially used AI-generated images (including one of a pen with two clips on the cap) to advertise surprise boxes that the shop puts together. After getting yelled at on fountain pen Reddit, the shop’s owner apologized, and replaced the AI images with extremely cute amateur drawings.