Anthropic filed to list on Nasdaq as ANT, disclosing $16.3B of H1 revenue and an $80.7B net loss (mostly a non-cash mark on convertibles), with Goldman and Morgan Stanley leading. The filing has sparked intense debate among elite investors about the sustainability of AI revenue models relative to compute spending obligations. Gavin Baker of Atreides noted ARR has "likely gone vertical" even after token price cuts, and "$100b plus in year-end ARR looks possible again."
Meta boosted a planned share sale to almost $98 billion, marking one of the largest equity offerings in history, with the company seeking funds to invest in AI infrastructure and personal superintelligence, having sold $25 billion of common stock and $12.5 billion from an offering of preferred shares. Nvidia, AMD and Broadcom signalled interest in buying up to $5B. SpaceX CEO Elon Musk said the satellite and rocket launch company has closed a $40 billion debt deal for AI chips.
The capital rush reflects urgency in the AI sector. AI companies are desperate for cash and do not know where it will come from; the companies have been borrowing hundreds of billions of dollars, selling fresh stock and cooking up more novel and potentially risky new methods of financing. The compute-versus-revenue debate is now public, with Anish Acharya (a16z) calling it "obviously a tremendous business" with gross-margin positive performance, Brad Gerstner (Altimeter) planning "major participation in the IPO" on top of its stake, and SemiAnalysis describing it as "likely the most efficient scaling of a business in the history of capitalism".
The Fed is widely expected to hold interest rates at 3.75-4.00% on October 28, following September's 25-basis-point increase, with a Reuters survey finding that 94 of 100 economists expect no change, while all 100 forecast another hike in December. September inflation accelerated to 3.7%, while nonfarm payrolls rose by just 29,000, with higher prices supporting further tightening but weaker hiring giving policymakers reason to wait. On October 12, a gallon of regular gasoline cost $4.33 on average, up from $3.06 a year earlier: about 41% more, with gasoline up 34.2% over the year to September.
Oil sold for $115.41 per barrel using Brent as the benchmark, 23 cents lower than the previous day and approximately a $49.50 rise over the past year. Although the EIA expects oil production and flows from the Middle East will increase, it raised its global oil price forecast compared with last month, now forecasting the Brent crude oil spot price will average $105 per barrel in 4Q26, $14/b higher than in last month's outlook. Energy cost inflation continues to feed broader consumer price pressures across goods and transportation.
The acquisition of Range Resources Corporation (RRC) by EQT Corporation (EQT) for a closing value of $14.05 billion involves each outstanding share of Range common stock being exchanged for 0.987 shares of EQT common stock, representing a value of $54.91 per Range share, at a premium of 20.63% over the stock's last close. Once the deal is completed, current EQT shareholders are expected to hold approximately 73% of the enlarged company, while existing Range shareholders will own the remaining 27%, with expected closing in the first quarter of 2027.
BTIG calculated that a DoorDash-Instacart deal would result in mid-teens earnings per share accretion for DoorDash versus around breakeven for Uber at the $15-16 billion valuation level, with DoorDash appearing to be better positioned of the two platforms in any bidding war, demonstrating strong profitability with a market capitalization of $77.7 billion and revenue growth of 34% over the last twelve months. The strategic alternatives process reflects consolidation pressures in grocery delivery and last-mile logistics.
Microsoft said it is offering voluntary buyouts to about 60,000 employees, or more than a quarter of its global workforce, as the technology giant looks to contain costs and help fund its massive AI investments, with staffers across the Windows maker eligible for the offers including those working in AI experiences, Copilot, finance, human resources, Xbox and Windows + Devices, while units such as marketing, commercial business and security will be excluded. Employees have until early December to decide if they want the offer, with those accepting exiting December 31.
While global tech stocks teeter, in China they have already crashed as lofty valuations collapse amid concerns about AI demand and restrictions on Chinese exports, with a 40 percent plunge in China's STAR 50 index wiping out $480 billion in market value and raising fresh questions about AI valuations and Beijing's push to steer household savings into stocks. The divergence underscores divergent valuations in the AI space and geopolitical constraints on Chinese tech development.
The Securities and Exchange Commission's Small Business Capital Formation Advisory Committee held a meeting on Tuesday, October 27, 2026, at 10 a.m. to continue discussing IPO modernization and explore potential policy changes to Regulation Crowdfunding, with the morning session focusing on ways to encourage more companies to go public. The discussion signals renewed regulatory focus on easing access to public markets for smaller firms.
Annual shop price inflation rose to 2.1% in October, from 1.4% in September, according to the British Retail Consortium, with food inflation increased to 2.9%, from 2.5%, while non-food inflation reached 1.7%, with retailers warning that employment costs, business rates, energy and packaging charges are limiting their ability to protect customers from further increases. A Capital Access Group survey of fund managers and stockbrokers managing more than £100bn finds that three-quarters would reduce investment in UK-listed companies following further tax rises.
More businesses are falling behind on payments as operators face policy changes, inflation and interest rate rises, with the unfavourable economic climate colliding with a string of policy changes, including the introduction of payday super, a ban on debit and credit surcharges, an increase to minimum and award wages, and changes to how trusts will be taxed, with industry associations voicing concerns about the cumulative impact on small firms, creating additional red tape at a time businesses were already navigating higher costs. According to CreditorWatch, one in 10 invoices were more than 60 days overdue in September.
The Anthropic IPO filing and capital mobilization by Meta, SpaceX and others signals that venture, growth and institutional capital are converging on AI infrastructure as the defining business narrative of 2026. For operators, this creates both opportunity and caution: the trillion-dollar tech spending spree is real, but the question of whether software and service revenue can sustainably outpace compute spending obligations remains unsettled. Between 3% to 5% of tech world employees offered buyouts usually take them—meaning tech-adjacent businesses may see talent become more mobile if large platforms execute planned workforce reductions.
On the monetary policy front, the Fed's expected hold on rates does not signal economic relief for small and mid-sized businesses. Markets anticipate a hawkish Fed pause as policymakers assess September's rate hike, persistent inflation, and rising energy costs ahead of December meeting. Borrowing costs remain in the 3.75-4.00% range, fuel and input costs are elevated, and wage pressures are building as retailers and contractors absorb inflation rather than pass it fully to customers. Operators should plan for at least one more rate hike before year-end and continue hedging energy and labor cost exposure.