# Sainteur: the latest stories in full > Markets news on stocks, crypto, startups, politics, the economy and opinion. This file holds the 50 most recent stories as of the site's last build. The index is https://sainteur.com/llms.txt and every story is listed in https://sainteur.com/sitemap.xml. ## CoreWeave raises 2026 revenue guidance after third-quarter revenue tops estimates URL: https://sainteur.com/article/coreweave-raises-2026-revenue-guidance-after-third-quarter-revenue-tops Published: Nov 10, 2026, 8:15 PM EST · Equities · By Marcus Rodriguez Tickers: CRWV The AI cloud company reported $3,661 million in third-quarter revenue and raised 2026 revenue guidance to $13.0 billion to $13.3 billion. CNBC, citing LSEG, said the quarter exceeded a $3.55 billion estimate. Why it matters: The modest revenue beat and higher 2026 outlook are a check on demand for AI cloud capacity as CoreWeave scales and carries a large debt load. CoreWeave reported third-quarter revenue of $3,661 million, up 168% from $1,365 million a year earlier, and raised 2026 revenue guidance to $13.0 billion to $13.3 billion. CNBC, citing LSEG, said the quarter was $3.66 billion versus $3.55 billion expected. Adjusted operating income guidance was raised to $1.275 billion to $1.375 billion, a 26% increase at the midpoint, and capital expenditures to $37 billion to $39 billion, raising only the low end. Revenue backlog was approximately $132.5 billion as of September 30, 2026. CEO Michael Intrator cited approximately $9 billion in customer prepayments and deposits expected in the next three months. The net loss was $709 million, or $1.27 a share, compared with $110 million a year earlier. CNBC, citing the statement, said CoreWeave owed almost $47 billion in debt at quarter-end. Sources: 1. CoreWeave Reports Strong Third Quarter 2026 Results, CoreWeave: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000461/coreweave3q26earningspress.htm 2. CoreWeave beats on revenue and lifts guidance, easing AI slowdown concerns, CNBC: https://www.cnbc.com/2026/11/10/coreweave-crwv-q3-earnings-report-2026.html --- ## Google is previewing a swarm of agents that sit for free, then run up the meter URL: https://sainteur.com/article/google-is-previewing-a-swarm-of-agents-that-sit-for-free-then-run-up-the-meter Published: Nov 10, 2026, 6:41 PM EST · Exclusive · By Connor O'Brien · Satire Tickers: GOOGL Google is rolling out Gemini 4 Carbon and previewing /swarm in Antigravity: one prompt becomes a team of agents that share a message board and park at no token cost when idle. Then the quota moves faster. Why it matters: Google is putting a swarm of agents on Antigravity: one prompt becomes a team, they park at zero token cost when idle, and swarms still consume quota much faster than a standard chat. Google ($GOOGL) is rolling out Gemini 4 Carbon, which it calls its strongest model, and says Carbon pushes the frontier even further than its recent Argon. Paying developers and enterprises get an introductory $2 per million input tokens and $10 per million output tokens, the same as Argon. It's also previewing /swarm in Antigravity, which turns one prompt into a coordinator, workers and verifiers that share a message board and park at zero token cost when idle. The Verge says those intro costs double when the lower-price period finishes at the end of November. Google warns that even with the free idle time, swarms consume quota much faster than a standard chat. A project manager who asked not to be named because he is a raccoon said: “They loiter at no charge, then everybody clocks in at once. It's a committee with a meter.” Sources: 1. Gemini 4 Carbon is now available, Google: https://blog.google/innovation-and-ai/models-and-research/gemini-models/gemini-4-carbon-now-available/ 2. Gemini 4 Carbon and /swarm, Google Antigravity: https://antigravity.google/blog/gemini-4-carbon-in-google-antigravity/ 3. Google releases Gemini 4 Carbon with agent ‘swarm’ feature, The Verge: https://www.theverge.com/ai-artificial-intelligence/1030787/google-gemini-4-carbon-public-rollout --- ## NHTSA is asking whether Waymo's school-bus software recall did the job URL: https://sainteur.com/article/nhtsa-is-asking-whether-waymo-s-school-bus-software-recall-did-the-job Published: Nov 10, 2026, 6:05 PM EST · Opinion · By Connor O'Brien NHTSA opened a recall query into Waymo after finding that a majority of reported school-bus passings came after a November 2025 software update. A query into whether that fix worked is not a closed case. Why it matters: NHTSA is reviewing whether Waymo's school-bus software recall was adequate, after most reported incidents came after the update. Waymo's school-bus software recall is back under review. The National Highway Traffic Safety Administration opened a recall query after finding that a majority of reported incidents of Waymo vehicles passing stopped school buses, with flashing red lights or an extended stop arm, came after the software update meant to stop that. Waymo filed recall 25E084 on December 10, 2025, and said the software remedy was completed for all affected vehicles on November 17, 2025. NHTSA, reviewing incidents from its PE25013 probe, says most occurred after that date. It opened the query “to assess the adequacy of the remedy for Recall 25E084 and to identify the cause(s) of the conditions leading to the post-remedy reports.” NHTSA's first probe, in October 2025, followed footage of a Waymo in Atlanta going around a stopped school bus unloading children, with its stop sign out and lights flashing. Austin Independent School District officials reported at least five such incidents, in a letter filed with NHTSA. A recall query is an investigation, not a finding that the update failed. A Waymo spokesperson told TechCrunch: “We have made significant improvements to vehicle behavior around school buses and have received no citations since March 2026.” The company also said it will respond to NHTSA and pointed to autonomous-vehicle software that continues to learn and improve. I'll take that seriously. But a recall query opened because most of the reported incidents came after the remedy date is not a closed case. School buses with the stop arm out are not a place to keep learning in public. That question should have been settled when Waymo said the update was complete. Sources: 1. NHTSA recall query RQ26006: Effectiveness of recall remedy for Waymo AVs passing stopped school buses, National Highway Traffic Safety Administration: https://api.nhtsa.gov/investigations?referenceNumber=RQ26006 2. Waymo robotaxis kept illegally passing school buses after software fix, feds say, TechCrunch: https://techcrunch.com/2026/11/09/waymo-robotaxis-kept-illegally-passing-school-buses-after-software-fix-feds-say/ --- ## Brent crude slips below $90 a barrel after Trump plays down further Iran strikes URL: https://sainteur.com/article/brent-crude-slips-below-90-a-barrel-after-trump-plays-down-further-iran-strikes Published: Nov 10, 2026, 2:45 PM EST · Macro · By James Mitchell He said the conflict could be ending fairly soon, while adding that the United States was still locked and loaded. Flows through the Strait of Hormuz have largely recovered, though an energy consultant said he still sees no prospect of a peace deal. Why it matters: The drop reflects markets unwinding some of the risk premium around the Iran conflict, but Trump's remarks are not a completed deal, and FGE's Fereidun Fesharaki said he still sees no prospect of one. Brent crude slipped below $90 a barrel on Tuesday, the lowest since Aug. 31, after President Trump played down the need for military action against Iran. Speaking Monday at the White House after meeting Qatar's prime minister, he said the conflict could be ending fairly soon. "Iran militarily is effectively over," he told reporters, CNBC reported. He also said, according to The Guardian, "At this point, taking the military action doesn't seem to be a very necessary thing – but we're locked and loaded, ready to go for any reason." Oil flows through the Strait of Hormuz have largely recovered. ING's Ewa Manthey and Warren Patterson said the market has continued to unwind some of the geopolitical risk premium, but they expect oil prices to remain sensitive to Middle East developments. FGE's Fereidun Fesharaki said he still did not see any prospects of a peace deal. Sources: 1. Brent crude falls below $90 for first time since August on Iran war de-escalation hopes, CNBC: https://www.cnbc.com/2026/11/10/oil-prices-trump-iran.html 2. Oil prices fall to lowest since August as Trump says Iran war is ‘effectively over’, The Guardian: https://www.theguardian.com/business/2026/nov/10/oil-prices-fall-donald-trump-iran-war-ftse-100-markets 3. Trump says US war in Iran ‘effectively over’ as he plays down escalation concerns, The Guardian: https://www.theguardian.com/us-news/2026/nov/09/trump-iran-war --- ## Fed's Waller leans toward a December rate hike, even if October inflation improves URL: https://sainteur.com/article/fed-s-waller-leans-toward-a-december-rate-hike-even-if-october-inflation Published: Nov 10, 2026, 2:35 PM EST · Macro · By James Mitchell He said a 50 basis point increase should be considered if October's CPI reading looks like the past two months, and that hiking only a quarter point in that case would put the Fed's credibility at risk. The remarks are his own views, not a Committee decision. Why it matters: Waller's conditional support for a half-point December hike is a tighter path than the hold he backed last meeting, though the views are his alone and October CPI was still ahead. Federal Reserve Governor Christopher J. Waller said Tuesday he is leaning toward supporting a 25 basis point increase in the Federal Open Market Committee's policy rate in December, even if October inflation improves. If October's consumer price index is similar to the past two months, with core CPI around 0.3 percent or even higher, he said a 50 basis point hike should be considered. "Hiking only 25 basis points would put our credibility at risk, a risk I am not eager to take." The London remarks are his own views, not necessarily those of his colleagues. He supported the hold at the last meeting. September PCE inflation rose 0.5 percent on the month and 3.7 percent over 12 months; core PCE rose 0.3 percent in September and 3.1 percent from a year earlier. October CPI was due later Tuesday. The next FOMC meeting is Dec. 8-9. Sources: 1. Speech by Governor Waller on the economic outlook, Federal Reserve Board: https://www.federalreserve.gov/newsevents/speech/waller20261110a.htm 2. December 2026, Federal Reserve Board: https://www.federalreserve.gov/newsevents/2026-december.htm --- ## Boeing to cut 5% of its commercial airplane workforce as it delays its 737 production ramp URL: https://sainteur.com/article/boeing-to-cut-5-of-its-commercial-airplane-workforce-as-it-delays-its-737 Published: Nov 10, 2026, 2:25 PM EST · Equities · By Marcus Rodriguez Tickers: BA The commercial unit will cut about 5% through attrition and involuntary layoffs, with notifications beginning in December, after Boeing pushed a 737 rate of 52 jets a month to the back half of 2027. Why it matters: The slower 737 ramp is already expected to leave deliveries short of a 500-jet target this year, and Boeing now targets $10 billion in annual free cash flow in 2029. Stephanie Pope, who runs Boeing's ($BA) commercial airplanes unit, told staff Monday that slowing production left the division overstaffed. "Adjusting our production schedules and reducing aircraft output puts us in an overstaffed position," she wrote. "Unfortunately, that means we need to align our staffing levels to our revised business plan, resulting in a reduction of approximately 5% through a combination of attrition and involuntary layoffs, with notifications beginning in December." She tied the reset to third-quarter earnings, saying factories and suppliers need more time to reach stability. Boeing shares were down 0.59% at $172.38 as of Nov 9, 4:00 PM ET. It is the first workforce reduction since CEO Kelly Ortberg planned to cut about 17,000 jobs in 2024, or about 10% of the company then. It is not clear how many commercial-airplane employees will be laid off, versus leaving through attrition, or how the cuts will affect unionized workers. SPEEA, representing about 17,000 Boeing employees in Washington and nearby states, meets leadership next week; IAM Local 751, with more than 30,000 workers in the region, shared a list of frequently asked questions related to layoffs with members Monday. On the October earnings call, Ortberg said it is taking longer than expected to show a stable 737 rate of 47 airplanes a month and that full stability will slip into next year. The financial plan, he said, will target 52 a month in the back half of 2027, after Everett's new North Line is certified and producing and wings and Wichita fuselages are stable at higher rates. Boeing's Oct. 27 release said the 737 was still progressing toward 47 a month, and that the 737-7 and 737-10 had received FAA certification. The first 737 MAX 10 from the North Line rolled out in October but cannot be delivered until that line is certified. CFO Jesus Malave Jr. said the delay at rate 47 is expected to leave 737 deliveries shy of a 500-jet target this year. The 787 remains at 8 a month, with a planned start of the move to 10 still expected this year. Boeing said it anticipates positive cash flow in 2026 for the first time since 2023, then about $3 billion in free cash flow in 2027, $6 billion in 2028 and a $10 billion target in 2029. Boeing had approximately 182,000 employees as of December 31, 2025. Boeing Wichita officials told local staff that Wichita and Tulsa, Oklahoma, employees were not being considered for layoffs, voluntary separation or early retirement. Boeing bought the Wichita site from Spirit AeroSystems last December; it has about 13,000 employees. "While we have made substantial progress, we have not yet fully recovered," Pope said. The company will offer outplacement services, layoff benefits and Employee Assistance Program support. Sources: 1. Boeing to cut 5% of commercial airplane workers as production increase takes longer than expected, CNBC: https://www.cnbc.com/2026/11/09/boeing-layoffs-commercial-airplane.html 2. Boeing, one of largest Kansas employers, cutting 5% of commercial airplane workforce, KCUR: https://www.kcur.org/2026-11-09/boeing-cutting-5-of-workforce-in-its-commercial-airplane-division 3. Boeing to cut 5% of commercial airplane workforce as production ramp-up slows, Anadolu Agency: https://www.aa.com.tr/en/economy/boeing-to-cut-5-of-commercial-airplane-workforce-as-production-ramp-up-slows/4117929 4. Boeing will cut 5% of its commercial airplane workforce, The Seattle Times: https://www.seattletimes.com/business/boeing-aerospace/boeing-will-cut-5-of-its-commercial-airplane-workforce/ 5. Boeing (BA) Q3 2026 earnings call transcript, The Motley Fool: https://www.fool.com/earnings/call-transcripts/2026/10/27/boeing-ba-q3-2026-earnings-call-transcript/ 6. Boeing Reports Third Quarter Results (Exhibit 99.1), The Boeing Company (SEC): https://www.sec.gov/Archives/edgar/data/12927/000162828026067411/a202609sep308kprex991.htm 7. CEO talks plans to stabilize 737 MAX production and path to $10 billion free cash flow, Boeing: https://www.boeing.com/features/2026/10/ceo-talks-plans-to-stabilize-737-max-production-and-path-to-10-billion-free-cash-flow 8. The Boeing Company Form 10-K for the fiscal year ended December 31, 2025, The Boeing Company (SEC): https://www.sec.gov/Archives/edgar/data/12927/000162828026004357/ba-20251231.htm --- ## Congress returns with Dec. 11 funding, the debt limit and a Hegseth impeachment push URL: https://sainteur.com/article/congress-returns-with-dec-11-funding-the-debt-limit-and-a-hegseth-impeachment Published: Nov 9, 2026, 3:45 PM EST · Politics · By James Mitchell The lame-duck window is about five weeks: funding expires Dec. 11, the NDAA is unfinished, and Rep. Thomas Massie is expected to reintroduce a Hegseth impeachment resolution as early as Monday. Why it matters: The Dec. 11 funding deadline raises shutdown risk, while a potential 2027 debt-limit fight could unsettle markets as Democrats prepare to take control of Congress. Congress returns Monday for a lame-duck session that must quickly extend government funding expiring Dec. 11 to avert a potential shutdown, while also facing the National Defense Authorization Act, debt-limit debate and a possible impeachment vote involving Defense Secretary Pete Hegseth. The session spans about five weeks after Democrats swept majority control of the House and Senate. Republicans still control the lame-duck calendar, but Democrats won a commanding House majority with at least 255 seats and could reach as many as 56 Senate seats, leaving little incentive to cut deals before the new Congress is sworn in. Continuing resolutions and appropriations still need bipartisan majorities because of the Senate's 60-vote filibuster, and Democrats are unlikely to lock in a full year of funding early. The federal debt hit $40 trillion in September against a $41.1 trillion limit in the GOP's 2025 reconciliation law, with some Republicans urging a raise before they lose control — while Democrats may prefer to use the limit as leverage next year. A separate CNBC analysis called the debt limit the biggest political risk to financial markets in the coming year and said markets will hate the process even if it ends in compromise. Hegseth faces a possible vote on articles of impeachment upon Congress's return, CNBC reported, a wrinkle that could complicate the NDAA, which the House passed in July authorizing more than $1 trillion in defense spending before Senate Democrats blocked their version over Iran-war concerns. Rep. Thomas Massie is expected to reintroduce a privileged resolution with eight articles of impeachment against Hegseth and could move as early as Monday. Sources: 1. Congress returns with government funding, Pete Hegseth and the debt limit on the agenda, CNBC: https://www.cnbc.com/2026/11/09/congress-government-funding-debt-limit-elections.html 2. Congress returns for crowded lame-duck session as Hegseth impeachment, government funding deadline loom, ABC News: https://abcnews.com/Politics/congress-returns-crowded-lame-duck-session-hegseth-impeachment/story?id=137918357 3. Analysis: The Democrats have one chance to extract concessions from Trump. Markets will hate it, CNBC: https://www.cnbc.com/2026/11/04/democrats-trump-debt-ceiling-fight.html --- ## Democrats prepare oversight of Musk's DOGE role and companies URL: https://sainteur.com/article/democrats-prepare-oversight-of-musk-s-doge-role-and-companies Published: Nov 9, 2026, 3:30 PM EST · Politics · By James Mitchell House and Senate gavels arrive in January, with planned probes of DOGE data access and whether Musk's companies benefited from his government role; Texas's incoming AG has pledged to scrutinize Starlink broadband grants. Why it matters: Planned congressional probes, promised Texas scrutiny of Starlink grants, and proposed data-center limits could raise regulatory risk as Democrats prepare to take committee gavels. Axios reported that Democrats, who are set to gain congressional subpoena authority in January, are preparing to investigate Elon Musk's DOGE operation, its access to sensitive government data, and whether his companies benefited from his influence in the Trump administration. Democrats regained majorities in both the House and Senate, and investigations of Musk's DOGE cuts are among expected priorities once they control committee gavels in January. Democratic lawmakers told Politico, The Verge reported, that oversight targets include Musk's DOGE role, alleged conflicts of interest, and his role in reportedly disrupting Starlink service to Ukraine. Scrutiny is also expected on Ukraine satellite-communications restrictions, DOGE federal job cuts, and government contracts and subsidies flowing to his companies. Musk has downplayed dependence on Washington, saying government contracts will account for less than 5% of SpaceX revenue a year from now, and posted that he is "happy to cancel any that the government doesn't want." Incoming Texas Attorney General Nathan Johnson has pledged to scrutinize state broadband grants awarded to Starlink, and Gov.-elect Gina Hinojosa is suing to uncover largely redacted communications with Greg Abbott, Axios reported. Democrats are also preparing legislation that would require independent safety testing of advanced AI models, and lawmakers have already demanded SpaceX's AI safety records, with new data-center restrictions threatening a cornerstone of Musk's growth plans. Analysts expect Democrats to tighten scrutiny of data-center projects and push for construction moratoriums. Sources: 1. Elon Musk's empire braces for Democratic crackdown, Axios: https://www.axios.com/2026/11/09/elon-musk-midterms-risks-empire 2. Tech is about to get hammered in Congress, The Verge: https://www.theverge.com/policy/1027430/democratic-control-congress-tech-policy 3. Elon Musk’s business empire braces for Democratic wave as Texas flips blue, NBC News (Reuters): https://www.nbcnews.com/tech/elon-musk/elon-musks-business-empire-braces-democratic-wave-texas-flips-blue-rcna607420 --- ## Anthropic's IPO roadshow can start as early as Tuesday, while buyers push on price URL: https://sainteur.com/article/anthropic-s-ipo-roadshow-can-start-as-early-as-tuesday-while-buyers-push-on Published: Nov 9, 2026, 3:20 PM EST · Startups · By Robert Harrison Reuters reported last week that some potential investors doubted the schedule, with some seeing $1.5 trillion as the high end of expectations. The amended filing still leaves the price range blank. Why it matters: Anthropic plans to sell part of the offering through retail brokerages like Robinhood and Schwab, so everyday investors may get a shot at an IPO price that isn't set yet. Anthropic can begin formally marketing its IPO as early as Tuesday, making its case to investors despite last week's swoon in AI-related stocks. The timing comes from SEC staff procedures: a company that lets the agency review its IPO paperwork in private has to file publicly at least 15 days before any roadshow. The Claude maker made its S-1 public on Oct. 26. The SEC's Veterans Day closure on Nov. 11 and a two-business-day notice rule make Friday, Nov. 13 the earliest Anthropic could set its price, and Monday, Nov. 16 the earliest it could start trading, by one published count. The company hasn't announced a date for its first day of trading. ## Can doesn't mean will Buyers are another matter. Potential investors doubted Anthropic could proceed with its planned roadshow in time for a November listing, four people familiar with investor discussions said in a Nov. 5 Reuters exclusive that tied the doubts to the AI market selloff after the Nov. 3 midterm elections. Those investors want a more attractive valuation, and some see the recently discussed $1.5 trillion as the high end of expectations. Anthropic declined to comment on investor doubts. D.A. Davidson analyst Gil Luria put the stakes plainly. "The best way to set Anthropic up for success is to price the deal well," Luria told CNBC. The company had been looking toward a $2 trillion IPO valuation until recently, but stakeholders told the outlet that even $1.5 trillion is now in doubt. One investor said $1 trillion to $1.25 trillion is a more likely target, though that could change with market conditions. Anthropic's private valuation stood at $965 billion as of May. ## Two blanks where the price should be The Nov. 2 amended S-1 still leaves the estimated price range per share blank, along with Anthropic's run-rate revenue as of Oct. 31. Investors are eagerly awaiting that October revenue figure to judge whether growth picked up after a slowdown in recent months, two of the people in the Nov. 5 report said. The rest of the deal is mapped out. Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT, with Goldman Sachs and Morgan Stanley as representatives of the underwriters. It plans to offer part of the shares to retail investors through Charles Schwab, Fidelity, Robinhood, SoFi and E*TRADE, among others. Sources: 1. Anthropic IPO’s Moment of Truth Nears as Waiting Period Expires, Bloomberg (via Bloomberg Law): https://news.bloomberglaw.com/mergers-and-acquisitions/anthropic-ipos-moment-of-truth-nears-as-waiting-period-expires 2. Anthropic, PBC: Form S-1/A, Amendment No. 1, U.S. Securities and Exchange Commission: https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm 3. Anthropic, PBC: Form S-1, U.S. Securities and Exchange Commission: https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm 4. Enhanced Accommodations for Issuers Submitting Draft Registration Statements, U.S. Securities and Exchange Commission, Division of Corporation Finance: https://www.sec.gov/about/divisions-offices/division-corporation-finance/draft-registration-statement-processing-procedures-expanded 5. Everything you need to know ahead of Anthropic's IPO, Yahoo Finance: https://finance.yahoo.com/technology/ai/article/anthropic-ipo-what-we-know-143321078.html 6. Exclusive: AI backlash could threaten Anthropic IPO timing, potential investors say, Reuters (via Investing.com): https://www.investing.com/news/stock-market-news/exclusiveai-backlash-could-threaten-anthropic-ipo-timing-potential-investors-say-5006110 7. Investors brace for lower Anthropic valuation, calling $1.5 trillion a 'stretch', CNBC: https://www.cnbc.com/2026/11/06/investors-brace-for-anthropic-valuation-1point5-trillion-a-stretch.html --- ## Tesla is winding down the Cybertruck so Cybercab can take its factory floor URL: https://sainteur.com/article/tesla-is-winding-down-the-cybertruck-so-cybercab-can-take-its-factory-floor Published: Nov 9, 2026, 3:10 PM EST · Opinion · By Connor O'Brien Tickers: TSLA Musk said Cybertruck production at Gigafactory Texas winds down around the middle of next year for Cybercab. Cox Automotive estimated 20,237 U.S. Cybertruck sales last year, far below Musk's earlier prediction that annual sales would eventually total 250,000. The AI pivot is eating the product line. Why it matters: Tesla's robotaxi bet is no longer abstract: it's taking floor space from the Cybertruck at the plant once framed as the Cybertruck factory. Tesla ($TSLA) is clearing the floor for the next act. On Friday, Elon Musk wrote that Tesla will wind down Cybertruck production at Gigafactory Texas around the middle of next year to make room for increased Cybercab production. ## The future of the pickup never got past a niche That sentence is the whole story. Musk hailed the truck as the future of the pickup truck segment and predicted annual sales would eventually total 250,000. Cox Automotive estimated U.S. sales last year at 20,237 units, down 48% from 38,965 in 2024. It did not achieve mass-market sales. The truck that was supposed to start under $40,000 ended up around $60,000. One of the big buyers last year was SpaceX, which spent $131 million on Cybertrucks at Tesla's list price, according to a SpaceX financial filing. A truck whose big buyers include the CEO's other company is a hard sell as a mass-market pickup. ## The best case for clearing the floor The strongest other side: factory space is finite, and Tesla already decided to end Model S and Model X production to make room for Optimus robots. If Cybercab is the better use of the same floor, this is capital allocation, not a tantrum. Musk also said the Cybertruck fleet will be around for a long time. Fair. But that's why Friday matters: Tesla is no longer treating the Cybertruck as the franchise. When the plant Tesla once described as the "Cybertruck factory", as TechCrunch noted, becomes a Cybercab bay, the AI pivot stops being a slide in a deck. It's the line on the floor. Sources: 1. Elon Musk on X: Cybertruck wind-down at Gigafactory Texas, X (Elon Musk): https://x.com/elonmusk/status/2118591788701421573 2. Elon Musk on X: Cybertruck fleet reply, X (Elon Musk): https://x.com/elonmusk/status/2118628806277951825 3. Tesla to wind down Cybertruck production in Texas next year to ramp Cybercab, Musk says, CNBC: https://www.cnbc.com/2026/11/06/tesla-cybertruck-texas-musk.html 4. Tesla will stop making the Cybertruck in 2027, TechCrunch: https://techcrunch.com/2026/11/06/tesla-will-stop-making-the-cybertruck-in-2027/ --- ## Avalanche to be core ledger for clearing on NYSE-affiliated 24/7 tokenized securities platform URL: https://sainteur.com/article/avalanche-to-be-core-ledger-for-clearing-on-nyse-affiliated-24-7-tokenized Published: Nov 9, 2026, 12:35 PM EST · Crypto · By Jennifer Walsh Tickers: ICE Ava Labs says Avalanche is the core ledger for the clearing firm; the Journal reported exclusive Avalanche settlement on the exchange's planned round-the-clock venue, pending approvals. Why it matters: If approved, trades in tokenized securities on the NYSE-affiliated venue are designed to clear and settle around the clock using Avalanche as the core clearing and settlement ledger. Ava Labs said Avalanche will provide the core ledger technology to the clearing firm behind an upcoming NYSE-affiliated digital ATS for tokenized securities. The Wall Street Journal reported that the New York Stock Exchange said it would settle tokenized stocks on its upcoming 24/7 trading platform exclusively using Avalanche. Subject to applicable regulatory approvals, the platform is designed to allow 24/7 trading, clearing and settlement for subscribers, Ava Labs said. Avalanche's blog said Avalanche was selected to support the platform's clearing infrastructure and that NYSE is part of Intercontinental Exchange ($ICE). On X, @avax said the platform's "core clearing and settlement layer will be built on top of Avalanche technology." ICE shares were at $172.27, down 0.99% as of Nov 6, 4:00 PM ET. Sources: 1. Avalanche to Serve as Core Ledger Technology for Clearing and Settlement of NYSE-affiliated Upcoming Tokenized Securities Platform, PR Newswire / Ava Labs: https://www.prnewswire.com/news-releases/avalanche-to-serve-as-core-ledger-technology-for-clearing-and-settlement-of-nyse-affiliated-upcoming-tokenized-securities-platform-302932803.html 2. Wall Street's Next Chapter Is Being Built on Avalanche, Avalanche: https://www.avalanche.com/about/blog/wall-streets-next-chapter-is-being-built-on-avalanche 3. Avalanche on NYSE-affiliated clearing and settlement, X @avax: https://x.com/avax/status/2119777384928850140 4. Stock Market Trading Classes, WSJ Markets via open blurb: https://pivottradeacademy.in/news --- ## Citi cuts US stocks and tech to neutral, upgrades Europe ex-UK on AI turbulence URL: https://sainteur.com/article/citi-cuts-us-stocks-and-tech-to-neutral-upgrades-europe-ex-uk-on-ai-turbulence Published: Nov 9, 2026, 11:10 AM EST · Equities · By Marcus Rodriguez Tickers: C Beata Manthey's team is still positive on AI longer term but warns crowded positioning and further selling could keep tech under pressure. Why it matters: European equities excluding the UK get the upgrade partly for lower AI concentration as investors reassess the tech trade. Citigroup ($C) is stepping back from Wall Street's AI-heavy tape without calling a bear market. Strategists led by Beata Manthey tactically cut US equities, global technology and European tech to neutral from overweight, and raised European equities excluding the UK to overweight, according to open summaries of the note. The timing is the post-midterm AI rethink. Headtopics' Yahoo Finance account said Manthey acted after a dramatic week tied to the Democratic sweep and concerns over tighter AI regulation. Citi's team pointed to the S&P 500's biggest weekly decline since April 2025 and about $2.3 trillion wiped from the Nasdaq 100 last Thursday, while Europe's Stoxx 600 ended the week up 0.2%, Euro2day reported. Those index figures come from coverage of the note, not from Sainteur market data. Manthey wrote that positioning on key indices such as the Nasdaq could reset lower into net-short territory, and that while the move has been most aggressive in tech, volatility has been broad-based. Crowded positioning, elevated valuations and slowing EPS growth leave US and tech more exposed to downside risk, Tiger Brokers summarized. Citi remains positive on the AI outlook but sees scope for further declines before sentiment stabilizes and earnings revisions firm. Europe is the relative-value call. Manthey's case, as relayed by Euro2day, is lower exposure to AI-related stocks, more diversification across industrials, banks and defensives, and a larger benefit from falling oil prices. Citi is also upgrading healthcare to overweight alongside materials. Tiger Brokers said the shift is a tactical reallocation rather than a bearish call, and that Citi still sees economic data and earnings as resilient enough to support markets. A separate Goldman Sachs note cited in the same coverage underscores why Europe can look like a hedge when the AI trade reverses: AI infrastructure is about 15% of the Stoxx 600 and under a quarter of forecast 2027 earnings growth, versus about 40% of the S&P 500 and more than two-thirds of expected growth, and Europe outperformed the US in each of the eight largest AI-led selloffs since 2023, Goldman said. Sources: 1. Citi shifts strategy, upgrades European equities, Euro2day: https://www.euro2day.gr/en/article/2377324/citi-shifts-strategy-upgrades-european-equities 2. Citigroup Strategists Turn Defensive: Downgrade US Stocks and Tech, Upgrade European Equities as Growth Risks Mount, Tiger Brokers: https://www.itiger.com/news/1120043666 3. Citigroup Downgrades US Stocks, Upgrades European Equities Amid AI Turmoil, Yahoo Finance via Headtopics: https://ca.headtopics.com/news/citigroup-downgrades-us-stocks-upgrades-european-equities-89684856 --- ## Hedge funds cut tech near the fastest pace in Goldman data since 2016 amid midterm AI concerns URL: https://sainteur.com/article/hedge-funds-cut-tech-near-the-highest-pace-since-2016-amid-midterm-ai-concerns Published: Nov 9, 2026, 10:40 AM EST · Equities · By Marcus Rodriguez U.S. long/short gross leverage fell 8.7 percentage points to 207.5%, the largest weekly drop since March 2020, Goldman prime data show. Why it matters: The AI trade is being de-risked in the prime book just as local ballots and the midterms intensify concerns that data-center construction could face delays. Hedge funds pulled back from technology last week at a pace near the highest since Goldman Sachs began tracking the series in its prime-brokerage data in 2016. Tech accounted for the largest share of net sales by global and U.S. funds, Bloomberg reported via Longbridge. Gross leverage at U.S. fundamental long/short equity funds fell 8.7 percentage points to 207.5%, the largest weekly decline since March 2020, and net leverage fell 3.7 points to 43.3%. As of Nov. 6, net selling of individual stocks hit a four-month high. Funds still recorded overall net buying for the week, mainly from Friday short covering in indexes and ETFs rather than large-scale rebuilding of individual tech positions. The political backdrop is the midterms and local fights over AI data centers. Longbridge said concerns that election results could slow AI infrastructure expansion sped up funds' cut in tech exposure. CNBC, citing Ballotpedia, counted 41 local data-center measures in 10 states; voters sided against data centers in every contest with results except Harwood, N.D., and Ohio alone had 21 measures. The International Data Center Authority said that from January 2024 through May 2026, at least 46 AI data-center projects across 20 U.S. states — more than $170 billion in announced investment — were blocked, withdrawn or stalled. Goldman Sachs prime-brokerage data had already shown funds reversing all net purchases of global AI-linked stocks made since the start of 2025 within five sessions, even while technology remained 23.5% of Goldman's prime book. Sources: 1. Goldman Sachs: Hedge Funds Sell Off Tech Stocks at Near-Record Pace, Leverage Plummets, Longbridge (citing Bloomberg / Goldman Sachs): https://longbridge.com/en/news/304832869 2. Voters rebuff data centers in every ballot measure except one during the 2026 midterms, CNBC: https://www.cnbc.com/2026/11/04/data-center-ballot-measures-2026-midterm.html 3. IDCA Launches Community Assurance Program to Protect Communities and Address Data Center Pushback, International Data Center Authority via PR Newswire: https://www.prnewswire.com/news-releases/idca-launches-community-assurance-program-to-protect-communities-and-address-data-center-pushback-302926505.html 4. Hedge funds have unwound their AI stock buying since 2025, Goldman prime data shows, HedgeWeekly: https://hedgeweekly.com/news/2026-11-02-hf-goldman-prime-book-tech-unwind-ai-bets --- ## Coinbase gets full federal trust charter for crypto custody URL: https://sainteur.com/article/coinbase-gets-full-federal-trust-charter-for-crypto-custody Published: Nov 9, 2026, 10:15 AM EST · Crypto · By Jennifer Walsh Tickers: COIN The charter follows April's conditional nod and excludes ordinary retail deposits and traditional lending at the trust bank; New York custody migrates over three years. Why it matters: Existing institutional custody moves from Coinbase's NY-regulated entity to the national trust over three years under OCC supervision, without Coinbase becoming a deposit-taking bank. Coinbase ($COIN) said Monday the Office of the Comptroller of the Currency approved its application to charter Coinbase National Trust Company, establishing a federally chartered trust company for institutional crypto custody. OCC licensing records cited by crypto.news show the chartering process completed Nov. 6 after preliminary approval in April. The license does not make Coinbase a conventional commercial bank or authorize ordinary retail deposits. CoinDesk reported the April provisional approval covered federally regulated custodial and payments services, not deposit-taking or lending. Coinbase plans to transfer its existing New York Department of Financial Services–regulated custody business to the national trust over three years. Coinbase shares were at $134.76, down 1.51% as of Nov 6, 4:00 PM ET. Sources: 1. Coinbase launches National Trust Company, Coinbase: https://www.coinbase.com/blog/coinbase-launches-national-trust-company-with-federally-regulated-institutional-grade-custody-offering 2. Coinbase gets full U.S. trust charter from federal banking regulator, CoinDesk: https://www.coindesk.com/policy/2026/11/09/coinbase-gets-full-u-s-trust-charter-from-federal-banking-regulator 3. Coinbase Joins Circle, Ripple With Final OCC Approval for Federal Trust Bank Charter, Decrypt: https://decrypt.co/382816/coinbase-joins-circle-ripple-with-final-occ-approval-for-federal-trust-bank-charter 4. Coinbase wins full US banking approval, but with key restrictions, crypto.news: https://crypto.news/coinbase-full-occ-national-trust-bank-charter/ --- ## Nvidia board opens probe into reported foreign-intelligence effort as Huang apologizes for infidelity URL: https://sainteur.com/article/nvidia-board-opens-foreign-intelligence-probe-as-huang-apologizes-for-infidelity Published: Nov 9, 2026, 9:35 AM EST · Equities · By Marcus Rodriguez Tickers: NVDA The board says it has no reason to believe secrets were compromised. Huang's daughter and son work at the company, though neither reports to him, its May 2026 proxy shows. Why it matters: The board is reviewing reported foreign-intelligence targeting at AI chipmaker Nvidia, while Huang stays CEO. Nvidia ($NVDA) CEO Jensen Huang told employees he was unfaithful to his wife and that he takes full responsibility. The board said the inquiry follows reports that Huang was the target of a foreign intelligence effort and that it has no reason to believe national security or Nvidia secrets were compromised. Nvidia told CNBC that Huang remains committed to leading as CEO without interruption. CNBC said the New York Times and Financial Times reported that U.S. intelligence officials are concerned that a woman affiliated with Nvidia customer Megaspeed may have passed information to Beijing. The allegation has not been confirmed, and no wrongdoing has been established. Nvidia's May 2026 proxy says his daughter and son work at the company; neither is an executive officer or reports to him. Sources: 1. A Message to Our Company, NVIDIA Newsroom: https://nvidianews.nvidia.com/news/a-message-to-our-company 2. Statement From NVIDIA Board of Directors, NVIDIA Newsroom: https://nvidianews.nvidia.com/news/statement-from-nvidia-board-of-directors 3. Read Huang's email to his staff and statement from Nvidia's board of directors, CNBC: https://www.cnbc.com/2026/11/08/nvidia-jensen-huang-email-board-of-directors-statement.html 4. Nvidia investigates CEO Jensen Huang's relationship with alleged Chinese spy, CNBC: https://www.cnbc.com/2026/11/08/nvidia-jensen-huang-investigation-china-spy.html 5. NVIDIA Corporation Proxy Statement (DEF 14A), NVIDIA (SEC): https://www.sec.gov/Archives/edgar/data/1045810/000104581026000036/nvda-20260512.htm --- ## China extends its pause on the extra 24% tariff on US goods for two months, keeps 10% URL: https://sainteur.com/article/china-extends-its-pause-on-the-extra-24-tariff-on-us-goods-for-two-months-keeps Published: Nov 9, 2026, 8:40 AM EST · Macro · By James Mitchell The Customs Tariff Commission tied the Nov. 10 adjustment to the Washington heads-of-state consensus and said it will watch any Section 301 shift. Why it matters: The partial pause leaves the 10% additional tariff on US goods in place into early next year. China's Customs Tariff Commission said it will continue for two months to suspend the 24% additional tariff on U.S.-origin imports while keeping a 10% additional tariff in place, effective from 1:01 p.m. Beijing time on Nov. 10. The move implements the outcomes of the Washington meeting between the Chinese and U.S. heads of state, the commission said. The commission said China has noted U.S. statements of intent to replace tariffs under the International Emergency Economic Powers Act with Section 301 tariffs, and will adjust its countermeasures in light of subsequent U.S. moves. Bloomberg reported that the extension formalizes a leaders' decision to prolong the trade truce until Jan. 10, and China's Transport Ministry separately extended a suspension of special fees on American ships docking at its ports until the same date. Sources: 1. 国务院关税税则委员会关于调整对原产于美国的进口商品加征关税措施的公告, Ministry of Finance of the People's Republic of China (Customs Tariff Commission): https://gss.mof.gov.cn/gzdt/zhengcefabu/202611/t20261109_4004260.htm 2. China extends suspension of 24 pct additional tariff on U.S. goods for two months - People's Daily Online, People's Daily Online (Xinhua): https://en.people.cn/n3/2026/1109/c90000-20517108.html 3. China extends pause on 24% US tariffs to January, keeps 10% rate, The Business Times (Bloomberg): https://www.businesstimes.com.sg/international/china-extends-pause-24-us-tariffs-january-keeps-10-rate --- ## China blocks SoftBank's takeover of ABB's China robotics arm as FT cites AI data fears URL: https://sainteur.com/article/china-blocks-softbank-s-takeover-of-abb-s-china-robotics-arm-as-ft-cites-ai-data Published: Nov 5, 2026, 11:00 AM EST · Equities · By Marcus Rodriguez It's the second major deal China has blocked this year, after Meta's Manus purchase, and SoftBank is weighing whether to try again. Why it matters: The prohibition puts the broader transaction in jeopardy; ABB declined to say what it means for the overall sale. ABB said SoftBank told it that China's foreign investment security review office has prohibited the acquisition of the ABB Robotics business in China. According to a Financial Times report, the background includes, amongst other things, security concerns on China's part: Chinese authorities reportedly feared data from robotics production could go abroad and be used to train AI models, potentially including OpenAI's, in which SoftBank holds a significant stake. It's the second major deal China has blocked this year, after Meta was ordered to unwind its acquisition of AI start-up Manus. SoftBank had assumed approval would be granted as recently as last week and is now assessing whether a fresh attempt is possible, the FT reported. The European Commission had already approved the takeover. ABB, the Swiss-Swedish engineering group, agreed in October 2025 to divest the robotics division to SoftBank for an enterprise value of $5.375 billion and had expected net proceeds of around $5.3 billion. Its brief statement says the two sides "are in close dialogue and are working constructively on the transaction," but it doesn't say whether the rest of the deal can close without China. ABB declined to comment further to the AWP news agency on the consequences for the sale as a whole. Sources: 1. Update on divestment of ABB Robotics, ABB: https://new.abb.com/news/detail/140154/update-on-divestment-of-abb-robotics 2. China blocks SoftBank’s US$5.4 billion takeover of ABB’s robotics division, Reuters via South China Morning Post: https://www.scmp.com/business/china-business/article/3373415/china-blocks-softbanks-us54-billion-takeover-abbs-robotics-division 3. China blocks sale of ABB robotics division to SoftBank, SWI swissinfo.ch: https://www.swissinfo.ch/eng/swiss-industry/china-blocks-abbs-sale-of-its-robotics-division-to-softbank/92331115 --- ## Binance and Deribit cut SignalPlus API keys after security report URL: https://sainteur.com/article/binance-and-deribit-cut-signalplus-api-keys-after-security-report Published: Nov 5, 2026, 10:50 AM EST · Crypto · By Jennifer Walsh Changpeng Zhao told SignalPlus users on other exchanges to revoke their keys too. Both exchanges say their own systems weren't hit. Why it matters: Anyone running SignalPlus strategies on Binance or Deribit has lost that automation until SignalPlus gives the all-clear and they reconnect with new keys. Binance said Thursday it had removed all API keys linked to SignalPlus as an immediate precaution after the third-party trading platform reported a potential security issue. "Binance's own systems are unaffected. User funds remain safe," the exchange said. Options exchange Deribit took the same step. It said it revoked all customer API keys connected to SignalPlus after SignalPlus informed it of a potential security concern. After an investigation, it found no indication its systems or data were affected. SignalPlus is a Hong Kong-based platform that provides trading tools for crypto options and derivatives and connects to several exchanges, including Binance. API keys let third-party apps place trades on a user's exchange account; cutting them off stops automated strategies running through SignalPlus until users set up new keys. Deribit told traders that SignalPlus-driven trading, monitoring and automation on its platform has stopped, and that they should check open orders, positions and recent account activity on Deribit itself. "If you intend to reconnect to SignalPlus, wait for official communication from their team before proceeding," Deribit said. Binance urged SignalPlus users to log into Binance directly to review positions and open orders, wait until SignalPlus confirms the issue is fully resolved before reconnecting, and enable IP whitelisting. Binance also called on third-party platforms integrated with it to review security controls and contact it if they spot concerns. Binance founder Changpeng Zhao told users who use SignalPlus on any other exchange to revoke their API keys. "It is generally recommend that you do not store your API keys with any 3rd party platform," he wrote, adding that Deribit also reported the issue. Sources: 1. Binance removes SignalPlus-linked API keys, X @binance: https://x.com/binance/status/2118295116716589383 2. CZ urges SignalPlus users to revoke API keys, X @cz_binance: https://x.com/cz_binance/status/2118298620797812955 3. Deribit revokes SignalPlus-connected API keys, X @DeribitOfficial: https://x.com/DeribitOfficial/status/2118317739441873354 4. Binance Cuts Off SignalPlus API Keys Over 'Potential Security Issue' at Trading Platform, Decrypt: https://decrypt.co/382599/binance-cuts-off-signalplus-api-keys-over-potential-security-issue-at-trading-platform 5. Binance, Deribit remove SignalPlus API keys after security issue, CNA: https://www.channelnewsasia.com/business/binance-deribit-remove-signalplus-api-keys-after-security-issue-6527351 --- ## Cigna raises its 2026 outlook as insurance growth offsets a weaker pharmacy unit URL: https://sainteur.com/article/cigna-raises-its-2026-outlook-as-insurance-growth-offsets-a-weaker-pharmacy-unit Published: Nov 5, 2026, 10:45 AM EST · Equities · By Marcus Rodriguez Tickers: CI Adjusted earnings of $7.98 a share topped the $7.46 Zacks consensus, and Cigna now sees at least $30.60 a share for the year. Why it matters: Cigna's growth is coming from its health plans and specialty care, not its pharmacy benefits arm, which is losing customers. The Cigna Group ($CI), the health insurer and pharmacy benefit manager, beat Wall Street's third-quarter expectations. Adjusted earnings came to $7.98 a share, up from $7.83 a year earlier. The average estimate of seven analysts surveyed by Zacks Investment Research was $7.46. Cigna now expects 2026 adjusted income from operations of at least $30.60 a share, $0.15 above its prior projection. Underneath, the insurance side did the heavy lifting. Strong growth in Cigna Healthcare and in Specialty and Care Services offset a lower contribution from Pharmacy Benefit Services, leaving adjusted income from operations stable at $2.1 billion versus a year earlier. The customer counts show where the pressure sits. Pharmacy customers fell 5% from the end of 2025 to 117.7 million, which Cigna attributed to expected client transitions and lower membership from health plan clients, while medical customers rose 2% to 18.5 million. On a GAAP basis, shareholders' net income fell to $1.4 billion, or $5.47 a share, from $1.9 billion, or $6.98, a year earlier. Cigna said that mainly reflects the absence of an after-tax gain on a sale booked in the 2025 quarter. Sources: 1. The Cigna Group Reports Strong Third Quarter 2026 Results, Raises 2026 Outlook (Form 8-K, Exhibit 99.1), The Cigna Group: https://www.sec.gov/Archives/edgar/data/1739940/000114036126042030/ef20084818_ex99-1.htm 2. Cigna: Q3 Earnings Snapshot, Associated Press via Yahoo Finance: https://finance.yahoo.com/healthcare/articles/cigna-q3-earnings-snapshot-110735689.html --- ## OpenAI wants regulators to make large power users cover the grid costs they create URL: https://sainteur.com/article/openai-wants-regulators-to-make-large-power-users-cover-the-grid-costs-they Published: Nov 5, 2026, 10:40 AM EST · Startups · By Robert Harrison The new compact's commitments cover only future campuses OpenAI owns and operates, and the company also wants Congress to speed up transmission upgrades and clean-power incentives. Why it matters: Codified tariffs would turn a voluntary pledge into a rule for every large power user, just as local voters are turning against new data centers. Two days after a rough night at the polls for data centers, OpenAI is asking regulators to make its own power promises mandatory for the whole industry. The company's new policy blueprint says state utility commissions should create large-load tariffs that make big electricity users pay the incremental costs they create, and should codify the national Ratepayer Protection Pledge, which OpenAI has signed. The backdrop: voters backed restrictions or rejected pro-development measures in all but one of 41 local ballot measures across 10 states, according to Ballotpedia and CNBC's tally. CNBC ties the timing to that vote. Chris Lehane, OpenAI's chief global affairs officer, said the blueprint has been in the works since August and that he has met dozens of lawmakers and candidates since then. OpenAI's own commitments, which build on Stargate Community pledges from January, apply only to future campuses it owns and operates. It says it will pay the full cost of the electricity it uses and the infrastructure needed to serve it, and post financial assurances before major spending so other customers are protected if a project is delayed, reduced or canceled. It also promises site-level water and electricity reporting, published construction plans and noise studies, and no NDAs with public officials beyond narrow exceptions. The stakes are large: OpenAI told investors in February it is targeting $600 billion in total compute spend by 2030. At its planned Effingham County, Georgia, campus, Georgia Power can cut the power it delivers to OpenAI by up to 1,000 megawatts during periods of high demand. > Voluntary commitments from companies are an important starting point, but our blueprint goes further—asking federal, state, and local policymakers to establish clear rules for how the industry builds. (OpenAI) Beyond the utilities, OpenAI wants Congress to speed up transmission upgrades and restore and expand tax incentives for clean electricity. Sources: 1. Setting a new standard for responsible AI infrastructure, OpenAI: https://openai.com/index/setting-new-standard-responsible-ai-infrastructure 2. National Community Compact, OpenAI: https://cdn.openai.com/pdf/community-compact.pdf 3. Compute Campus Policy Blueprint, OpenAI: https://cdn.openai.com/pdf/compute-campus-policy-blueprint.pdf 4. OpenAI pledges to pay for data center power after election highlights AI concerns, CNBC: https://www.cnbc.com/2026/11/05/openai-to-pay-for-data-center-power-after-election-shows-ai-concern.html --- ## Democrats poised to take Congress as Wall Street braces for hearings more than new laws URL: https://sainteur.com/article/democrats-poised-to-take-congress-as-wall-street-braces-for-hearings-more-than Published: Nov 5, 2026, 9:55 AM EST · Politics · By James Mitchell Rep. Maxine Waters and Sen. Elizabeth Warren are expected to lead the House and Senate banking panels, with the power to set hearings, pick witnesses and issue subpoenas. Why it matters: Banks and crypto firms face probes of fees, lending and Trump administration dealings, while Trump's veto power makes big legislative swings unlikely over the next two years. Banks spent the past two years collecting capital relief and other policy wins from Trump’s regulators. Now Democrats take both chambers in January, with the investigative staffs and subpoena power that come with them, and executives and analysts expect cost-of-living probes and bank chiefs called to testify. Firms are reviewing their dealings with the administration for what could draw interest, according to attorneys and advisers. Rep. Maxine Waters of California is the presumptive chair of House Financial Services, and Sen. Elizabeth Warren of Massachusetts would presumably lead the Senate Banking Committee. That control lets them set the hearing schedule, can block Trump administration nominees, pick most witnesses and issue subpoenas. ## Oversight first, legislation later American Banker notes that Republicans still hold the White House for two more years, so Democrats are likely to focus on oversight of the administration and big business, including Wall Street. Without a veto-proof Senate majority, bold legislative initiatives are unlikely to get off the ground in the next Congress. Trump said in a Tuesday-night television interview that he would accept the election results, American Banker reported. “The run of favorable legislation for the banks has likely come to a close,” TD Securities analysts said, per Banking Dive. Scott Siefers of TD Securities said practical effects could be limited near term because Trump keeps veto power. Citi analysts led by Benjamin Gerlinger said abrupt shifts in supervisory priorities are unlikely while key financial regulators’ leadership stays stable, though Democratic chairs “will likely lead to more visible hearings and inquiries into areas such as consumer protection, lending standards, and climate-related financial disclosures.” > There would certainly be attempts to bring back some of the restrictions on banks. (Peter Ricchiuti, professor, Tulane’s Freeman School of Business) Ricchiuti also said consumer-protection initiatives might be brought back to life. Attorneys and analysts widely expect Democrats to probe consumer-finance practices that can raise costs—junk fees, predatory lending and mortgages. UBS analysts led by Jonathan Pringle wrote that Democratic control of the Senate restores the party’s ability to approve or deny the president’s nominees for judges and agency heads, including any new Federal Reserve governors if seats open, Banking Dive reported. Clark Hill’s Joann Needleman said that if Republicans want Brian Johnson confirmed to lead the Consumer Financial Protection Bureau, they need a floor vote before this Congress adjourns. ## Crypto’s Clarity Act looks stuck Experts told American Banker that crypto will sit near the top of the financial-oversight list, along with prediction markets and a return of bank-CEO hearings. Congress already passed the GENIUS Act, a stablecoin framework. The Clarity Act, aimed at broader crypto market structure, failed after Democrats pushed ethics limits on how lawmakers and other politicians, including the president, could invest in crypto entities. > Democrats will likely investigate Trump, including his crypto entanglements. We see this as souring the political environment for crypto, which is why we do not expect the Clarity Act to pass over the next two years. (Jaret Seiberg, TD Cowen analyst) Even a Democratic rewrite would still need common ground with Trump, who retains the veto, The Motley Fool noted. Fairshake, a crypto-funded super PAC, spent heavily against Sherrod Brown, the former Senate Banking chair now returning to the chamber; American Banker said the industry spent little on Democratic races, grinding its legislative agenda to a halt for at least the next few years. > Corporations, billionaires tried to buy this election. (Sen. Sherrod Brown, in his Ohio victory speech) Sources: 1. Banks brace for tighter oversight from US Congress after Democrats sweep, Reuters (via Yahoo Finance): https://finance.yahoo.com/economy/policy/articles/banks-brace-tighter-oversight-us-100335204.html 2. Midterm results may curb bank-friendly legislation, analysts say, Banking Dive: https://www.bankingdive.com/news/midterm-results-may-curb-bank-friendly-legislation-analysts-say/873759/ 3. Democrats sweep Congress, setting up years of oversight for banks, American Banker: https://www.americanbanker.com/news/democrats-sweep-congress-setting-up-years-of-oversight-for-banks 4. The Democrats Just Took Back the House and Senate. Here's What That Could Mean For Crypto Regulation in 2027., The Motley Fool: https://www.fool.com/investing/2026/11/04/the-democrats-just-took-back-the-house-and-senate-here-s-what-that-could-mean-for-crypto-regulation-in-2027/ --- ## Treasury keeps auctions steady but softens guidance on future coupon sizes URL: https://sainteur.com/article/treasury-keeps-auctions-steady-but-softens-guidance-on-future-coupon-sizes Published: Nov 5, 2026, 9:45 AM EST · Macro · By James Mitchell Treasury dropped “at least” from its pledge to hold coupon sizes, and analysts read that as an opening for changes in the first half of 2027. Why it matters: How Treasury mixes short and long debt shapes supply in the bond market, and the new language keeps a later shift on the table. The Treasury Department kept next week’s coupon auctions unchanged but rewrote the language that had guided future sale sizes, a shift analysts expect will eventually favor more short- and intermediate-dated debt and possible cuts to longer bonds, Reuters reported. In its quarterly refunding statement, Treasury said it is offering $125 billion of securities to refund about $97 billion of privately held notes and bonds maturing Nov. 15—$58 billion of 3-year notes on Monday, $42 billion of 10-year notes on Tuesday and $25 billion of 30-year bonds on Thursday, all settling Nov. 16. Based on current borrowing needs, Treasury “anticipates maintaining nominal coupon and FRN auction sizes for the next several quarters,” while it “continues to evaluate potential future changes” and will talk with market participants, aiming to finance the government at the lowest cost over time. Treasury dropped the term “at least” from that guidance. Many analysts read “several” as about two quarters, which would open the door to changes in the first half of 2027. The 20- and 30-year auctions are seen as the most likely to shrink, with any coupon increases concentrated in the 2- to 7-year sector and possibly the 10-year—though not everyone expects long-bond cuts if funding needs keep rising. The Treasury Borrowing Advisory Committee on Tuesday unanimously recommended keeping coupon, floating-rate and TIPS sizes steady and considering a guidance tweak. Members generally agreed future coupon increases would likely fit the second half of fiscal 2027 and the 2- to 10-year sector, and discussed possible later changes to 20- and 30-year issuance. Separately, Treasury will convert the 7-year note to a quarterly new issue with two reopenings starting with the March 2027 new issue, buy back up to $70 billion of off-the-run securities for liquidity support over the November–January refunding quarter, and trim then lift bill auction sizes around year-end on seasonal cash flows. Its Nov. 2 borrowing estimate puts October–December borrowing at $618 billion in privately held net marketable debt. Sources: 1. Quarterly Refunding Statement of Assistant Secretary for Financial Markets Hunter McMaster, U.S. Department of the Treasury: https://home.treasury.gov/news/press-releases/sb0678 2. US Treasury shifts language, opening door to auction size changes, Reuters (via Yahoo Finance): https://finance.yahoo.com/economy/policy/articles/us-treasury-shifts-language-opening-133354179.html 3. Minutes of the Meeting of the Treasury Borrowing Advisory Committee November 3, 2026, U.S. Department of the Treasury: https://home.treasury.gov/news/press-releases/sb0680/ 4. Treasury Announces Marketable Borrowing Estimates, U.S. Department of the Treasury: https://home.treasury.gov/news/press-releases/sb0675 --- ## Job changers' pay rose 4.8% as private payrolls grew by 86,000 in October, ADP says URL: https://sainteur.com/article/job-changers-pay-rose-4-8-as-private-payrolls-grew-by-86-000-in-october-adp-says Published: Nov 5, 2026, 7:35 AM EST · Macro · By James Mitchell Hiring matched September's downwardly revised pace and edged past the 75,000 forecast, with service industries doing most of the work. Why it matters: ADP's count lands two days before the government's jobs report, where economists expect a gain of 59,000. Switching jobs is still paying. Workers who changed employers in October got 4.8% more than a year earlier, while those who stayed got 3%, payroll processor ADP reported Wednesday, according to CNBC. Private employers added 86,000 jobs, the same as September's downwardly revised total and slightly above the 75,000 economists surveyed by Dow Jones expected. Service industries did most of the hiring, led by trade, transportation and utilities with 39,000 jobs. Professional and business services lost 27,000. Base pay rose 3.2% overall. "Employers of all sizes were hiring last month, and our data suggests that job-changers were lured by a combination of bonuses, overtime, and more hours in addition to higher base pay," said Nela Richardson, ADP's chief economist. A Bureau of Labor Statistics report on Tuesday showed the number of people quitting their jobs at its highest level since March 2025. Quits are a sign that workers feel free to move. ADP's count comes ahead of the Labor Department's nonfarm payrolls report on Friday. Economists surveyed by Dow Jones expect it to show 59,000 jobs added in October, after 29,000 in September. Sources: 1. Private companies added 86,000 jobs in October, slightly higher than expected, ADP says, CNBC: https://www.cnbc.com/2026/11/04/private-companies-added-86000-jobs-in-october-slightly-higher-than-expected-adp-says.html --- ## US trade deficit narrows to $105.0 billion in September as exports outpace imports URL: https://sainteur.com/article/us-trade-deficit-narrows-to-105-0-billion-in-september-as-exports-outpace Published: Nov 5, 2026, 6:41 AM EST · Macro · By James Mitchell The gap with Taiwan widened $3.6 billion and the one with the EU $3.2 billion, while the deficit with Canada shrank $2.7 billion. Why it matters: The deficit is down 12.2% through September from a year earlier, but its three-month average rose $11.3 billion to $101.2 billion. Even with a $7.6 billion jump in computer imports, the US trade gap shrank in September. Exports rose $5.8 billion to $321.5 billion, a touch more than imports, which rose $5.2 billion to $426.6 billion, leaving the deficit at $105.0 billion, down from a revised $105.7 billion in August, the Bureau of Economic Analysis and the Census Bureau said Wednesday. Computers were part of an $11.6 billion rise in capital goods imports. On the export side, soybeans rose $1.3 billion. The goods deficit fell $0.7 billion to $135.9 billion. The services surplus slipped by less than $0.1 billion to $30.9 billion. Among individual trading partners, the deficit with Taiwan widened $3.6 billion to $21.9 billion and the deficit with the European Union widened $3.2 billion to $14.2 billion. The deficit with Canada narrowed $2.7 billion to $4.4 billion. Mexico ($28.7 billion), Vietnam ($25.3 billion), Taiwan and China ($17.9 billion) had the largest goods deficits. The longer view is mixed. The deficit for the first nine months is down $92.4 billion, or 12.2%, from the same period of 2025. But the three-month average rose $11.3 billion to $101.2 billion. BEA's next trade release is Dec. 8. Sources: 1. U.S. International Trade in Goods and Services, September 2026, U.S. Bureau of Economic Analysis: https://www.bea.gov/news/2026/us-international-trade-goods-and-services-september-2026 --- ## Treasuries rally as investors bet a Democratic Congress will limit spending URL: https://sainteur.com/article/treasuries-rally-as-investors-bet-a-democratic-congress-will-limit-spending Published: Nov 4, 2026, 10:45 AM EST · Macro · By James Mitchell Two-year yields fell to an almost two-month low before giving some of it back, and money markets slightly trimmed their bets on Fed hikes next year. Why it matters: The result takes Trump's promised $5,000 payments off the table, a pledge Reuters put at $1.2 trillion, or 16% of the federal budget. Treasuries rallied on Wednesday after Democrats won control of both the Senate and the House. Bond investors are betting on two things: that gridlock in Washington will limit government spending, and that tighter AI regulation could slow growth and reduce the need for Federal Reserve rate hikes. Two-year yields fell to an almost two-month low before giving back some of the drop as global stocks turned positive. Money markets slightly trimmed their bets on Fed hikes next year, and the dollar slipped. Bonds also lost a tail risk. Trump had promised $5,000 payments to adult citizens if Republicans held Congress, a pledge Reuters put at $1.2 trillion, or 16% of the federal budget. Not everyone expects the rally to run far. Vontobel said persistent deficits and heavy Treasury issuance could limit how far long-term yields fall. Andrew Jackson, Vontobel's chief investment officer, said divided government could support Treasuries by limiting spending, but that blocking new spending isn't the same as reducing the existing deficit. Jackson added that inflation and Fed policy will probably matter more for bonds than the election did. Janet Mui of RBC Brewin Dolphin warned of another risk: renewed US strikes on Iran could move oil prices and inflation. Sources: 1. TREASURIES-US bonds rally as Democratic sweep seen stalling spending, Reuters (via Longbridge): https://longbridge.com/en/news/304244945.md 2. US midterms 2026: A new balance of power, Vontobel Asset Management: https://am.vontobel.com/en/insights/us-midterms-2026-a-new-balance-of-power 3. U.S. midterms: what a democratic congress means for the markets, RankiaPro: https://rankiapro.com/en/insights/u-s-midterms-what-a-democratic-congress-means-for-the-markets/ --- ## CVS Health plans to split into two companies, separating its pharmacies from Aetna URL: https://sainteur.com/article/cvs-health-plans-to-split-into-two-companies-separating-its-pharmacies-from Published: Nov 4, 2026, 10:30 AM EST · Equities · By Marcus Rodriguez Tickers: CVS CVS Health plans to separate its roughly 9,000 drugstores from Aetna and Caremark, the Wall Street Journal reported, with the split planned for the first half of 2028. Why it matters: The split would partly undo CVS's 2018 Aetna deal, as lawmakers push for breakups of large healthcare conglomerates. CVS Health, which owns the insurer Aetna, the pharmacy benefit manager Caremark and the CVS drugstore chain, has decided to split into two companies, the Wall Street Journal reported. The separation is planned for the first half of 2028. Under the reported structure, one company would keep the CVS Health name and remain under CEO David Joyner, housing Aetna, Caremark, Oak Street Health, Signify Health and the specialty-drug business. A separate company, CVS Pharmacy, would include approximately 9,000 retail pharmacies, mail-order pharmacy operations and MinuteClinic. "We're basically taking what I believe is one great company and making it two," Joyner told the Journal. He also told the paper that regulatory issues were not driving the decision. The structure and timeline could still change. The plan would partly reverse CVS's 2018 acquisition of Aetna, and it comes as lawmakers call for breakups of large healthcare conglomerates. CVS scheduled its third-quarter earnings call for Nov. 4. Sources: 1. CVS Health Reportedly Plans Business Split. Raises Questions for Woonsocket, Employees, RINewsToday: https://rinewstoday.com/cvs-health-reportedly-plans-business-split/ 2. CVS Health is splitting in two, according to news reports, Managed Healthcare Executive: https://www.managedhealthcareexecutive.com/view/cvs-health-split-in-two 3. CVS Health To Split Into Two Companies As Pressure Mounts On Vertical Integration, Forbes via Yahoo Finance: https://finance.yahoo.com/healthcare/articles/pressure-mounts-vertical-integration-cvs-064446592.html --- ## Meta sells $15 billion of dollar bonds as its AI spending climbs URL: https://sainteur.com/article/meta-sells-15-billion-of-dollar-bonds-as-its-ai-spending-climbs Published: Nov 4, 2026, 10:15 AM EST · Equities · By Marcus Rodriguez Tickers: META It's one piece of a $20 billion to $25 billion raise that reportedly includes euros, on top of the $25 billion Meta borrowed in April. Why it matters: Meta is now funding its AI build-out with debt and stock sales, not just cash from its ads business. Days after S&P turned its outlook on Meta Platforms negative, bond investors still lined up: the Facebook parent's $15 billion US dollar sale on Nov. 3 drew peak demand of about $58 billion, Briefs.co reported. The debt came in five series due 2031 to 2056 at 5.850% to 7.500%, or 110 to 220 basis points over comparable Treasuries, according to a pricing term sheet Meta filed with the SEC. The dollar notes are one piece of a bigger plan. Meta is seeking between $20 billion and $25 billion in total, about two-thirds in dollars and one-third in euros, CNBC reported, citing people familiar with the matter. Meta declined to comment to CNBC. S&P Global Ratings had revised Meta's outlook to AA- negative from AA- stable, citing "uncertainty" about its capital spending and negative free cash flow, CNBC reported. Meta has guided to full-year capital spending of $135 billion to $145 billion and posted negative free cash flow of $2.12 billion last quarter. Meta also raised $25 billion in an April bond sale and said last week it plans to raise $95 billion for its AI push: $35 billion through underwritten stock offerings and $60 billion through an at-the-market program, which sells shares gradually into the market. Sources: 1. Meta Platforms pricing term sheet (Form FWP), Meta Platforms via SEC: https://www.sec.gov/Archives/edgar/data/1326801/000119312526445646/d186765dfwp.htm 2. Meta seeks to raise up to $25 billion in debt sale as AI spending jumps, CNBC: https://www.cnbc.com/2026/11/03/meta-bond-sale-ai-funding.html 3. Meta reels in $58 billion of bids for $15 billion bond sale, Briefs.co: https://www.briefs.co/news/meta-reels-in-58-billion-of-bids-for-15-billion-bond-sale/ --- ## Tesla and SpaceX slip as Democrats' Texas win clouds data center plans URL: https://sainteur.com/article/tesla-and-spacex-slip-as-democrats-texas-win-clouds-data-center-plans Published: Nov 4, 2026, 9:55 AM EST · Equities · By Marcus Rodriguez Tickers: TSLA Democrat Gina Hinojosa, who supports a moratorium on AI data centers, unseated Gov. Greg Abbott in Texas, where Wells Fargo says 27% of planned US data center capacity is. Why it matters: Texas hosts a large share of planned US data centers, and its next governor has backed pausing them. Tesla and SpaceX, both led by Elon Musk, traded lower in premarket trading on Nov. 4 after Democrats won big in the midterm elections, CNBC reported. Musk spent at least $474 million on the midterms, including $224 million in Texas, where both companies are based and where his preferred candidates lost. In Texas, Democrat Gina Hinojosa defeated Republican Gov. Greg Abbott, according to an Associated Press race call reported by NPR. She will be the state's first Democratic governor since Ann Richards left office in 1995. Hinojosa has been outspoken in her support of a moratorium on AI data centers. That matters for the AI build-out. Wells Fargo estimates 27% of planned US data center gigawatts are in Texas, according to CNBC, and SpaceX is building multiple gigawatts of data center capacity, including projects in the state. Wells Fargo strategist Ohsung Kwon had warned that a Democratic win in Texas "could potentially be a left-tail event to the AI trade," meaning an unlikely but severe outcome. Dan Ives of Yorkville Ives & Co. said the results will slow the pace of US data center buildouts and called Texas the "biggest worry" of the night for tech investors. Other AI-related stocks were mixed before the open. Sources: 1. SpaceX, Tesla fall over 4% on Democrats' big win; AI stocks mixed, CNBC: https://www.cnbc.com/2026/11/04/ai-stocks-texas-governor-data-centers.html 2. Democrat Gina Hinojosa wins race for Texas governor, ousting Greg Abbott, NPR (The Texas Newsroom): https://www.npr.org/2026/11/03/g-s1-150844/gina-hinojosa-texas-governor-abbott --- ## Democrats win the House and Senate, and investors weigh what it means for AI and taxes URL: https://sainteur.com/article/democrats-win-the-house-and-senate-and-investors-weigh-what-it-means-for-ai-and Published: Nov 4, 2026, 9:45 AM EST · Politics · By James Mitchell Bonds won the morning as investors bet gridlock will slow government spending and a Democratic Congress will look harder at AI. Why it matters: From Jan. 3, Democrats run House committees with subpoena power and oversight investigations, ending Trump's full control of Congress. US stock index futures rose Wednesday, reversing sharp early losses, after President Donald Trump accepted the results of an election that NBC News projects handed Democrats both chambers of Congress. Treasuries rallied and the dollar dipped as investors moved into US government bonds. NBC News projects Democrats will win about 255 House seats, well above the 218 needed for a majority, and that they will flip the Senate too. When they take over the House on Jan. 3, it will be the first time in Trump's second term that he won't have full control of Congress. Democrats will also take over House committees, which brings subpoena power and the ability to run oversight investigations. ## Why bonds won the morning Investors expect gridlock in Washington to cut government spending, and AI regulation could also slow growth and reduce the need for rate hikes. Long-dated Treasury yields, which move opposite to prices, fell on the day. > Bonds are coming out as the clear winner as markets put the AI trade on the chopping block and embrace the higher possibility that further tax cuts are put on ice and government spending slows. (Prashant Newnaha, senior rates strategist, TD Securities) Federated Hermes' Deborah Cunningham said divided government usually blocks new legislation, which markets have tended to like because it means fewer variables. Daniela Hathorn of Capital.com said Trump's acceptance of the results eased some worries about a long political standoff, though his veto power means big policy disagreements are still likely. ## AI is the open question AI stocks in Asia led the early selling, while bonds and safe-haven currencies gained, Reuters reported. Opinion polls show Democratic voters want more control over AI, and investors expect the new Congress to scrutinize the sector more closely. Aidan Yao of the Amundi Investment Institute said restrictions on the AI boom could add significant uncertainty to the outlook for the economy, inflation and monetary policy. The dollar's dip came amid fears that AI growth faces regulatory scrutiny. XTB's Kathleen Brooks said the results have had a mild effect on markets so far, and that investors will move from trading the uncertainty to trading what the results mean for policy. Sources: 1. US stock futures rise as investors weigh Democrats' midterm sweep, Reuters (via USA Today): https://www.usatoday.com/story/money/markets/2026/11/04/stocks-wednesday-democrats-midterms/92607023007/ 2. Stocks rally, dollar dips after Democrats' 'blue sweep' victory, Reuters (via MarketScreener): https://uk.marketscreener.com/news/stocks-wilt-dollar-slides-as-early-midterm-results-point-to-blue-sweep-ce785fdede8cf321 3. Democrats win control of the House of Representatives with a vow to combat Trump, NBC News: https://www.nbcnews.com/politics/2026-election/democrats-house-control-midterm-election-wins-trump-check-rcna603397 --- ## Super Micro's quarterly sales rise to $19.9 billion from $5.0 billion URL: https://sainteur.com/article/super-micro-s-quarterly-sales-rise-to-19-9-billion-from-5-0-billion Published: Nov 4, 2026, 6:10 AM EST · Equities · By Marcus Rodriguez Tickers: SMCI The server maker expects $72 billion to $82 billion in sales for fiscal 2027, after a quarter that nearly doubled the one before it. Why it matters: Super Micro kept a smaller share of each sales dollar as sales jumped: gross margin fell to 12.7% from 17.5% last quarter. Super Micro Computer nearly doubled its sales from the prior quarter and kept less of each dollar. The server maker's net sales for its fiscal first quarter of 2027, ended Sept. 30, were $19.9 billion, up from $11.1 billion in the prior quarter and $5.0 billion a year earlier, while gross margin fell to 12.7% from 17.5% in the prior quarter, according to its results release. The company said the results are unaudited and preliminary because its closing procedures for the quarter aren't complete. “Supermicro’s transformation into a Total AI and IT Datacenter Solution provider continues to accelerate, delivering record revenue of $19.9 billion for the first quarter fiscal 2027,” said Charles Liang, Super Micro’s founder, president and CEO. The margin was still up from 9.3% a year earlier. It expects $19.5 billion to $21.5 billion in sales next quarter and $72 billion to $82 billion for fiscal 2027. Analyst estimates for the quarter weren't available from an open source at publication, so this story doesn't say whether the results beat or missed expectations. Sources: 1. Supermicro Announces First Quarter of Fiscal Year 2027 Financial Results, Super Micro Computer: https://ir.supermicro.com/news/news-details/2026/Supermicro-Announces-First-Quarter-of-Fiscal-Year-2027-Financial-Results/default.aspx 2. Super Micro Computer stock rises as Q1 2027 sales more than triple, Quartz: https://qz.com/super-micro-computer-stock-sales-tripled-earnings-110326 --- ## Anthropic's quarterly revenue grew 1,127% in a year, and compute commitments hit $895.4 billion URL: https://sainteur.com/article/anthropic-s-quarterly-revenue-grew-1-127-in-a-year-and-compute-commitments-hit Published: Nov 3, 2026, 8:40 PM EST · Startups · By Robert Harrison The Claude maker's amended IPO filing shows revenue up 1,127% from a year earlier, a return to an operating loss and about $213.8 billion of its commitments subject to termination rights or contingent conditions. Why it matters: Anthropic's IPO is near, and its filing shows fast revenue growth alongside about $895.4 billion of compute commitments and a fresh operating loss. Anthropic's revenue for the quarter ended September 30 was $16,956 million, up from $1,382 million a year earlier, according to its amended IPO filing on Monday. The filing calls that 1,127% growth. Quarter over quarter, growth slowed to around 47%, CNBC reported. Its future commitments are big too. The Claude maker lists about $895.4 billion of purchase commitments and leases, substantially all for compute and infrastructure, spread mostly from now through 2045. About $69.8 billion is due in the 12 months after September 30, and about $213.8 billion is subject to termination rights or contingent conditions before it starts. The quarter also swung to a $567 million operating loss after $974 million of operating income in the second quarter, partly because of $5.0 billion of short-term compute that the filing says costs significantly more than its multi-year deals. CNBC put the quarter's net loss at $23.29 billion, a figure that isn't the same as the operating loss. And the filing warns: > We do not expect our revenue will continue to grow at comparable rates, and we cannot assure you that it will continue to grow at all. (Anthropic's amended IPO filing) Anthropic has applied to list on the Nasdaq Global Select Market under the symbol "ANT." The listing is on track for the week before Thanksgiving, the Wall Street Journal reported, according to investingLive's summary. Sources: 1. Anthropic, PBC - S-1/A-1, Anthropic, PBC (SEC EDGAR): https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm 2. Anthropic reports $17 billion in Q3 revenue, purchase commitments of $895.4 billion in revised S-1, CNBC: https://www.cnbc.com/2026/11/02/anthropic-ant-s-1-quarter-financials.html 3. WSJ: Anthropic IPO investors push for lower $1.5 trillion valuation after tech selloff, investingLive (summarizing WSJ reporting): https://investinglive.com/stocks/wsj-anthropic-ipo-investors-push-for-lower-1-5-trillion-valuation-after-tech-selloff/ --- ## Pfizer raises its 2026 forecast as Shopify falls just short and Block tops estimates URL: https://sainteur.com/article/pfizer-raises-its-2026-forecast-as-shopify-falls-just-short-and-block-tops Published: Nov 3, 2026, 8:10 PM EST · Equities · By Marcus Rodriguez Tickers: PFE, SHOP, XYZ, PLTR, AAPL Pfizer lifted its 2026 revenue and profit forecasts, Shopify's sales and merchant volume came in a little under estimates, and Block's adjusted profit beat. Palantir and Apple also reported. Why it matters: A single read on how drugs, online commerce, payments, software and phones fared in the latest quarter. Five widely followed companies reported quarterly results this week. Pfizer raised its outlook, Shopify came in just under Wall Street's numbers, and Block's adjusted profit topped estimates. Palantir and Apple, which reported Monday, are summarized at the end. ## Pfizer raises its full-year forecast Pfizer's third-quarter revenue totaled $16.6 billion, relatively flat compared with a year earlier, according to its earnings release filed with the SEC. Excluding its Covid vaccine Comirnaty and Covid pill Paxlovid, revenue grew 7% operationally, and revenue from its launched and acquired products grew 32%. The drugmaker raised its 2026 revenue guidance to $62.0 billion to $64.0 billion, from $60.5 billion to $62.5 billion, and raised adjusted earnings guidance to $2.95 to $3.05 a share, from $2.80 to $3.00. CNBC noted the low end of the new sales range would be roughly flat or slightly below 2025 revenue of $62.6 billion. ## Shopify grows fast but lands just under estimates Shopify, whose software runs online stores for merchants, said revenue grew 32% with a 22% free cash flow margin. President Harley Finkelstein said, "We powered $119 billion in GMV," referring to gross merchandise volume, the total value of orders facilitated through its platform. Against expectations, the quarter was a near miss. Revenue of $3.74 billion came in just below LSEG estimates of $3.75 billion, CNBC reported, and GMV of $119.15 billion missed StreetAccount estimates of $120.03 billion. Shopify said it expects fourth-quarter revenue growth in the "low thirties" range year over year. ## Block's adjusted profit beats Block, the company behind the Square payment terminals and the Cash App money app, reported third-quarter net income of $565.6 million, or 92 cents a share, according to the Associated Press. Adjusted earnings were $1.13 a share, above the $1.02 average estimate of analysts surveyed by Zacks Investment Research. Revenue was $6.72 billion, against $6.62 billion expected. Block said it expects earnings of $1.15 a share for the December quarter and $4.15 a share for the full year. ## Palantir and Apple Palantir said revenue nearly doubled from a year earlier and passed $2 billion for the first time, and its US commercial revenue topped government revenue for the first time, CNBC reported. US commercial bookings, measured as total contract value, were $1.5 billion, up 11% from last year, after a record $2.1 billion in the second quarter. Apple reported better-than-expected revenue for its fiscal fourth quarter but fell short of estimates on iPad sales and issued a margin forecast that disappointed investors, CNBC reported. It was the first report since John Ternus took over as CEO from Tim Cook in September, and Apple said memory costs were higher than in the June quarter. Sources: 1. Pfizer third-quarter 2026 results (Exhibit 99), Pfizer via SEC: https://www.sec.gov/Archives/edgar/data/78003/000007800326000125/pfe-9272026xex99.htm 2. Pfizer hikes full-year outlook on new product growth, taps company veteran as new CFO, CNBC: https://www.cnbc.com/2026/11/03/pfizer-pfe-earnings-q3-2026.html 3. Shopify Sustains Rapid Growth with Revenue Up 32% and Free Cash Flow Margin of 22%, Shopify: https://www.shopify.com/investors/press-releases/shopify-sustains-rapid-growth-revenue-32-and-free-cash-flow 4. Shopify falls over 8% after Q3 revenue and merchandise volume miss estimates, CNBC: https://www.cnbc.com/2026/11/03/shopify-q3-2026-earnings-gmv.html 5. Block: Q3 earnings snapshot, Associated Press via Yahoo Finance: https://finance.yahoo.com/markets/stocks/articles/block-q3-earnings-snapshot-212442764.html 6. Palantir sinks after earnings as analysts point to slowdown in total contract value, CNBC: https://www.cnbc.com/2026/11/03/apple-palantir-stock-earnings.html --- ## Apollo lost $1.1 billion mostly on rate marks at its retirement arm and called it a strong quarter URL: https://sainteur.com/article/apollo-lost-1-1-billion-mostly-on-rate-marks-at-its-retirement-arm-and-called-it Published: Nov 3, 2026, 6:35 PM EST · Opinion · By Connor O'Brien Tickers: APO Higher rates hit unrealized values at Athene, Apollo's retirement business, and pushed the firm to a GAAP loss. Its CEO led with record origination. The loss deserved the top line. Why it matters: Apollo pairs retirement products with private credit. Rate marks in that segment drove a $1.1 billion GAAP loss, which tests how clearly it explains its balance sheet risk. Apollo Global Management ($APO) lost money this quarter, and a lot of it. Its earnings presentation puts it plainly: “GAAP Net Loss Attributable to Apollo Global Management, Inc. Common Stockholders was $1.1 billion for the quarter ended September 30, 2026, or $(1.78) per share, driven primarily by unrealized mark-to-market losses on certain investments within the Retirement Services segment resulting from higher interest rates.” Then read the press release. Chief executive Marc Rowan said: “Our strong third quarter results reflect the flywheel of our model, which starts with originating increasing amounts of good assets.” And: “Origination reached a new high of $114 billion in the quarter, and over the last twelve months, activity exceeded $350 billion while our clients entrusted us with $270 billion of inflows.” Both of those things can be true. My problem is which one Apollo wants you to lead with, and why that matters more at Apollo than at almost any other asset manager. ## The loss sits where the retirement money is Apollo isn't just a fund shop. Its own release describes the other half: “Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions.” That's the Retirement Services segment, and it's where the marks that primarily drove the loss landed. The line in the presentation for Retirement Services investment-related gains and losses shows a loss of $3,418 million for the third quarter, against gains of $2,989 million in the second quarter and $2,254 million a year earlier. The asset-management side's investment income turned negative too, at a $188 million loss. The pitch for marrying an annuity business to a credit machine is that the annuity money is a patient, stable source of funding for the loans Apollo originates. That pitch has a rate sensitivity built into it, and this quarter showed it. When higher rates can flip that line from a gain to a loss in one quarter, the people who bought those retirement products have a stake in how that balance sheet is marked. A cheerful headline number doesn't help them understand it. ## The best case for Apollo Here's the strongest version of the other side, and it's a real one. The losses are, in Apollo's words, unrealized mark-to-market losses. Apollo describes them as unrealized marks, not defaults. If the assets are held to maturity and pay as expected, much of that markdown can come back. Apollo's preferred measure tells a steadier story: “Apollo's primary non-GAAP earnings metric, Adjusted Net Income, which represents the sum of FRE, SRE, and PII, less HoldCo interest and other financing costs and taxes, totaled $1.3 billion, or $2.07 per share, for the third quarter.” The business is also still growing. Rowan said: “Behind record pipelines and tangible momentum across the business, our core earnings power is growing and poised for a robust close to 2026 with a strong setup for 2027.” The board kept the payout: “Apollo Global Management, Inc. has declared a cash dividend of $0.5625 per share of its Common Stock for the third quarter ended September 30, 2026.” And: “As of September 30, 2026, Apollo had approximately $1.07 trillion of assets under management.” For a firm that size, one quarter of rate marks may say little about whether its loans are any good. I'll take that seriously. But “unrealized” describes timing, not safety. A firm asking retirees and institutions to trust its balance sheet should lead with what higher rates did to its reported earnings, rather than emphasizing its origination flywheel. ## What I want to hear next Investors seem to be weighing the same question. Apollo shares were at $113.29, down 5.16%, as of 12:14 PM ET Nov 3 on the Sainteur ticker. I'm not saying what that price should be. I'm saying the next release should open with the $1.1 billion, explain how much of it Apollo expects to reverse, and then talk about the flywheel. Strong quarters don't usually need the GAAP loss in the second paragraph. Sources: 1. Apollo Reports Third Quarter 2026 Results (8-K exhibit 99.1), Apollo Global Management: https://www.sec.gov/Archives/edgar/data/1858681/000185868126000063/erex9913q2026.htm 2. Apollo third quarter 2026 earnings presentation (8-K exhibit 99.2), Apollo Global Management: https://www.sec.gov/Archives/edgar/data/1858681/000185868126000063/agmearningsrelease3q2026.htm --- ## Liquid's bitcoin IOUs are whole again, and the 'white-hat' hackers kept 598 BTC for their trouble URL: https://sainteur.com/article/liquid-s-bitcoin-ious-are-whole-again-and-the-white-hat-hackers-kept-598-btc-for Published: Nov 3, 2026, 5:25 PM EST · Exclusive · By Connor O'Brien · Satire Self-described white-hat hackers took about 4,000 BTC from Liquid, sent back 3,400 and kept roughly 598. Now the reserves are 1:1 again, by means not disclosed. Why it matters: Liquid's IOUs are only as good as the reserves behind them, and it hasn't said how it filled a hole left by hackers. Good news for anyone holding a bitcoin IOU on Liquid: the IOU is an IOU for a whole bitcoin again. Per Decrypt, Liquid posted on X: “Update from the Liquid Federation: The Liquid Federation is pleased to announce that the network’s bitcoin reserves have been fully restored, reestablishing 1:1 BTC backing for all LBTC.” Some history, for anyone who missed the most polite heist of the year. Per Decrypt: “On September 6, purported white-hat hackers withdrew about 4,000 BTC, then worth around $320 million, from Liquid's federation wallet, communicating with Blockstream through PGP-signed messages embedded in Bitcoin transactions.” Nothing says “we're the good guys” like leaving a note inside the getaway car. Then came the gesture of goodwill: “The next day, they returned 3,400 BTC, worth about $269 million, after Blockstream said Liquid's bridge nodes had been patched, but kept roughly 598 BTC.” Call it a finder's fee, set by the finder. A locksmith who asked not to be named because he is a raccoon told Sainteur he admired the business model: “You break in, you tidy up, you keep the silverware. Very ethical.” Blockstream wasn't charmed. "Taking assets without authorization and withholding their return is a crime, not responsible disclosure," the company said. "It is not white-hat activity. It is theft." So where did the missing coins come from? Blockstream CEO Adam Back posted a dashboard showing assets matching liabilities at 100% and a reserve deficit of 0.00 BTC. As for how the gap was filled, Decrypt reports: “It did not say how the shortfall left by the hack was covered.” The ledger is balanced. The story behind it isn't. Back did share one lesson for the industry: "And lesson: treat with suspicion (don't trust, verify) AI suggested fixes," Back wrote. Our raccoon agrees. He has never trusted a fix he didn't steal himself. Sources: 1. Liquid Network Restores Full Bitcoin Backing Two Months After $320M Exploit, Decrypt: https://decrypt.co/382397/liquid-network-restores-full-bitcoin-backing-two-months-after-320m-exploit --- ## OpenAI says ChatGPT now handles 20% as many searches as Google URL: https://sainteur.com/article/openai-says-chatgpt-now-handles-20-as-many-searches-as-google Published: Nov 3, 2026, 5:15 PM EST · Equities · By Marcus Rodriguez Tickers: GOOGL The figure is OpenAI's own: it counts only queries that trigger a web search, and the company didn't say where its Google number came from. Why it matters: OpenAI is pitching ChatGPT as a real rival to Google in search while it is betting on ads, Google's own model, ahead of a possible IPO. OpenAI says the volume of search queries run through ChatGPT now equals 20% of the volume run through Google, the search engine owned by Alphabet ($GOOGL). Adam Fry, OpenAI's consumer product lead for ChatGPT, made the claim at a press event on Monday, The Verge reported. Read the footnote before the headline number. OpenAI counts a search as any query that results in a web search, not tasks like defining a term or a simple how-to explanation. And Fry did not say where the Google figure came from, so the comparison rests on OpenAI's own math. ## Why 20% is a big number For scale, Microsoft CEO Satya Nadella said during Google's 2023 antitrust trial that Bing had about 3% of the search market after trying for more than a decade. At that same trial, Google described AI as a potential disruptor and argued ChatGPT was poised to compete with it seriously. The Verge noted that OpenAI likely relies on Bing for a significant part of its searches, along with its own index. ## The ads angle Like Google, OpenAI sees ads as a potential path to profitability, The Verge reported, particularly as it approaches an IPO potentially slated for early next year. Fry said the ads haven't produced a lasting backlash. > Ads have not negatively impacted the product or the usage of the product, (Adam Fry, OpenAI's consumer product lead for ChatGPT) Sources: 1. OpenAI says ChatGPT is catching up to Google in search, The Verge: https://www.theverge.com/ai-artificial-intelligence/1025482/openai-says-chatgpt-is-catching-up-to-google-in-search --- ## US exchanges can now offer crypto-style perpetual futures on individual stocks URL: https://sainteur.com/article/us-exchanges-can-now-offer-crypto-style-perpetual-futures-on-individual-stocks Published: Nov 3, 2026, 4:46 PM EST · Crypto · By Jennifer Walsh Tickers: ICE, COIN The CFTC says no-expiry futures on single stocks can trade under joint CFTC and SEC oversight, after this year's first US bitcoin perp. Why it matters: A leveraged product popularized in crypto can now be listed on US stocks under federal oversight, though no exchange has been named. Perpetual futures, the no-expiry contracts that are a staple of crypto trading, can now be listed on individual US stocks. CFTC Chairman Michael Selig said Tuesday that these "equity perps" can begin trading for the first time on CFTC-registered exchanges. Unlike regular futures, perps never expire, and they often use leverage, which can amplify both gains and losses, CoinDesk notes. The new contracts were deemed approved as security futures, so both the CFTC and the SEC oversee them. Only exchanges that are also registered with the SEC to trade security futures can list them, the CFTC said. Selig said the move builds on this year's approval of the first bitcoin perpetual futures contract on a CFTC-regulated exchange. “I believe that bringing these types of innovative products into our regulated markets ensures that American investors and traders can access these products within the protections of the CFTC’s proven regulatory framework, rather than being forced to turn to offshore, and often unregulated, venues,” he said. Those offshore and onchain venues are not small. Perps did more than $630 billion in trading volume over the past month, according to DeFiLlama data cited by CoinDesk, with Hyperliquid a major venue. The NYSE's owner, Intercontinental Exchange ($ICE), recently invested in tradeXYZ, which builds perps markets on Hyperliquid. Selig's statement didn't say which exchanges will offer equity perps or which stocks they'll cover, CoinDesk reported. Who gets to list perps is already a court fight: CME sued the CFTC in June over letting Kalshi and Coinbase ($COIN) list crypto perps, Reuters reported. The CFTC rejected CME's claim. Sources: 1. Statement on Equity Perpetual Futures, CFTC: https://www.cftc.gov/PressRoom/SpeechesTestimony/seligstatement110326 2. CFTC Chairman Selig Releases Statement on Equity Perpetual Futures, CFTC: https://www.cftc.gov/PressRoom/PressReleases/9319-26 3. CFTC clears perpetual futures on stocks, bringing crypto trading model to Wall Street, CoinDesk: https://www.coindesk.com/policy/2026/11/03/cftc-clears-perpetual-futures-on-stocks-bringing-crypto-trading-model-to-wall-street 4. Trading in single-stock 'perps' can begin, US regulator says, Reuters (via Yahoo Finance): https://finance.yahoo.com/markets/options/articles/trading-single-stock-perps-begin-153408544.html --- ## China has told banks to pause new stock listings as markets slide, the FT reports URL: https://sainteur.com/article/china-has-told-banks-to-pause-new-stock-listings-as-markets-slide-the-ft-reports Published: Nov 3, 2026, 11:40 AM EST · Macro · By James Mitchell Reuters couldn't verify the Financial Times report of informal guidance, and the WSJ describes a narrower step that lets deals already in process continue. Why it matters: A pause could slow a key fundraising route for Chinese companies in a year when IPOs raised the most since 2023, per Bloomberg data. China's securities regulator has told investment banks to pause initial public offerings and has suspended large share sales by existing shareholders until markets recover, the Financial Times reported Tuesday, citing three people with knowledge of the discussions, according to Reuters. Reuters said it could not immediately verify the report, and Chinese regulators did not immediately reply to its request for comment. The China Securities Regulatory Commission gave the instruction as informal "window guidance" in meetings with banks over the past few days, the report said. The Wall Street Journal described a narrower step: deals already in process would continue, but the regulator would not take up new listings. The reported pause follows a steep October selloff in Chinese stocks, which Reuters linked to weak consumer spending, a long property debt crisis and a slide in tech shares. On Monday, the regulator said in a press Q&A that the central bank would run a third round of swap operations for securities, fund and insurance firms, and make permanent a relending program for stock buybacks at a 1% rate. Those steps struggled for traction Tuesday, with AI-related shares leading declines, Reuters reported. Beijing has slowed IPOs during earlier slumps, and the move could again slow a fundraising recovery, Lianhe Zaobao reported. Chinese IPOs have raised more than 292 billion yuan this year, the most since 2023, according to Bloomberg data cited by the paper. Sources: 1. China regulator tells banks to pause IPOs, FT reports, Reuters (via Investing.com): https://www.investing.com/news/stock-market-news/china-regulator-tells-banks-to-pause-ipos-ft-reports-4993631 2. 中国证监会有关部门负责人就近期稳市场稳预期相关工作答记者问, China Securities Regulatory Commission: https://www.csrc.gov.cn/csrc/c100028/c7668092/content.shtml 3. 英媒：中国金融监管层要求投行暂停推进IPO, Lianhe Zaobao: https://www.zaobao.com.sg/news/china/story20261103-9939170 --- ## Oil rises after reported US strikes on Iran's Qeshm Island, a day after talk of a diplomatic deal URL: https://sainteur.com/article/oil-rises-after-reported-us-strikes-on-iran-s-qeshm-island-a-day-after-talk-of-a Published: Nov 3, 2026, 10:00 AM EST · Macro · By James Mitchell US officials say Washington has carried out low-profile strikes on Iran for weeks, even as Vance and Rubio talk up a negotiated end to the war. Why it matters: High oil prices have fed US inflation and gas prices, and two Fed presidents say rates will need to move higher to rein in inflation. Oil prices climbed Tuesday after the United States reportedly struck Iran's Qeshm Island late Monday, CNBC reported. The rise came a day after the US and Iranian presidents signaled they were open to a diplomatic end to the Iran war, and oil sold off sharply on Monday. US officials told The Wall Street Journal that Washington attacked the island Monday and has been carrying out "limited strikes" against Iran in recent weeks, according to CNBC. An unnamed official said the campaign has been kept deliberately low-profile to avoid signaling plans for a major escalation. The administration is still talking up a deal. Vice President JD Vance told CNN, "The president and I both feel really good about the prospect of potentially coming to a negotiated settlement." On Sunday, Secretary of State Marco Rubio said President Donald Trump would like to resolve the war "diplomatically." Why it matters at the pump and beyond: high oil prices have contributed substantially to US inflation and gasoline prices, CNBC reported, and two Federal Reserve presidents said last week that interest rates will need to move higher to rein in inflation. The strikes also raised concerns of renewed escalation in the Middle East as Americans vote in the midterms, CNBC said. Sources: 1. Oil prices climb after U.S. strikes Iran's Qeshm Island, CNBC: https://www.cnbc.com/2026/11/03/oil-prices-climb-after-us-reportedly-strikes-irans-qeshm-island.html 2. Treasury yields rise as investors weigh midterm vote, jobs data and Iran tensions, CNBC: https://www.cnbc.com/2026/11/03/us-treasury-yields-bonds.html --- ## North Korea denies stealing $6 billion from Binance after the FBI blamed its hackers URL: https://sainteur.com/article/north-korea-denies-stealing-6-billion-from-binance-after-the-fbi-blamed-its Published: Nov 3, 2026, 9:50 AM EST · Crypto · By Jennifer Walsh Elliptic now says launderers minted six NEAR memecoins to move about $430,000 in stolen funds so they look like trading profits. Why it matters: Throwaway memecoin pools can make stolen Binance loot look like ordinary DEX trades, so firms watching for hack wallets need to check what went into those pools. Launderers tied by Elliptic to the Binance theft have started minting throwaway memecoins to move stolen funds, the analytics firm said Monday. About 117,000 NEAR—around $430,000—passed through at least six home-made tokens on NEAR between Nov. 5 and Nov. 7, Elliptic wrote, calling the amounts small so far but cheap enough to scale. The tokens—FUK, OLCCL, MEILI, MMLI, DABI and SINU—were each paired with NEAR in their own DEX liquidity pools. One set of wallets bought the tokens with stolen NEAR; another sold them back into the same pools. "At no point do the stolen funds move directly from a buying wallet to a collecting wallet, because the pool sits in between," Elliptic said. "To a casual observer, the collecting wallets look like ordinary traders who have sold a token at a profit." Trading across all six tokens stopped by Nov. 8, CoinDesk reported. One logo used an Elon Musk "Elon 2028 President" image; Elliptic said there is no suggestion he is connected to the tokens. Elliptic first saw the same trick after the 2025 Bybit hack, when launderers moved at least $24 million through a worthless Tron token paired with a stablecoin. The hops slow investigators rather than erase the funds, Elliptic said. ## North Korea's denial North Korea denies any role in the theft of more than $6 billion from Binance. Kim Yo Jong called the U.S. accusation a political attack in a KCNA statement, CoinDesk reported. "As regards this extra-large incident, the U.S. has made a trite provocation of linking it with the Democratic People's Republic of Korea again," she said, according to CoinDesk. She also called the accusation "absurd rhetoric and nothing new." ## What the FBI says In an Oct. 31 alert, the FBI said North Korea was responsible for the theft of more than $6 billion from Binance on or about Oct. 29 and named the operation TraderTraitor. It said stolen assets have mainly been converted into ether ($ETH), with more DeFi laundering expected, and asked firms to block listed addresses. Elliptic has supported the FBI's TraderTraitor attribution and says $2.85 billion of the stolen funds has been frozen or seized. Separately, Elliptic's latest findings show stolen Binance assets continued moving through decentralized exchanges. Sources: 1. North Korea is minting meme coins to launder the Binance hack, Elliptic: https://www.elliptic.co/insights/north-korea-meme-coins-binance-hack/ 2. North Korean hackers are creating memecoins to wash loot from $6.3 billion Binance hack, CoinDesk: https://www.coindesk.com/business/2026/11/09/north-korean-hackers-are-creating-memecoins-to-wash-loot-from-usd6-3-billion-binance-hack 3. North Korea denies role in $6.4 billion Binance hack after FBI points to TraderTraitor, CoinDesk: https://www.coindesk.com/business/2026/11/03/north-korea-denies-role-in-usd6-4-billion-binance-hack-after-fbi-points-to-tradertraitor 4. North Korea Responsible for $6 Billion+ Binance Attack, FBI: https://www.fbi.gov/investigate/cyber/alerts/2026/north-korea-responsible-for-6-billion-binance-attack 5. FBI blames N. Korea's TraderTraitor for Binance theft, urges crypto industry to block transactions, The Record by Recorded Future News: https://therecord.media/fbi-blames-tradertraitor-for-binance-hack 6. FBI confirms North Korea's role in $6 billion Binance hack, asks DeFi community to block BTC, ETH, SOL addresses, CoinDesk: https://www.coindesk.com/policy/2026/10/31/fbi-confirms-north-korea-s-role-in-usd6-billion-binance-hack-asks-defi-community-to-block-btc-eth-sol-addresses 7. FBI says N. Korea responsible for over $6b crypto theft from Binance, The Korea Herald: https://www.koreaherald.com/article/10921526 --- ## Stock futures are mixed and Treasury yields edge up as Election Day arrives URL: https://sainteur.com/article/stock-futures-are-mixed-and-treasury-yields-edge-up-as-election-day-arrives Published: Nov 3, 2026, 9:40 AM EST · Macro · By James Mitchell Tickers: AAPL Polls favor Democrats to win the House while the Senate is uncertain, and analysts see different implications for spending and markets. Why it matters: Who controls Congress shapes spending and deficits, concerns analysts say have added to market volatility. Wall Street went into Election Day without a clear lean. US stock index futures were mixed Tuesday morning as crude oil ticked up and markets waited on the midterm results, Reuters reported, while Treasury yields edged higher as voting began, according to CNBC. The vote itself is the main event. Polls and nonpartisan analysts favor Democrats to take the House from Republicans, while control of the Senate remains uncertain, Reuters reported. ## What changes for your money For investors, what matters is also what Congress can then pass. Concerns about government spending and deficits have kept building and added to market volatility, Societe Generale analysts said in a note cited by Reuters. The same analysts added that any meaningful fiscal expansion would still need extensive negotiation, and that with Democrats likely to gain the House, the legislative backdrop could become more gridlocked. Morgan Stanley analysts were more upbeat, saying in a note earlier this week that the elections should help remove a major market overhang, according to Reuters. ## The rest of the week In tech, Apple ($AAPL) warned that the cost of memory chips would keep rising and pressure its holiday-quarter gross margin, Reuters reported. Oil rose after an Iranian official said a deal to end the war was far off, while the United States struck Iran's Qeshm Island, according to Reuters. Then comes the data. September's JOLTS job openings report from the Bureau of Labor Statistics is due later Tuesday and is expected to show a slight rise to 7.10 million openings, from 7.079 million in August, CNBC reported. ISM services and ADP employment figures follow Wednesday, and October's jobs report lands Friday. Yields and bond prices move in opposite directions, so rising yields mean Treasury prices are slipping. Sources: 1. US stock futures mixed as Apple slides, midterms loom, Reuters (via Investing.com): https://www.investing.com/news/stock-market-news/us-stock-futures-mixed-as-apple-slides-midterms-loom-4994306 2. Treasury yields rise as investors weigh midterm vote, jobs data and Iran tensions, CNBC: https://www.cnbc.com/2026/11/03/us-treasury-yields-bonds.html --- ## Grok Bot Usage Got Nerfed In The Middle Of The Night, Subscribers Are Rioting And Filing Chargebacks With Their Banks URL: https://sainteur.com/article/grok-bot-usage-nerfed Published: Nov 3, 2026, 9:25 AM EST · Equities · By Brandon Cole Paying subscribers woke up to maxed-out usage meters. Elon Musk pointed to costs. Support told one subscriber it was a fixed system issue. Some users say their usage is still burning fast. Why it matters: Grok Bot is a fast-growing paid product for SpaceX, and Musk says the cost of serving it was unsustainably high relative to revenue, so subscribers may be paying for less. Over Halloween weekend, Grok Bot subscribers checked their weekly usage meters and found them maxed out, days before the reset. Some users reported on X that their usage jumped from as low as 50% to 100%. Others told of jumps from 35% to 78% and from 70% to 100%. They said all of it happened while they weren't using Grok Bot at all, according to TechRadar. Then the explanations started, and they don't make any sense. ## Musk: it cost too much On Sunday, Nov. 1, a user asked Elon Musk for a reset, saying lots of people's usage had run out fast. Musk replied: > The cost of serving Grok Bot was unsustainably high relative to revenue (Elon Musk, on X) When another user said they'd have to wait until Wednesday, Musk asked: "Upgrade to higher usage plan cost increase is too high?" His posts didn't say how much Grok Bot costs to run or whether the company had lowered subscribers' usage limits, Forbes noted. TechCrunch read it as Musk confirming "this was not a glitch." ## Support: possibly a system issue, now fixed The next day, Monday, Nov. 2, one affected subscriber got an email from "Sam from Cursor," signed "SpaceXSI's SI Support Agent." The reply, seen by this publication, read in full: > Hey there! It's possible you were running into an issue in our system that has now been fixed. Your limits should be back to what they were before the issue. We apologize for our lack of proactive communication. Usage limits are adjusted from time to time, and we're committed to being better at letting our customers know ahead of time. If anything still looks off with your usage, just reply here. (Sam, SpaceXSI's SI Support Agent) The subscriber wrote back that they were cutting their losses. In their telling, the problem wasn't their fault, they had lost days of use, and an apology was all they got. They called it brutal. There was a real incident. Cursor reported a billing and usage dashboard problem on Sunday that was later marked resolved, Forbes reported. It is not clear whether that problem caused the jumps, The Next Web added. ## Users: it's still draining On X, some subscribers say the fix didn't stick. These are their own claims. "My usage is still draining like crazy. I can see the percent sign go up in real time," one user posted late Sunday night. "Man, got my @grok @bot usage back to 62% down from 100% after that “glitch”, but now it’s burning through credits so fast! 😩" another wrote on Monday night. Others say their usage came back. "grok bot usage is restored! life is good again," one posted. Some are walking. One subscriber said on X that he is dropping a $300-a-month plan after his meter went from 50% to 100% overnight, TeslaNorth reported. A Reddit thread called the change an "indirect rug pull," per TechRadar. ## Why it stings Grok Bot isn't a side project. SpaceX President Gwynne Shotwell said it had 800,000 paid weekly users in early October, Forbes reported. Plans run from free to $200 a month, each with weekly limits, according to Business Insider. Musk hasn't shared how subscribers' limits will change from here, TechCrunch reported. Neither Musk nor xAI has said in a formal release whether affected subscribers will get a reset, a refund or a clearer usage readout, according to TeslaNorth. Support's own email says limits are "adjusted from time to time." Subscribers are asking for the same thing: to be told when that happens, and to what. Sources: 1. Elon Musk on X: The cost of serving Grok Bot was unsustainably high relative to revenue, X (@elonmusk): https://x.com/elonmusk/status/2116992258520064397 2. Elon Musk on X: Upgrade to higher usage plan cost increase is too high?, X (@elonmusk): https://x.com/elonmusk/status/2117008189195800814 3. Musk says Grok Bot's costs were 'unsustainably high' weeks after touting rapid growth, Forbes: https://www.forbes.com/sites/siladityaray/2026/11/02/musk-says-grok-bots-costs-were-unsustainably-high-weeks-after-touting-rapid-growth/ 4. Elon Musk throttles Grok Bot limits due to 'unsustainably high' costs, TechCrunch: https://techcrunch.com/2026/11/02/elon-musk-throttles-grok-bot-limits-due-to-unsustainably-high-costs/ 5. ‘Unsustainably high relative to revenue’: Musk on Grok Bot costs, The Next Web: https://thenextweb.com/news/grok-bot-costs-unsustainably-high-musk-usage-limits 6. Elon Musk throttled Grok Bot after its usage costs became ‘unsustainably high' — as ChatGPT users call OpenAI's new limits the 'end of an era', TechRadar: https://www.techradar.com/ai-platforms-assistants/elon-musk-says-grok-bot-was-throttled-because-costs-were-unsustainably-high-as-users-call-the-move-a-rug-pull 7. Users say Grok Bot usage jumped to 100% mid-week, not at reset, TeslaNorth: https://teslanorth.com/2026/11/02/grok-bot-usage-spike/ 8. Elon Musk says 'unsustainably high' costs are the reason for Grok Bot usage limits, Business Insider: https://www.businessinsider.com/grok-bot-usage-limits-costs-unsustainably-high-elon-musk-agents-2026-11 --- ## Brookfield plans an AI data center at the UK's Drax power station that could top £20 billion URL: https://sainteur.com/article/brookfield-plans-an-ai-data-center-at-the-uk-s-drax-power-station-that-could-top Published: Nov 3, 2026, 9:13 AM EST · Equities · By Marcus Rodriguez Tickers: BAM Drax, which runs a power station in North Yorkshire, would host the project with Brookfield and its Radiant platform, though approvals, a tenant and final investment decisions are still pending. Why it matters: It's a big AI bet in Europe, where grid access and energy costs have slowed data centers, but it isn't final yet. Brookfield ($BAM) wants to build an AI data center on the grounds of a British power station. Drax Group, the London-listed energy company that runs the Drax Power Station in North Yorkshire, said Tuesday it signed an agreement with the asset manager and its neocloud platform Radiant to jointly develop the site, CNBC reported. A neocloud rents out AI computing power, much like a cloud provider built only for AI. The plan starts small and grows. It targets up to 100 megawatts from the first quarter of 2028, another 500 megawatts between 2028 and 2031, and eventually more than 1 gigawatt, with no date set for that last step. ## The number everyone will quote Brookfield estimates total investment could exceed £20 billion ($26.8 billion), but that figure includes the chips. The first phase is £2.5 billion, and it will run on grid power, targeting commercial customers from early 2028. None of it is locked in yet. The first phase still needs planning, regulatory and network approvals, plus a tenant, and Drax said final investment decisions are yet to be made. ## Why Britain Europe has lagged the US in breaking ground on huge AI facilities, and the UK has struggled with high energy costs and long waits to connect to the grid. The first phase will still draw power from the grid and needs network approvals. > This is a unique opportunity for the UK's AI ecosystem to build at scale, (Mahdi Yahya, CEO of Radiant) Sources: 1. Brookfield plans for a $27 billion AI data center at UK power station, CNBC: https://www.cnbc.com/2026/11/03/brookfield-ai-data-center-yorkshire-drax.html --- ## Nasdaq-100 falls into its third correction this year as AI spending doubts grow URL: https://sainteur.com/article/nasdaq-100-falls-into-its-third-correction-this-year-as-ai-spending-doubts-grow Published: Nov 3, 2026, 6:00 AM EST · Equities · By Marcus Rodriguez Tickers: GOOGL, INTC, NOW, MRVL, LITE Investors are questioning when Big Tech's hundreds of billions in AI spending will pay off, and weak results from Alphabet and disappointing forecasts from Intel and ServiceNow added to the doubts. Why it matters: The tech stocks that lead the market are swinging hard on AI doubts, and Goldman expects hyperscaler spending to keep rising. The Nasdaq-100 fell into a correction on Monday, its third of the year, as investors grew more doubtful about the payoff from Big Tech's AI spending, Bloomberg reported. A correction means a drop of more than 10% from a peak; for the tech-heavy index, that peak came on Oct. 6. Trading has whipsawed this year, Bloomberg wrote, with investors "seemingly changing their minds on AI by the day." Wall Street is worried about the cost of the AI buildout and when the hundreds of billions of dollars being spent will show clear signs of a payoff. ## Earnings fed the doubts Alphabet ($GOOGL) had its worst day ever last week after it reported weaker-than-expected revenue for advertising and search. Beyond the biggest tech names, chipmaker Intel ($INTC) and software firm ServiceNow ($NOW) both suffered historic selloffs after disappointing forecasts, according to Bloomberg. On Monday, US indexes rose early before reversing in the afternoon, Reuters reported. Among the decliners was Marvell Technology ($MRVL), after it agreed to a $115 billion deal for Lumentum ($LITE), a maker of lasers for AI networks. ## Spending keeps climbing Goldman expects the spending to keep climbing. Goldman Sachs analysts expect hyperscalers' capital spending to nearly double to $800 billion this year and reach $1.2 trillion in 2027, Reuters reported. > I don’t think the AI trade is dead, but it did get ahead of itself. (Brian Culpepper, portfolio manager at James Investment Research) Don't expect calm soon. "The bar for performance is rising and higher volatility in the AI trade is likely to be the new normal in this stage of the cycle," said Mark Haefele, CIO at UBS Global Wealth Management. Sources: 1. Nasdaq 100 Enters Correction as Megacap Results Amplify AI Fears, Bloomberg (via Mint): https://www.livemint.com/market/nasdaq-100-enters-correction-as-megacap-results-amplify-ai-fears-11793658450748.html 2. US tech selloff drags global stocks back into the red, Reuters (via Euronext): https://live.euronext.com/en/financial-news/us-tech-selloff-drags-global-stocks-back-red --- ## Oracle set a $20 billion cap on new market funding, then filed for all of it five days later URL: https://sainteur.com/article/oracle-set-a-20-billion-cap-on-new-market-funding-then-filed-for-all-of-it-five Published: Nov 3, 2026, 1:50 AM EST · Opinion · By Connor O'Brien Tickers: ORCL Oracle pledged to limit new capital raises through FY30 to $10 billion of stock and $10 billion of debt. On Monday it filed for both. That's a schedule, not a discipline. Why it matters: Oracle's proposed $20 billion raise is a test of how far AI spending promises can be trusted, on a day oil fell and tech still sold off. Last week Oracle ($ORCL) gave investors a number to hold it to. At its investor day, the company said: “Oracle committed to limiting additional funding to be raised in the capital markets for its FY27-FY30 investment cycle to $20 billion, currently expected to be $10 billion in equity and $10 billion in gross debt.” On Monday it filed to raise $10 billion in common stock and, at the same time, $10 billion in senior notes. The equity prospectus says so in two sentences: “We are offering $10,000,000,000 of shares of our common stock, par value $0.01 per share (“common stock”).” And: “Concurrently with this offering and pursuant to a separate prospectus supplement, we are making a public offering of $10,000,000,000 aggregate principal amount of senior notes (collectively, the “Notes,” and the offering thereof, the “Concurrent Notes Offering”).” Put those side by side. The four-year capital-raising limit was $10 billion of equity and $10 billion of debt. Monday's filings are $10 billion of equity and $10 billion of debt. Here's my view: a cap you move to use up in one trading day isn't a discipline. It's a schedule, and the schedule says Oracle needs the money now. ## The market read the same arithmetic Oracle closed at $119.22 on Monday, down 8.76%, as of 4:00 PM ET on the Sainteur ticker. CNBC reported that “Oracle shares also declined 8% after the company said it plans to sell $10 billion in common stock as well as $10 billion in bonds to finance its AI buildout.” The equity prospectus put the last reported sale price on the prior trading day at $130.67. That fall came on a day when oil should have done the heavy lifting for stocks. Per CNBC: “Meanwhile, Brent crude tumbled 7.63% to close at $104.77 per barrel.” Cheaper energy is the kind of news that used to rescue a tape. Instead, “The tech-heavy Nasdaq dipped 1.07% to end at 25,164.32, while the S&P 500 shed 0.51% to close at 7,541.40.” And: “Both benchmarks were up as much as 1.4% and 1.1%, respectively.” This is the backdrop Oracle chose to sell into. CNBC again: “Last week, the tech-heavy Nasdaq and the S&P 500 logged a losing October amid AI spending concerns, with the Nasdaq suffering its worst losses since March 2025.” The AI trade's problem right now isn't Iran or crude. It's the bill, and Monday Oracle handed investors a $20 billion piece of it. ## The best case for Oracle Here's the strongest version of the other side, and it's a real one. Oracle didn't break its promise. It did exactly what it said, in exactly the split it said: $10 billion of equity, $10 billion of debt. On paper, the two filings land exactly on the cap, not over it. Raising early can also be the prudent move. If you know you need the money for a multi-year build, you take it while the window is open, rather than hoping the market is friendlier in a year. Oracle also tied the cap to an endgame. Its release said it: “Confirmed that growth will be self-funded beginning in FY29 and net debt to adjusted EBITDA will be below 3.5 times in FY29.” And the broader market isn't panicking. As CNBC reported it: "The stock market's longer-term bullish narrative may have taken some hits in recent weeks, but it's still intact," said Chris Larkin, managing director of trading and investing at E-Trade. ## Why I still think the cap is being spent, not kept Keeping the letter of a promise isn't the same as keeping its point. A four-year cap tells investors the company can pace itself. Filing for all of it the following Monday tells them the opposite: that the need is front-loaded, and whatever happens between now and FY30 will lean on cash flow, vendor financing and customer prepayments. That raises the stakes on the self-funding target, not lowers them. Note the fine print in the investor-day release: “This incremental funding requirement excludes refinancing of existing debt. This is in addition to the $20 billion at-the-market equity raise completed in the first quarter of fiscal 2027.” So the $20 billion cap sits on top of another $20 billion of stock already sold, and outside any refinancing. The filings don't say the money is earmarked for data centers, either. The prospectus uses the standard language: “The net proceeds of this offering and the Concurrent Notes Offering, if completed, will be used for general corporate purposes, which may include capital expenditures, repayment of indebtedness, future investments or acquisitions and payment of cash dividends on or repurchases of our common stock.” And the notes prospectus left the rates blank, with maturities running out to 2046. The cost of this money isn't even set yet. Oracle may well hit its FY29 targets, and I'll say so loudly if it does. But the honest reading of Monday is that the cap was a ceiling Oracle walked straight up to. When the next round of AI spending needs funding, investors will remember how long the last promise lasted. Sources: 1. Oracle investor day release (8-K exhibit 99.1), Oracle Corporation: https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm 2. Prospectus supplement: $10,000,000,000 common stock (424B5), Oracle Corporation: https://www.sec.gov/Archives/edgar/data/1341439/000119312526442729/d181425d424b5.htm 3. Prospectus supplement: senior notes (424B2), Oracle Corporation: https://www.sec.gov/Archives/edgar/data/1341439/000119312526442722/d181336d424b2.htm 4. Nasdaq starts November with 1% loss as tech melts down again, CNBC: https://www.cnbc.com/2026/11/01/stock-market-today-live-updates.html --- ## Anthropic's IPO buyers reportedly want a $1.5 trillion price tag, not $2 trillion URL: https://sainteur.com/article/anthropic-s-ipo-buyers-reportedly-want-a-1-5-trillion-price-tag-not-2-trillion Published: Nov 3, 2026, 1:40 AM EST · Startups · By Robert Harrison Institutional investors want the Claude maker valued at about $1.5 trillion to $1.6 trillion, the Wall Street Journal reported, as Anthropic's new filing shows $17.0 billion in quarterly revenue and $895.4 billion in compute and lease commitments. Why it matters: Anthropic's listing is a test of investor appetite for AI: Reuters reported a cool reception could weigh on the wider AI market, with OpenAI's possible IPO next year. The big institutional investors lining up for Anthropic's IPO want to pay less than the hype suggested. They have told the Claude maker and its advisers that the company should be valued at around $1.5 trillion to $1.6 trillion, the Wall Street Journal reported, citing people familiar with the matter, according to investingLive's summary of the Journal's story. That's well short of the roughly $2 trillion figure that had circulated in recent months. Per the Journal, that guidance came over the past several days, after last week's tech selloff, which included double-digit drops in stocks such as Intel and Alphabet following disappointing earnings. Investors pointed to volatile markets, worries about holding too much AI exposure, political opposition to new data centers and doubts about how soon hyperscalers such as Amazon and Meta Platforms can turn their AI spending into profit. Anthropic hasn't settled on a valuation target or on how many shares it will sell, the report said. Its investor roadshow could start as soon as next week, with the listing on track for the week before Thanksgiving, and the company is expected to propose a price range rather than a single price. ## Not the first time $1.5 trillion came up On Oct. 15, Reuters reported, citing people familiar with the matter, that some investors who attended Anthropic's investor day in San Francisco had discussed a valuation of around $1.5 trillion, a significant step down from the roughly $2 trillion previously expected. Some were disappointed that growth slowed: per Reuters, revenue had more than doubled to $11.6 billion in the second quarter, then rose 45% in the third. Anthropic didn't immediately respond to Reuters' requests for comment. The difference now: the market got worse in between, and the push is coming from the institutions expected to buy the shares. ## What the filing says An amended IPO filing Anthropic made with the SEC on Monday shows revenue of $17.0 billion for the three months ended Sept. 30, up from $376 million in the first quarter of 2025. Revenue for the first nine months of 2026 was $33.2 billion, up 1,206% from a year earlier. About $600 million of price cuts, from new model versions and contractual discounts, partly offset the third quarter's usage gains. The filing is blunt about what comes next: > We do not expect our revenue will continue to grow at comparable rates, and we cannot assure you that it will continue to grow at all. (Anthropic's amended IPO filing) It also lists purchase commitments and leases with an aggregate committed spend of approximately $895.4 billion, substantially all for compute and infrastructure. About $447.5 billion of that is expected before the end of 2030, and nearly all the rest between 2031 and 2045. That's the bill a public-market valuation has to carry. ## Why a lower price might be the plan A cheaper IPO isn't necessarily a defeat. Some investors expect Chief Financial Officer Krishna Rao to price the deal conservatively, favoring a strong first-day gain for buyers, the Journal reported, and some believe a debut near $1.5 trillion could rise toward $2 trillion by the end of the first session. The stakes run past Anthropic. Reuters reported that a cooler reception could weigh on the wider AI market, whose near-term prospects investors see as hinging largely on this share sale, followed by OpenAI's potential listing next year. Goldman Sachs, Morgan Stanley, J.P. Morgan and Citigroup lead the underwriter list in the filing. Sources: 1. WSJ: Anthropic IPO investors push for lower $1.5 trillion valuation after tech selloff, investingLive (summarizing WSJ reporting): https://investinglive.com/stocks/wsj-anthropic-ipo-investors-push-for-lower-1-5-trillion-valuation-after-tech-selloff/ 2. Investors temper Anthropic IPO valuation expectations over revenue growth slowdown, sources say, Reuters (via Investing.com): https://www.investing.com/news/stock-market-news/exclusiveinvestors-temper-anthropic-ipo-valuation-expectations-over-revenue-growth-slowdown-4952698 3. Anthropic, PBC - S-1/A-1, Anthropic, PBC (SEC EDGAR): https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm --- ## Amazon promises two trillion-dollar businesses, starting with a $42.4 billion hole URL: https://sainteur.com/article/amazon-promises-two-trillion-dollar-businesses-starting-with-a-42-4-billion-hole Published: Nov 3, 2026, 12:40 AM EST · Exclusive · By Connor O'Brien · Satire Tickers: AMZN Amazon's free cash flow swung to a $42.4 billion outflow on AI spending. Its CEO says it may soon run two trillion-dollar businesses. The warehouse of the future is mostly receipts. Why it matters: Amazon's AI spending turned its free cash flow negative, a live test of how long investors will fund the buildout on promises. Amazon ($AMZN) has found a new way to deliver: in reverse. Over the trailing twelve months, free cash flow swung to an outflow of $42.4 billion, per the company's own release, driven mainly by a $94.8 billion jump in purchases of property and equipment. The release explains it in a sentence of its own: “This increase primarily reflects investments in artificial intelligence.” A year earlier, that same line was an inflow of $14.8 billion. Somewhere in a fulfillment center, a forklift who asked not to be named because he is a forklift reports that the pallets now arrive labeled “AI, fragile, nonrefundable.” The corner office is thinking bigger. CEO Andy Jassy said in the release: “There has never been a trillion dollar revenue business, and we may have two of them in the next 5-10 years.” Step one, apparently, is building a very large hole to put them in. To be fair to the bonfire, it has kindling. AWS sales rose 39% to $46.0 billion in the third quarter, and operating cash flow climbed 29% to $168.3 billion over the trailing twelve months. The money is coming in. It's just leaving faster, primarily for artificial intelligence. And the shopping cart isn't empty yet. The release says: “We continue to expect 2026 cash capital expenditures to be approximately $220 billion.” Analysts at a firm that exists only in this paragraph have reclassified the outflow as “pre-revenue for the second trillion.” Wall Street, which per CNBC spent October handing the Nasdaq its worst losses since March 2025 amid AI spending concerns, took the news calmly. Amazon closed at $245.63 on Monday, up 2.2% as of 4:00 PM ET, on a day the Nasdaq fell 1.07%. So Amazon now offers fast delivery on nearly everything. The free cash flow ships later, in the trillion-dollar years, assuming the box survives the trip. Sources: 1. Amazon third-quarter 2026 results release (8-K exhibit 99.1), Amazon.com, Inc.: https://www.sec.gov/Archives/edgar/data/1018724/000101872426000038/amzn-20260930xex991.htm 2. Nasdaq starts November with 1% loss as tech melts down again, CNBC: https://www.cnbc.com/2026/11/01/stock-market-today-live-updates.html --- ## Apple posts record September-quarter revenue in Ternus's first report, but warns on margins URL: https://sainteur.com/article/apple-posts-record-september-quarter-revenue-in-ternus-s-first-report-but-warns Published: Nov 3, 2026, 12:10 AM EST · Equities · By Marcus Rodriguez Tickers: AAPL Apple's iPhone and Services drove a 12% revenue gain. It forecast December-quarter sales above estimates, but margins below them. Why it matters: Apple expects faster sales growth than analysts do, but thinner margins, and tariff refunds boosted this quarter's profit. Apple ($AAPL) gave John Ternus a record September quarter for his first earnings report as CEO. Ternus took over from Tim Cook on Sept. 1, CNBC noted. Revenue for the fiscal fourth quarter, which ended Sept. 26, rose 12% from a year earlier to $114.5 billion, and diluted earnings per share rose 14% to $2.10, Apple said Monday. Tariff refunds helped: Apple said they added $0.05 to earnings per share and about 1 percentage point to its 47.9% gross margin. ## Where the money came from iPhone was again the engine, bringing in $57,583 million, up from $49,025 million a year earlier. Ternus called it a September-quarter record for iPhone, with Services at an all-time high. The rest of the lineup, in millions of dollars, compared with a year earlier: - Services: 31,573, up from 28,750 - Mac: 10,792, up from 8,726 - Wearables, Home and Accessories: 8,300, down from 9,013 - iPad: 6,229, down from 6,952 Ternus said the quarter capped off Apple's best fiscal year ever. CFO Kevan Parekh put full-year revenue at a record $479 billion, with double-digit growth in earnings per share. He said Apple generated $28 billion in operating cash flow during the quarter, which let it return $28 billion to shareholders. The board also declared a dividend of $0.27 a share. ## Higher prices, mixed outlook Part of the revenue gain came from higher prices. Ternus said that Apple "reluctantly" raised prices, which helped it offset component costs, CNBC reported. The outlook pulled in two directions. Apple expects December-quarter revenue to grow 7% to 10% from a year earlier, above the 6.1% analysts expected on average, according to LSEG. But its gross margin forecast of 45% to 46% trails the 46.3% average estimate, per CNBC. Sources: 1. Apple reports fourth quarter results (Exhibit 99.1), Apple (SEC EDGAR): https://www.sec.gov/Archives/edgar/data/320193/000032019326000024/a8-kex991q4202609262026.htm 2. Apple's stock drops on weak margin forecast in Ternus' first earnings report: Live updates, CNBC: https://www.cnbc.com/2026/11/02/apple-aapl-q4-2026-earnings-live-updates.html --- ## Wall Street watches governor races that will help set rules for $2.5 trillion of AI infrastructure URL: https://sainteur.com/article/wall-street-watches-governor-races-that-will-help-set-rules-for-2-5-trillion-of Published: Nov 3, 2026, 12:00 AM EST · Politics · By James Mitchell Tickers: META, AMZN, APLD Investors are tracking governor races, and voters will decide dozens of local measures that could delay or block data centers before they break ground. Why it matters: Restrictions on unbuilt data centers could delay projects and put loans or bonds at risk, with smaller AI players more exposed than hyperscalers. Tuesday's midterms carry a line item most campaign ads skip: the AI build-out. Investors are closely watching a few key races in states where data centers are planned but construction hasn't started, Axios reported, and Wall Street firms are tracking them down to the makeup of local utility commission boards. The governor races matter most, Axios reported, citing Morgan Stanley's Salvatore, because state leaders have the most explicit and tangible power over building. Ten of those races will help set the rules for 67.4 gigawatts of planned data centers, representing $2.5 trillion of AI infrastructure investment, according to an October analysis by research firm Cleanview that Axios cited. ## Texas first Texas, home to 25% of planned data center build, is the state to watch, according to Axios. Democrat Gina Hinojosa, who is challenging Republican Gov. Greg Abbott, supports a moratorium on new data centers until tougher rules are in place. Abbott has imposed a limited pause on permits, though critics have documented permits still moving forward, Axios reported. ## Then the ballot measures Below the statehouse, voters in 38 local jurisdictions across 10 states will consider at least 41 measures that would delay, prohibit or add requirements for data centers, Reuters reported. In Sunbury, near Columbus, a measure banning data centers that use more than 25 megawatts could derail Amazon's ($AMZN) proposed $2 billion development, according to Reuters. An Amazon spokesperson declined to tell Reuters whether the measures would affect its expansion plans. The measures could create headaches for hyperscalers like Meta Platforms ($META) and developers such as Applied Digital ($APLD), Bloomberg reported. In Piqua, where Meta is trying to build a data center, voters will also decide whether to recall the mayor and two city commissioners who have supported AI infrastructure there. Local resistance is already measurable: at least 45 projects worth $68 billion were disrupted by local opposition in the second quarter, according to a Data Center Watch report cited by Bloomberg, and a Quinnipiac poll in September found 72% of voters would oppose a new data center in their community, up from 65% in March. ## What changes for your portfolio Morgan Stanley projects that a Democratic midterm sweep, especially alongside wins for anti-data-center challengers at the state and local level, would be the most negative outcome for AI investor sentiment, Axios reported. Even that wouldn't necessarily mean a broad stock sell-off or an end to AI spending, Axios added. The risks are project by project, according to Axios: new restrictions on a site that hasn't broken ground can bring delays that put loans or bonds at risk. Smaller AI players, particularly neoclouds already seeing higher costs and investor pullback, are more exposed than the hyperscalers. Morgan Stanley also notes slower construction could reduce borrowing needs and help credit markets. There's a counterweight, too. If Ohio voters approve restrictions, developers are likely to steer projects elsewhere rather than abandon them, Baron Fung of Dell'Oro Group told Reuters. US data center capacity under construction rose 48% from December 2025 to June 2026, according to Cushman & Wakefield's John McWilliams, Reuters reported. The votes are Tuesday, and so far the only results anyone has are projections. Sources: 1. Why Wall Street is watching governor races, Axios: https://www.axios.com/2026/10/31/data-centers-elections-wall-street 2. AI data center boom faces backlash at US ballot box, Reuters (via Investing.com): https://www.investing.com/news/stock-market-news/ai-data-center-boom-faces-backlash-at-us-ballot-box-4982297 3. Data center restrictions on the ballot in dozens of U.S. cities, Bloomberg (via The Seattle Times): https://www.seattletimes.com/business/data-center-restrictions-on-the-ballot-in-dozens-of-u-s-cities/ --- ## Marvell agrees to buy laser maker Lumentum in a $115 billion all-stock deal URL: https://sainteur.com/article/marvell-agrees-to-buy-laser-maker-lumentum-in-a-115-billion-all-stock-deal Published: Nov 2, 2026, 11:50 PM EST · Equities · By Marcus Rodriguez Tickers: MRVL, LITE The chipmaker agreed to acquire Lumentum, a maker of lasers and optical parts for data centers, in an all-stock deal expected to close in the first half of 2028. Why it matters: It's a $115 billion bet that AI data centers will move further toward optics. The deal needs antitrust and other approvals, with closing expected in the first half of 2028. Marvell Technology ($MRVL) agreed to acquire Lumentum ($LITE) in an all-stock deal that gives Lumentum an implied enterprise value of $115 billion, the companies said Monday. It's a bet that AI data centers will increasingly rely on optical connections as copper hits its physical limits. If you haven't heard of Lumentum, it makes high-performance lasers, optical transceivers and optical circuit switches, the parts that move data as light between servers. The companies argue that AI's growing bandwidth needs and the physical limits of copper are pushing the industry toward optics. Lumentum holders will get 4.500 Marvell shares for each share they own. The companies value that at about $1,132 a share, a 23.9% premium to Lumentum's price on Oct. 28, before talk of a deal started. Marvell holders will own about 67% of the combined company. The companies expect more than $1 billion in annual cost savings and say the deal will add to Marvell's adjusted earnings per share in the first year. Don't expect it to close quickly. The target is the first half of 2028, pending shareholder votes, U.S. antitrust clearance and other approvals. Under the merger agreement in Marvell's filing, Marvell would owe Lumentum $3.2 billion if regulators block the deal, and $5.8 billion if it walks away for a better offer. Marvell CEO Matt Murphy will run the combined company. “AI infrastructure is undergoing a fundamental architectural shift toward optical connectivity, creating an opportunity that comes along once in a generation,” he said. Sources: 1. Marvell and Lumentum to combine (Exhibit 99.1), Marvell Technology and Lumentum (SEC EDGAR): https://www.sec.gov/Archives/edgar/data/1835632/000119312526442714/d81187dex991.htm 2. Marvell Technology Form 8-K: merger agreement, Marvell Technology (SEC EDGAR): https://www.sec.gov/Archives/edgar/data/1835632/000119312526442717/d352474d8k.htm --- ## Palantir now brings in more revenue from US companies than from the US government URL: https://sainteur.com/article/palantir-now-brings-in-more-revenue-from-us-companies-than-from-the-us Published: Nov 2, 2026, 11:40 PM EST · Equities · By Marcus Rodriguez Tickers: PLTR U.S. commercial revenue jumped 148% to $984 million, topping U.S. government revenue for the first time, and Palantir raised its full-year outlook. Why it matters: Palantir's U.S. growth now leans on corporate customers as much as on the U.S. government, and it raised its full-year revenue and U.S. commercial forecasts. Palantir ($PLTR) now brings in more revenue from American companies than from the American government. U.S. commercial revenue grew 148% from a year earlier to $984 million in the third quarter, passing U.S. government revenue of $953 million for the first time, the company said Monday. That's a big change for a company long known for its government work. Government revenue didn't stall, either: it grew 96%. And according to CNBC, Palantir's U.S. commercial revenue has more than quintupled over the past two years. Total revenue rose 96% to $2.313 billion, the first quarter above $2 billion. Net income more than doubled to $1.13 billion, or 44 cents a share, from about $476 million a year earlier, CNBC reported. Palantir raised its full-year revenue forecast to between $8.530 billion and $8.534 billion and now expects U.S. commercial revenue above $3.559 billion, growth of at least 143%. Three months ago, it had forecast $3.42 billion. It expects fourth-quarter revenue of $2.649 billion to $2.653 billion. Palantir's boss didn't undersell it. "I don't believe anyone's had consistent results like this in the history of software AI, ever," CEO Alex Karp told CNBC's Seema Mody in an interview. Karp added that the business is succeeding without salespeople. Sources: 1. Palantir Reports Q3 2026 results (Exhibit 99.1), Palantir Technologies (SEC EDGAR): https://www.sec.gov/Archives/edgar/data/1321655/000132165526000045/a2026q3ex991pressrelease.htm 2. Palantir reports booming U.S. commercial revenue growth, topping government for first time, CNBC: https://www.cnbc.com/2026/11/02/palantir-pltr-earnings-q3-2026.html ---