Evening Scan

The week closed on an odd note for AI infrastructure: CoreWeave beat revenue estimates and still dropped 8% after hours, while Anthropic is apparently shopping a round that would value it at roughly as much as the entire country of Portugal's GDP. Markets mostly shrugged at a trade court ruling that could unwind Trump's 10% global tariff. Jobs data was fine. Nobody panicked.

$900B — Anthropic's reported pre-money valuation target for its next raise, on ~$45B in annualized revenue. That's a 20x revenue multiple for a company that wasn't public last quarter. (Financial Times)

Trade Court Rules Trump's 10% Global Tariff Is Illegal

A federal panel found the tariff exceeded executive authority — expect an immediate appeal and roughly zero near-term change in what you're paying for imports. (NYT)

CoreWeave Q1: 112% Revenue Growth, Stock Down 8%

Beat on revenue, beat on backlog ($99.4B), but Q2 guidance came in light — and in this market, the guide is the only number that matters. (CNBC)

Sources: Anthropic Weighs $50B Raise at ~$900B Valuation

At this scale, Anthropic stops being a startup story and becomes a systemic one — the raise would rank among the largest private financings in history. (Financial Times)

Nintendo Is Raising Switch 2 Prices

$450 to $500 in the US starting September 1 — Nintendo blames "market conditions," a phrase carrying considerable weight right now. (The Verge)