> ## Content Index
> Fetch the complete content index at: https://adjacent.media/llms.txt
> Use this file to discover other available public pages before exploring further.

# Evening Scan
- URL: https://adjacent.media/scan/2026-10-26-pm/
- Published: 2026-10-26T23:16:53.000Z
- Updated: 2026-10-26T23:16:53.000Z
- Description: The week opened with major tech earnings on deck and investors openly tired of waiting for AI spending to pay off. Anthropic’s IPO filing is out, and the numbers are getting picked apart in real time.
- Author: Jonathan Greene
- Tags: #scan-pm, #scan

The week opened with major tech earnings on deck and investors openly tired of waiting for AI spending to pay off. Anthropic's IPO filing is out, and the numbers are getting picked apart in real time.

> **35%** — The discount at which Dongshan priced its Hong Kong IPO versus its Friday Shenzhen close. *(Bloomberg)*

---

#### [Anthropic S-1 Analysis: How 7 Key Metrics Stack Up](https://tomtunguz.com/anthropics-s1-grew-eleven-fold/?ref=adjacent.media)

The largest AI listing yet is now a public document, and Tunguz's headline read is that revenue grew roughly elevenfold. *(Tomasz Tunguz)*

#### [Alphabet, Amazon, and Microsoft are expected to report double-digit gains in revenue this week, as investors grow impatient with AI capex and seek returns](https://www.bloomberg.com/news/articles/2026-10-25/ai-spending-fears-threaten-to-swamp-big-tech-s-strong-earnings?ref=adjacent.media) (paywall)

Strong growth is the baseline; the question this week is whether anyone can show the spending is earning its keep. *(Bloomberg)*

#### [Filing: Chinese PCB maker Dongshan raised \~$1.3B in Hong Kong's biggest IPO in nearly two months](https://www.bloomberg.com/news/articles/2026-10-25/chinese-manufacturer-dongshan-raises-1-3-billion-in-hk-listing?ref=adjacent.media) (paywall)

Pricing roughly 35% under the home-market close carries a steep cost for a dual listing. *(Bloomberg)*

#### [Tesco replacing VMware with Proxmox in its stores and on the edge](https://www.theregister.com/virtualization/2026/10/26/tesco-replacing-vmware-with-proxmox-in-its-stores-and-on-the-edge/5305281?ref=adjacent.media)

A UK retail giant apparently read its VMware renewal quote and decided to look elsewhere, per a job ad. *(The Register)*