Morning Scan

Anthropic's S-1 shows revenue rising fast, losses widening, and investors reportedly trimming the valuation target. Chipmakers are merging while investors ask whether AI demand has a ceiling. Apple's iPhone had a strong quarter, and there is a new round of dealmaking.

$895.4B — Anthropic's purchase commitments and lease agreements, "substantially all" tied to compute and infrastructure. (CNBC)

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Anthropic reports Q3 revenue up 12x YoY to nearly $17B, with a $23.3B net loss (paywall)

Net loss nearly doubled from $12.1B a year ago, and opex rose 292%. (Bloomberg)

Anthropic's amended S-1 reveals $895.4B in compute and infrastructure commitments

The commitments are long-dated, and they depend on demand continuing to arrive. (CNBC)

Institutional investors tell Anthropic its IPO valuation should be $1.5T–$1.6T, not $2T (paywall)

A tech selloff has made a $1.5 trillion valuation the modest option. (WSJ)

Anthropic aims to raise up to $3.5B from Japanese investors in its IPO (paywall)

Australia, Canada, and parts of Europe get direct access too, making this a global retail-and-institutional roadshow. (Bloomberg)

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Marvell to acquire Lumentum in a $115B all-stock deal

Marvell wants to rival Broadcom in AI data center optics. Nvidia, which put $2B into each company this year, links the two. (Reuters)

Kioxia shares fall up to 15% after cautious Q3 outlook (paywall)

Investors are asking whether AI-driven memory demand is leveling off. (Bloomberg)

Apple Q4: iPhone up 17% to $57.58B, Mac up 24%

iPhone beat estimates handily, while iPad and Wearables had a weaker quarter. (9to5Mac)

Google Earnings, Facebook Déjà Vu, The Agent Play

Ben Thompson argues Google's earnings miss resembles Facebook's past spending scares, and that he sees that as more compliment than critique. (Stratechery)

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Fed Chair Warsh is really managing debt costs, not inflation, economist says

If interest costs are about to outrun GDP growth, that would explain why Wall Street can't tell whether Warsh is a hawk or a dove. (Fortune)

Binance reports $3.64B in outflows as it resumes normal transactions (paywall)

Withdrawals spiked right after the theft. (NYT)

Sergey Brin is building political infrastructure that outlasts his $102M fight against Prop 40

A California wealth tax has pulled a longtime political bystander into the fight as a well-funded participant. (Fortune)

$6.3B** — Tokens stolen in the Binance hack, which has now been followed by $3.64B in customer outflows. *(NYT)

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