Public Markets 8-Hour Briefing
×Last updated: October 14, 2026, 11:47 PM ET
Anthropic and the AI Trade
Anthropic told investors that quarterly revenue rose 50% to $16.8bn ahead of a planned IPO, though growth ran slower than some had anticipated as fears about the AI trade rattled markets. A separate report put the jump at 45% to nearly $17 billion, after the company met public-market investors on Wednesday. Chip stocks bore the brunt of the pressure, with a rout in global hardware deepening Thursday as Asian chipmakers slid on rate and funding worries.
US Equities
U.S. stocks fell as a hot inflation report bolstered the case for another rate increase and AI-linked shares sold off. The S&P 500 dropped 1.1% on Wednesday, its steepest decline in more than two months. The session marked the worst day for stocks since July, as the market ended its longest streak of calm since 2020. The Russell 2000 entered a correction, sinking 11% from its peak as rising interest rates weighed on smaller companies. Bank of America disappointed investors with its results, adding to the gloom.
Apple and Nvidia
Apple closed above the $5 trillion mark, joining Nvidia in the exclusive valuation club. Chief Executive John Ternus needs to raise capital to power the iPhone maker's next phase. Meanwhile, U.S. chip stocks slid as inflation and AI debt fears unsettled investors, who rushed into Treasuries as haven demand rose. A broader selloff spread to Asia as chip stocks tumbled on Wall Street.
Rates and Fixed Income
Treasuries extended gains as a global equities selloff spurred demand for safe assets. A forecaster who was early to call the most recent Federal Reserve move now expects the Fed may hike rates half a point in December. Gold held a decline as a jump in US inflation stoked worries about Fed tightening, while Australian traders pared rate bets after higher unemployment and unexpected job cuts in September. In Japan, Finance Minister Satsuki Katayama renewed warnings to speculators on the yen after the US CPI surge, and the Nikkei fell 2.9% tracking Wall Street's losses.
Credit and Financials
Virgin Media O2 creditors have tapped counsel over a deal tied to Netomnia as a CMA review clouds the transaction. A Canadian consumer lender, Cash Today Inc., is under scrutiny after roughly 44,000 loans vanished, leaving creditors with potential claims. In the UK, Conservative leader Kemi Badenoch sounded an alarm over a possible Budget tax raid on banks. Perella Weinberg and Piper Sandler abandoned merger talks that would have created an independent investment bank. Elsewhere, the 777 Partners co-founder Josh Wander is set to change his plea in a case involving the firm. China's backdoor bond buying has drawn attention amid a $600 billion buildup, and the Tata battle could reshape India Inc.
Corporate and Markets Commentary
Top UK law firms pulled away from smaller rivals, with the biggest firms taking more than half the revenue pool for the first time. YouTube is exploring an audiobooks feature to compete with Spotify and Audible. Bolivia revamped gold export rules to draw in dollars. The Market Talk roundup tracked moves across Samsung Electronics, SK Hynix, and ASML. A Wall Street Journal commentary argued that economic growth will solve the debt problem and keep the US ahead in AI, while a separate piece noted the collapse of the Libor fraud case against bankers.