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  1. The Decoder89

    Anthropic kicks off IPO roadshow, offering shares at $70 to $78 and targeting a trillion-dollar valuation

    Anthropic is pitching investors on an IPO of 825 million Class A shares priced at $70 to $78, targeting a valuation of up to $1.02 trillion, with the offering plus a $26 billion private placement potentially raising up to $90.4 billion. The company reported Q3 revenue of $16.96 billion, up 47 percent quarter over quarter, alongside a commitment to nearly $900 billion in compute capacity with partners including Amazon and Google. The stock will trade on Nasdaq under the ticker "ANT," with Goldman Sachs and Morgan Stanley leading the underwriting syndicate.

    Why it matters: The piece pairs detailed IPO terms and financials with context on market skepticism and AI infrastructure costs, useful for readers tracking the AI investment cycle.

  1. Hacker News AI78

    Google value plunges by $500B as AI fears rattle Wall Street

    Alphabet lost just over $500bn in market value on Thursday, with its stock hitting a six-month low, after its quarterly update showed AI summaries on Search were affecting ad revenue and profits fell 25% even as total revenue grew 25% to $127.6bn. Microsoft and Amazon also reported this week, with Amazon shares falling 6% after hours on negative free cash flow of $42bn, while Microsoft's shares fell less than 1%. Analysts quoted said the results highlight the challenge of funding massive AI investments while sustaining established businesses, and where AI value will ultimately be captured.

    Why it matters: It captures a major market reaction to AI spending across three tech giants and the analyst debate over whether AI investments are paying off.

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