🟥 Things I'm looking at today 🟥 Powered by @yeet Subscribe: Crypto rips, ATH shorts liquidation, Treasury expands buybacks Crypto * BTC: 71,890 (+12%) | BTC.D: 58.9% (+0.2%) * ETH: 2,281 (+19%) | BNB: 645 (+7%) | SOL: 87 (+13%) * Fear & Greed: 61 | 24h Liq: $3.02b * BTC ETFs: +$517M | ETH ETFs: +$18M * Top Gainers: HYPE, ZBCN, LIT, SPX, PEPE * Crypto, Gold rip as Treasury doubles debt buybacks * Largest short liquidation event in crypto history * CFTC working to onshore Hyperliquid, HYPE surges * US military runs a Bitcoin node: Admiral * US has discussed buying sizable BTC: Trump * Trump meets crypto CEOs at WH summit * BTC rally is local, not a trend reversal: Glassnode * BTC primed for a big breakout: Fidelity * Zhibao adds 2,380 BTC in $154.7m DAT pivot * Final GENIUS Act rule lands by Nov: OCC * FWAir launch details released * Grayscale files fourth amendment for Zcash ETF * Ethena, FalconX open $1b USDe credit line * Coinbase adds Hyperliquid perps to Base * Kraken freezes $4.2m in HTX poisoning scam * Rapid7 finds AI-built crypto phishing kits * Ripple raises $275m for prime brokerage * HSBC, StanChart do first Swift tokenised deposit * Nethermind quits LayerZero for Chainlink * BitGo Korea first foreign firm to win VASP Macro * NASDAQ: $26,330 (+0.2%) | Gold: $4,490 (-0.7%) * Stocks up as double treasury buybacks calm yields * Gold, Silver add $1.3T to market cap * Moderna rips on cancer vaccine, up 212% * Inflation risk skewed to upside: Fed minutes * Trump sets first GOP midterm convention * Trump cuts refundable tax credits for illegals * US secretly moving oil via Strait of Hormuz * Trump declares 'Economic D-Day' against Iran * US has not released any frozen assets: Iran * US to halve tariffs on Canadian steel, aluminium * Russia detects extensive NATO air activity * Russia launched massive missile attack on Kyiv * Ukrainian drones hit the Ufa oil refinery * Japan posts record July exports, imports * Israel halts all defence exports to Qatar * South Korea pushes for military independence * Rice prices are up 50% so far in 2026 * US ground beef hits record $7.10/lb AI & Tech * KOSPI rallies, as SK hynix unveils ~$29bn buyback * AI debt supply crowds out Treasury issuance * Coders find workarounds to Claude watermarks * Codex hits 20m weekly active users * AI helped designed Moderna's cancer vaccine * Google adds AI study tools to Search, Gemini * Stripe tells investors 'the singularity' has begun * Stripe buys AI marketplace OpenRouter * Google gets the right to buy $12.2B of Marvell * AI chip shipments to rise 43% in 2027: JP Morgan * Rillet raises $100M at a $1B valuation * Loudoun County eyes $1.3B data center tax * AI chain gun fires steerable anti-drone rounds * Flock's AI tool goes beyond plate tracking * Cognition denies SpaceX takeover attempt report * Valve leaks nearly all about its Steam Frame @YEET: Crypto's Casino Just passed $3.1B in lifetime volume! gm

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. OpenAI told investors its annualized revenue was approaching $50B at the end of September, according to the Financial Times, below the roughly $70B figure that had been widely reported last month. The discrepancy reportedly reflects differences in accounting methods, with Anthropic including revenue generated through cloud partners such as AWS and Google Cloud, while OpenAI does not. Investors had attempted to adjust OpenAI’s figures to make them comparable with Anthropic’s, contributing to the higher estimate. The report weighed on AI infrastructure sentiment, with several semiconductor stocks falling roughly 5–7% as investors reassessed near-term AI spending expectations. OpenAI declined to comment. 2. The September FOMC meeting minutes showed that most Federal Reserve officials expect another interest rate hike by year-end, reinforcing the central bank’s higher-for-longer stance. All 19 Fed officials supported the September rate hike, reflecting unanimous concern that inflation remains above target. The minutes also said almost all policymakers believe inflation risks remain tilted to the upside, with several officials warning that the accelerating AI investment boom could increase demand faster than supply, adding to inflationary pressures. 3. Elon Musk said today that he sees an extraordinary long-term future for $SPCX SpaceX, writing: “This will sound super crazy, but I see a path to SpaceX being worth orders of magnitude more than the current Earth economy.” 4. Goldman Sachs upgraded Palantir $PLTR to Buy with a $230 price target, while Barclays initiated coverage with a Buy rating and a $265 price target. Goldman argued that Palantir’s total addressable market is entering another step-function expansion, driven by the rise of sovereign AI, bespoke enterprise AI applications, and the company’s increasing verticalization strategy. The firm also highlighted Palantir’s Forward Deployed Engineer (FDE) model as a key competitive advantage, noting that its tight feedback loop between customer deployments and product development has become so refined that Palantir is now able to automate portions of the FDE workflow with AI-powered FDEs. Goldman believes these dynamics further strengthen Palantir’s long-term competitive position as enterprise AI adoption accelerates. 5. Zeta $ZETA unveiled AthenaOS, an enterprise intelligence operating system designed to dynamically organize AI, applications, and workflows around a specific business objective by combining proprietary enterprise knowledge with intelligence from the Zeta Data Cloud. The company also introduced Athena MCP, which allows Athena’s intelligence to plug directly into existing enterprise tools, including ChatGPT, Claude, and Gemini, while preserving enterprise data governance and control. Zeta also launched the Athena Inference Model (AIM), a suite of specialized AI models built with Fireworks using NVIDIA Nemotron, and said it has begun developing a specialized AI chip and supporting data center infrastructure with a leading semiconductor partner through a capital-light approach. AthenaOS is currently in limited internal beta, with a public beta planned later this year and general availability targeted for Q1 2027. 6. Starbucks $SBUX has reportedly explored a potential takeover of Chipotle $CMG in what would rank among the largest restaurant acquisitions ever. A combination could significantly accelerate Chipotle’s international expansion by leveraging Starbucks’ global network of more than 41,000 stores, established licensing partners, and extensive real estate relationships. At the same time, any transaction would face substantial financing, integration, and execution challenges given the size of the deal and the complexity of combining two of the world's largest restaurant brands. 7. The top 10 most active options today by contracts traded were $NVDA with 2.9M contracts, $TSLA with 1.3M contracts, $INTC with 1.2M contracts, $MU with 1.1M contracts, $AAPL with 1.0M contracts, $SPCX with 1.0M contracts, $PLTR with 927K contracts, $AMZN with 635K contracts, $ORCL with 635K contracts, and $IREN with 612K contracts. 8. The U.S. Pentagon has reportedly instructed the military to complete preparations for a potential resumption of major combat operations against Iran, according to Axios. U.S. and Israeli sources told the outlet that renewed operations could occur before the midterm elections, while a White House official said President Trump “has all options available at any time.” The report also said Trump's national security team met at Camp David on Friday to discuss possible scenarios for restarting large-scale military operations. The developments come as the administration continues weighing both military and diplomatic options in its approach toward Iran. 9. Broadcom $AVGO is reportedly seeking more than $50B in financing for OpenAI’s custom AI chip program, according to the Wall Street Journal, with Apollo and Blackstone among the firms approached to participate. The financing could support several gigawatts of custom AI chip capacity, with a transaction targeted before year-end, though discussions remain preliminary and the size could change. OpenAI’s internally developed chip initiative, known as “Nexus,” includes its first two generations, “Jalapeño” and “Serrano,” and builds on the companies’ previously announced plan to deploy 10 GW of custom AI chips using Broadcom’s networking technology between the second half of 2026 and 2029. 10. Bitcoin $BTC fell to around $81,000 down roughly 3% on the day and about 6–8% from the $87,000 highs reached earlier this week, with an intraday low near $80,300. The selloff appears to be a broad risk-off move rather than the result of a single headline, driven by Brent crude above $105, rising inflation concerns, expectations for another Fed rate hike after the September FOMC minutes and comments from Governor Christopher Waller, and a 10-year Treasury yield near 5.3%. Pressure was compounded by roughly $485M in U.S. spot Bitcoin ETF outflows on October 7, approximately $1–1.16B in crypto liquidations, mostly long positions, and blockchain data showing wallets linked to the U.S. government moving about 12,267 BTC from a seized Bitfinex wallet, adding to concerns about potential future supply. Altcoins underperformed Bitcoin throughout the session, consistent with a broader leverage-driven unwind across the crypto market. 11. Since the start of 2025, U.S. nonfarm payrolls have been revised lower in 16 of the last 20 months, removing a cumulative 793,000 jobs from previously reported figures, an average downward revision of roughly 39,650 jobs per month. The latest revisions reduced July and August payrolls by a combined 60,000 jobs, continuing a pattern of consistent downward revisions that has persisted since 2023. If that average revision were applied to the initially reported 29,000 jobs added in September, it would imply a decline of roughly 10,650 jobs instead. That would mark the third monthly contraction in payrolls during 2026, following declines of 156,000 in February and 10,000 in July. 12. SpaceX $SPCX has agreed to acquire Grain Management’s nationwide portfolio of 800 MHz low-band spectrum licenses, a move Elon Musk called “the last critical piece of the spectrum puzzle” needed for Starlink to become a major U.S. mobile carrier. The company plans to combine its satellite network with a terrestrial mobile network, using the newly acquired low-band spectrum alongside Starlink’s existing 2 GHz holdings to improve indoor coverage and expand service into areas with weak or no cellular reception. Separately, the FCC approved a new constellation of 15,000 SpaceX satellites for direct-to-device mobile services, further advancing Starlink’s wireless ambitions. The announcement pressured telecom stocks after hours, with AT&T $T falling 6.75%, Verizon $VZ down 5%, and T-Mobile $TMUS declining 5.4%, as investors weighed the prospect of a new nationwide competitor. The spectrum acquisition remains subject to FCC approval and other customary closing conditions, with financial terms undisclosed. WALL STREET IS THE GREATEST SHOW ON EARTH.

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. SpaceX $SPCX has signed a binding commitment letter with an Apollo Global Management-managed entity for a massive $40B GPU financing arrangement to support its expanding AI data center infrastructure. Under the proposed agreement, Apollo's entity would purchase GPU pods and related data center equipment and lease them to SpaceX, with approximately $40B in aggregate principal payments spread across lease terms of 5 to 5.25 years. The transaction is expected to close before year-end, with GPU deliveries and lease payments beginning in the first half of 2027. Importantly, the $40B figure excludes interest and additional financing costs, with the final borrowing rate still to be determined, highlighting the enormous capital requirements behind SpaceX's AI infrastructure expansion. 2. Anthropic has reportedly filed its S-1 for a U.S. IPO, seeking to list on the Nasdaq under ticker $ANT, with Goldman Sachs, Morgan Stanley, and JPMorgan leading the offering. The filing shows explosive growth, with H1 2026 revenue surging to $16.3B from $1.16B a year earlier, including $13.1B in consumption-based revenue and $3.2B from subscriptions. Anthropic now has more than 11,900 customers spending $100K+ annually, including 1,900 spending over $1M and approximately 250 spending over $10M, while net revenue retention reached roughly 900% as of September 30. Despite the growth, Anthropic reported an $80.7B net loss, largely driven by a $72.4B noncash fair-value charge tied to convertible notes, while its operating loss narrowed to $693M. The biggest revelation is the company's enormous AI infrastructure commitments extending as far as 2045, including approximately $161B in Broadcom TPU leases, $120.5B with SpaceXAI, $114.5B with Google, $110B with Amazon, $44.9B with Microsoft, and tens of billions more with Nscale, Lambda, and AMD, alongside roughly $245B in additional agreements signed after June 30. Anthropic also disclosed $131.7B in cash and short-term investments, plans to allocate 5% of its shares to a public benefit fund, and a governance structure preserving 50.1% voting control for its founders, highlighting both the extraordinary scale of its growth and the capital intensity of the frontier AI industry. 3. Barclays upgraded Tesla $TSLA to Overweight from Equal Weight, raising its price target to $450 from $370, as analyst Dan Levy sees an increasingly attractive risk/reward profile. Levy noted that much of the recent discussion surrounding Tesla has focused on a potential merger with SpaceX $SPCX, which he believes could result in a premium for Tesla shareholders. However, his bullish thesis extends beyond a possible combination, citing improving automotive demand, strong growth in Tesla's energy business, and a sharp acceleration in Robotaxi miles driven. Barclays also highlighted FSD adoption exceeding 75% of new North American vehicle deliveries, suggesting growing monetization opportunities for Tesla's autonomous driving technology. Together, these factors underpin the firm's more constructive outlook on Tesla's long-term growth potential. 4. Microsoft $MSFT is offering voluntary buyouts to approximately 60,000 employees, representing more than 25% of its global workforce, as the company moves to restructure parts of its operations. The program reportedly covers select teams across the United States, Canada, United Kingdom, and India, with eligible employees receiving severance packages in exchange for voluntarily leaving the company. Employees have until early December to decide whether to participate, with departures expected to take place by year-end. The move could represent one of Microsoft's largest workforce restructuring initiatives, although the final number of departures will depend on employee participation. 5. Samsung and SK Hynix are reportedly targeting Q2 2027 to begin mass production and shipments of 8-layer HBM4 memory for NVIDIA $NVDA, according to ZDNet Korea. The advanced memory is expected to be used in NVIDIA's next-generation Rubin Ultra rack-scale AI systems, supporting the growing memory requirements of increasingly powerful AI accelerators. While 12-layer HBM4 remains the primary focus throughout 2026, the share of 8-layer HBM4 shipments is expected to increase significantly beginning in mid-2027. The development highlights the continued expansion of the high-bandwidth memory market as Samsung and SK Hynix prepare additional capacity for NVIDIA's next generation of AI infrastructure. 6. The top 10 most active options today by contracts traded were $TSLA with 3.4M contracts, $NVDA with 3.1M contracts, $AAPL with 1.6M contracts, $MU with 1.3M contracts, $SPCX with 1.3M contracts, $META with 979K contracts, $AMZN with 884K contracts, $NFLX with 624K contracts, $INTC with 598K contracts, and $AMD with 550K contracts. 7. Meta $META announced plans to raise approximately $35B through new equity offerings, including $22.5B in Class A common stock through forward sale agreements and $12.5B in depositary shares tied to mandatory convertible preferred stock. The company is also considering a separate $60B offering program for its new nonvoting Class C shares beginning in Q1 2027, potentially bringing its total equity financing capacity to $95B, approximately $10B more than Google's $85B equity offering earlier this year. Interestingly, NVIDIA $NVDA, AMD $AMD, and Broadcom $AVGO have expressed nonbinding interest in purchasing up to $5B of Meta shares combined, potentially giving major AI chip suppliers direct equity exposure to one of their largest customers. The proposed financing comes as Meta prepares for unprecedented AI infrastructure spending, while its new Class C share structure, introduced alongside an effective 2-for-1 stock split, would allow the company to raise additional capital without issuing new voting rights. The full $95B remains potential financing capacity rather than a completed capital raise. 8. DoorDash $DASH is reportedly in advanced negotiations to acquire Instacart $CART, with a potential agreement expected as early as this week, according to the Wall Street Journal. The discussions follow earlier reports that Instacart had attracted takeover interest from both DoorDash and Uber $UBER, although talks with Uber are reportedly no longer active. A combination would significantly expand DoorDash's presence in online grocery delivery, combining Instacart's grocery partnerships and fulfillment technology with DoorDash's restaurant delivery network and logistics infrastructure. The potential acquisition could strengthen DoorDash's competitive position across local commerce, although no final agreement has been announced and negotiations could still fall apart. 9. The 10 largest U.S. leveraged equity ETFs attracted approximately $12B in net inflows over the past month, even as their combined market capitalization declined by $20B, highlighting aggressive dip-buying despite the broader market selloff. The surge was led by the Direxion Daily Semiconductor Bull 3X ETF $SOXL, which attracted a record $9B in inflows over just two weeks, while the ProShares UltraPro QQQ $TQQQ, which provides 3x leveraged exposure to the Nasdaq 100, recorded $1.3B in inflows, its second-largest two-week intake of 2026. Over the past five months, the 10 largest leveraged equity ETFs have collectively attracted $19B, suggesting that speculative investors are continuing to increase leveraged exposure to semiconductors and technology stocks even as market volatility and downside risks remain elevated. 10. Morgan Stanley strategist Michael Wilson expects the current U.S. equity market correction to eventually give way to a rebound as several major uncertainties begin to clear, including the midterm elections, AI infrastructure financing concerns, and tightening financial conditions. Wilson sees potential near-term downside for the S&P 500 $SPX to 7,100–7,200, but maintains a year-end base-case target of 8,000, suggesting meaningful recovery potential if market conditions improve. He identified liquidity constraints as the biggest immediate risk, while arguing that a potential Federal Reserve policy pivot could provide an important catalyst for equities. Morgan Stanley also pointed to historically strong 6–12-month stock market returns following midterm elections, supporting its view that the current correction could ultimately create buying opportunities rather than mark the end of the broader market cycle. 11. UBS pushed back against concerns that CoreWeave $CRWV could face a debt spiral as credit markets tighten, arguing that the company has multiple financing alternatives to support its AI infrastructure expansion. UBS highlighted opportunities to reduce reliance on traditional debt through private credit, vendor financing, and additional equity investments, similar to CoreWeave's recent transaction with Jane Street. Following meetings with private credit executives and data center developers, UBS said it “did NOT come away with a view that capital will be scarce in 2027,” suggesting financing conditions may remain more supportive than investors fear. Separately, Cantor Fitzgerald reiterated its Overweight rating and $176 price target on CoreWeave, citing the potential for delayed-draw term loan (DDTL) credit enhancements to attract additional lenders and new financing facilities to ease concerns over the company's access to capital. 12. The United States and Canada are reportedly negotiating a potential agreement to ease tariffs on Canadian steel and automobiles, according to Reuters, citing six sources familiar with the discussions. Negotiations are focused on Section 232 tariffs, including duties of up to 50% on Canadian steel and 25% on automobiles, with one Canadian source suggesting a deal could be reached before the November 3 midterm elections. U.S. officials are reportedly seeking additional concessions from Canada. The discussions come as President Trump has threatened to raise steel and auto tariffs to 50% beginning January 1, 2027, although he recently suggested the trade dispute could be resolved “soon.” Canadian officials described the negotiations as constructive, but no agreement has been finalized. WALL STREET IS THE GREATEST SHOW ON EARTH.

The only thing that matters for tech stocks right now is $SMH, the semiconductor ETF. Once SMH can find a pivot low, this is when the 300%+ cycles for AI will come again. The current area is "okay" - not the best, not the worst chance. The best area is where I expect bulls to take over. Until then, we have to stay patient for SMH to decide what it wants to do. It's been a very frustrating, and "slow grind." If you can survive this back and forth daily, you can survive anything... let's go!!!

Optical transceiver shipments today are dominated by 400G and 800G units. But 800G and 1.6T are expected to take over the market as the buildout progresses, with 2.4T units expected to enter the mix by 2027 and 3.2T by 2028. Every speed jump is an upgrade cycle for the companies supplying the hardware, and the Roundhill Photonics & Optics ETF $LYTE holds them all. Consider investing:

ETF buyers came back in size yesterday. US spot bitcoin:native ETFs took in $663M, the most in a day since September, and all of it went into BlackRock's IBIT. That single day erased the funds' net outflows for October. Follow-through would confirm the demand is back.

ETF question nobody on the street can answer? Ask us instead. Expense ratios. Comparing ETFs. Index vs. active. Bring your questions to r/iShares on Reddit: #ETFs# #Investing#

ETF Creator Mode is live. You can now launch your own ETF that anyone can buy, and earn a share of the fees generated by the entire fund. Turn any thesis into an ETF that rewards you.

ETF inflows so far in 2026: - Overall: nearing $1.5 trillion - Fixed income: a new annual record, crossing $440 billion last week @Vetta_Fi's Todd Rosenbluth breaks it down with ETF Prime host Nate Geraci