ANTHROPIC TARGETS $1.4 TRILLION VALUATION IN RECORD AI IPO Yorkville's Dan Ives expects strong institutional demand for Anthropic ($ANT), which is seeking to raise up to $90.4 billion. The company is marketing 825M shares at $70–$78, targeting a $1.25T–$1.4T valuation and up to $64.35B in IPO proceeds. A separate $26B private placement brings in Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC. Anthropic reported nearly $17B in Q3 revenue, up from $1.4B a year earlier, but swung to a $567M operating loss amid soaring compute costs. The company also disclosed $895B in commitments, mostly for computing infrastructure. Ives sees the IPO as a major test of AI valuations, with pricing expected during the week of November 16.

SAUDI OIL OUTPUT SURGES 26% AS OPEC+ RAMPS UP PRODUCTION Saudi Arabia boosted crude production by 2.19 million barrels per day in October, despite the ongoing Iran war. Output jumped from 8.37M bpd in September to 10.56M bpd, its highest level since February, according to OPEC figures cited by Reuters. Meanwhile, OPEC+ production surged 2.04M bpd to 41.23M bpd, signaling a broader recovery in supply. The sharp rebound in Middle East production could ease global oil supply pressures despite continued geopolitical tensions.

BANK OF AMERICA WARNS FED COULD DELIVER 50BPS HIKE IN DECEMBER Bank of America says October's hot CPI report virtually guarantees a December Fed rate hike — and opens the door to a larger 50bps move. Headline CPI rose 0.4%, while core CPI climbed 0.3%, marking a third consecutive upside inflation surprise. BofA now estimates core PCE inflation at 3.3% YoY. Price pressures are spreading across goods and services, with electronics, airfares and hotels driving increases. BofA still expects 25bps in December, but sees growing risk of another hike in January rather than March. The bank warns the Fed is falling behind inflation and calls October's decision to hold rates a potential policy mistake.

US MORTGAGE DEMAND JUMPS AS 30-YEAR RATE FALLS TO 7.21% US mortgage applications surged 6.2% last week as borrowing costs eased, according to the Mortgage Bankers Association. Home purchase applications jumped 7.5%, while refinancing demand rose 4.5%. The average 30-year mortgage rate fell 9 basis points to 7.21%, offering some relief to prospective homebuyers. Housing demand is showing signs of life, even with mortgage rates still above 7%.

BAIRD SLASHES NVIDIA PRICE TARGET 60%, WARNS OF AI SLOWDOWN Baird downgraded Nvidia ($NVDA ) to Neutral from Outperform, slashing its price target to $200 from $500. Analyst Tristan Gerra warns that 2027 data-center forecasts face delays amid supply constraints, potentially softer demand and reduced visibility. Hyperscaler AI spending growth could slow to 40% or less in 2027, while 10–30% of channel orders may face preemptive cuts. Despite strong H300 demand, Baird also flags uncertainty surrounding CEO Jensen Huang's tenure into 2027. The warning: Nvidia's AI business remains strong, but growth expectations and leadership risks could weigh heavily on the stock.

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$NVDA - NVIDIA HIRES TOP WALL STREET LAW FIRM TO INVESTIGATE JENSEN HUANG Nvidia has hired Wachtell Lipton to investigate CEO Jensen Huang's admitted affair with a Chinese executive accused of espionage, according to The New York Times. The investigation will be led by Joon H. Kim, a former acting US attorney who helped investigate former New York Governor Andrew Cuomo. Nvidia's board says it has no reason to believe company secrets or national security were compromised, but will examine all available evidence. Huang has pledged full cooperation. The investigation puts Nvidia's co-founder and CEO under unprecedented board scrutiny.

DEMOCRATIC SENATE LEADER SCHUMER CALLS TRUMP'S DEFENSE OF NVIDIA'S HUANG "TROUBLING" SCHUMER SAYS FULL ACCOUNTING FOR TRUMP’S ALLEGED "FAILURE TO ADDRESS FOREIGN ESPIONAGE IN THE AMERICAN TECH INDUSTRY" NEEDED

US 10-YEAR TREASURY AUCTION SEES WEAKER DEMAND AS YIELD TOPS 5% The US Treasury sold $42 billion in 10-year notes at a high yield of 5.02%, above the 5.010% when-issued yield before the auction. The bid-to-cover ratio fell to 2.46 from 2.77 at the previous auction, signaling weaker investor demand. The auction tailed by 1 basis point, as investors demanded a higher yield to absorb the debt. Treasury yields are back above 5%, adding pressure to bonds, borrowing costs and equity valuations.

GERMANY FACES NEW JOB CUTS AS ECONOMIC RECOVERY FALTERS Nearly one-third of German companies plan to cut jobs in 2027, according to a survey of more than 1,000 firms by the German Economic Institute (IW). 32% expect layoffs, up from 29% in spring, while only one in six plans to hire. Nearly 40% intend to reduce investment, and 80% expect production to stagnate or decline. Germany's GDP growth slowed to 0.2% in Q3, while 47% of industrial firms report worsening business conditions. IW warns Germany's brief recovery could end in 2027, with business expectations stuck in their longest slump since 2005.