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Apple:

[Khal @the_carl_]

Chasing trends isn’t an investment strategy, says @BillAckman. He keeps a “library” of great businesses and waits for the price to make sense. Here, the @PershingSquare CEO breaks down how his team checks a company’s competitive moat, then does the calculations that decide when a stock hits the buy zone.

[Finimize @finimize]

What do you need to know for the investing week ahead? 📈

The Focus This Week: Earnings, Interest Rates, Economic Data

It’s a busy week ahead, with everything from central bank interest rate decisions to Big Tech earnings – and a lot of it will determine whether investors still feel like AI is worth it.

Read the full Weekly Brief on https://t.co/rianrt7tvo, or subscribe to our free newsletter to stay in the know.

#investing
#weekly
#finance
#financeweekly

[Finimize @finimize]

A very packed week ahead for economic data and earnings releases...

[Reda Farran @Reda_Farran]

🔍 The Focus This Week: Earnings And Interest Rates And Economic Data, Oh My

This week is a busy one.

We’ve got interest rate decisions from central banks in the US, Japan, and the eurozone.

Then there’s last quarter’s economic growth figures from the US and the eurozone.

And to top it all off, there’s the usual flood of third-quarter earnings reports, including from tech heavyweights Microsoft, Alphabet, and Amazon, along with memory chip darling SK Hynix.

First up, central banks. None of the three is expected to raise interest rates this week, so barring any last-minute plot twists, investors shouldn’t expect much drama.

Instead, traders are betting that all three will deliver a hike at their next meetings in December.

On to economic growth. The eurozone economy flatlined in the first quarter before expanding by 0.6% in the second. But economists aren’t expecting any meaningful pick up in the third.

After all, the bloc is still grappling with higher energy prices, cost-cutting and layoffs at major carmakers, and historically low water levels caused by prolonged droughts that continue to disrupt key shipping routes.

And looking ahead, recent protests and riots in France and elsewhere could put further pressure on growth for the rest of the year.

The US economy, meanwhile, grew by around 0.6% in each of the first two quarters of the year.

And the Federal Reserve Bank of Atlanta's GDPNow – a handy model that provides real-time growth estimates based on the latest data – suggests growth accelerated to 0.9% in the third quarter.

That resilience is thanks to the US economy’s lower reliance on imported energy, strong consumer spending, and a massive AI-driven tech boom.

And that brings us neatly on to tech. The latest results from Microsoft, Alphabet, and Amazon should offer some clues about whether the AI infrastructure spending boom still has legs.

The three tech giants are among the world’s biggest hyperscalers, building the computing muscle behind the AI boom.

A serious case of FOMO has pushed them and other data center developers to build as much as they can, as fast as they can.

But their updates come at a tricky time. See, the investors footing the bill for all those data centers are starting to get cold feet.

They’re worried that revenue from AI tools and services won’t be enough to justify the trillions being poured into the buildout.

And those fears aren’t coming out of nowhere: research firm Gartner recently estimated that data center owners could face a whopping $6 trillion revenue shortfall by 2032 relative to their infrastructure investment.

So if the hyperscalers announce even bigger investment plans without delivering AI revenue growth that impresses investors, those concerns will only deepen.

But if they show stronger returns on their AI investments while keeping spending in check, traders might feel a little more comfortable hopping back aboard the AI gravy train.

Read the full Finimize Weekly Brief – a recap of last week’s highlights and a preview of the key things to watch in the week ahead – here:

https://t.co/LoUVr4LKeT

@finimize #AI $MSFT $GOOGL $AMZN

[Finimize @finimize]

@Reda_Farran Bonds are back!!!

[Finimize @finimize]

Finimize Head of Research's @Reda_Farran's full research piece on bonds here:

https://t.co/RntkYbnStP

[Reda Farran @Reda_Farran]

Treasuries are quietly emerging as an effective hedge against the AI bubble bursting.

Case in point: the below chart shows the relationship between US government bonds and AI-focused stocks has become increasingly negative, reaching levels last seen a year ago.

In fact, I've been arguing for weeks that Treasuries could be a pretty good place for investors to hide if the AI boom turns into an AI bust.

Here's why. A sharp pullback in AI spending could drag on economic growth, cool inflation, reduce energy demand, and push central banks to cut interest rates.

Meanwhile, Big Tech firms might scale back their bond issuance, reducing competition for investors' cash.

And as nerves spread through the market, investors could flock to the the market’s traditional safe havens.

All of that would be good news for Treasuries.

And here's the kicker: unlike during much of the past two decades, government bonds now offer a very decent yield too.

In other words, one of the oldest diversifiers in the book could offer investors the best of both worlds: a potential cushion if the AI bubble bursts, and a steady stream of income while they wait.

That's a pretty attractive setup...

#AI #Bubble #Bonds #Treasuries $IEF $TLT

[Finimize @finimize]

🚨 The AI selloff could have an unexpected winner: Big Tech.

As debt-heavy AI firms struggle with rising borrowing costs, cash-rich giants could emerge even stronger.

So which AI stocks are bargains – and which are traps? 👀

https://t.co/wpST40zCIO

[Finimize @finimize]

What you need to know about markets today 👇

1️⃣ AI tools uncovered and figured out how to exploit serious security flaws in PHP, the programming language powering much of the web, showing how AI can make cyberattacks more dangerous. But that same threat is fueling demand for cybersecurity – creating opportunities for firms protecting an increasingly AI-powered world.

2️⃣ Chinese stocks slipped into a bear market as weak consumer spending and doubts over AI investments rattled investors. The slowdown is also hurting European luxury brands like Hermès and LVMH – leaving them increasingly reliant on wealthy American shoppers to drive growth.

[Finimize @finimize]

@Reda_Farran Super interesting. Let's see if this IPO even goes ahead this year!

[Finimize @finimize]

Very revealing stats.

[Reda Farran @Reda_Farran]

Anthropic’s computing costs are soaring, but revenues are increasing even faster.

According to a draft IPO prospectus seen by the Wall Street Journal, the AI giant pulled in about $16.3 billion in the first half of 2026, up from $1.1 billion a year earlier.

Over the same stretch, it spent nearly $9 billion on computing, versus $2.3 billion before. That’s already more than it spent in all of 2025.

The headline net loss of $80.7 billion looks scary, but around $72 billion came from accounting charges tied to changes in the value of convertible notes, not from day-to-day operations.

The bigger worry is the bill still to come.

Anthropic has roughly $450 billion in mostly non-cancelable cloud commitments, and total infrastructure obligations top $600 billion.

Cloud partners increasingly see it as a rival, so access to enough capacity isn’t guaranteed.

Customer concentration is another risk: two customers made up about a fifth of revenue.

Still, with a valuation of up to $2 trillion on the table, investors are betting that growth keeps outrunning the costs.

But at that price, there's very little room for error.

#Anthropic #AI

[Finimize @finimize]

What you need to know about markets today 👇

1️⃣ Meta beat sales expectations, easing investors’ worries about its huge AI spending plans. Its ad business offers clues that AI investment is paying off, while its assistant Muse could open up a new revenue stream – though neither opportunity is a sure bet.

2️⃣ France’s unrest and mounting debt troubles are rattling markets, while stubborn inflation is squeezing Europe and Britain. With borrowing costs climbing and stocks under pressure, government bonds are starting to look more attractive to investors seeking alternatives to AI-heavy markets.

[Finimize @finimize]

For its seconds earnings seasons since IPO’ing in June @spacex has reported some excellent numbers – see what our head analyst @Reda_Farran had to say about it 👇👇

Want to know sooner? Sign up for Finimize's free daily newsletter (where this insight went first!): https://t.co/Qy3ADKFf0q

[Khal @the_carl_]

Bill Ackman is wary of the risks AI presents – but he worries more about the US falling behind China or Russia in the race to build it. He compares the AI arms race to the race to build the first nuclear bomb, how we understood the physics of that weapon better than we understand the human brain AI is modelled on, and why we should prevent the next frontier of AI falling into the hands of a hostile power. @BillAckman @finimize

[Finimize @finimize]

https://t.co/B7NAGuOfV2

[Reda Farran @Reda_Farran]

SpaceX’s Earnings Took Off Like A Rocket

SpaceX blasted past expectations in every division last quarter.

▶ The company’s rockets division saw revenue grow 6% last quarter from a year earlier.

▶ Revenue from SpaceX’s satellite internet service, Starlink, jumped 69%, fueled by a near-doubling in subscribers.

▶ SpaceX’s AI division – now dubbed "Super Intelligence", home to its new data center rental business and the Grok chatbot – saw revenue surge almost tenfold.

🔺 That growth helped the company swing from a $1.1 billion loss in the same period a year ago to a $4.4 billion profit last quarter, trouncing analyst estimates. Investors cheered, initially sending SpaceX’s shares higher.

Takeaways

1️⃣ The bigger picture: It pays to have access to cash.

SpaceX has muscled its way into the neocloud business, building and renting out data center capacity to AI customers.

This year, it struck deals with Anthropic, Google, and open-source startup Reflection AI worth a combined $28 billion in annual revenue.

No surprise that its AI division overtook Starlink as SpaceX’s biggest moneymaker last quarter.

But building data centers takes cash, and not everyone can borrow cheaply – just ask OG neocloud CoreWeave.

Yields on its unsecured bonds have surged past 15%, signaling that investors worry about being paid back. Comparable SpaceX bonds yield just 7%.

That borrowing advantage, combined with its $90 billion cash war chest, gives SpaceX considerable firepower to expand while rivals struggle to bankroll their ambitions.

2️⃣ For markets: Hold on to your hat...

Over the next few days, lockup restrictions covering roughly 35% of SpaceX’s shares are set to expire.

That means early investors and company insiders will be free to sell – and with many sitting on life-changing paper gains, they might be tempted to cash in at least part of their winnings.

⚠️ That potential wave of selling, combined with growing investor jitters around AI, could weigh on SpaceX’s shares in the short term.

$SPCX #SpaceX #AI

[Finimize @finimize]

@Reda_Farran That's a lot of shares about to unlock. It'll be interesting to see what those early investors and company insiders choose to do.

[Finimize @finimize]

What you need to know about markets today 👇

1️⃣ SpaceX’s AI revenue – boosted by its booming data center business – surged almost tenfold, helping power a $4.4 billion quarterly profit. But with lockups about to expire, a wave of shares held by company insiders and early investors could be about to hit the market.

2️⃣ Nvidia-backed Nscale is reportedly negotiating a $45 billion AI computing deal with Anthropic ahead of its planned IPO. But with hefty losses, unfinished data centers, and financing still uncertain, investors are questioning how much its enormous contracts are really worth.

[Khal @the_carl_]

.@BillAckman doesn’t believe in diversification for diversification’s sake. He thinks real returns come from knowing a handful of businesses better than anyone else does.

Bill joined The Modern Investor, to discuss AI, Buffett, and more. Worth listening.

https://t.co/4xKHUd282V

[Finimize @finimize]

@Reda_Farran This was such a great listen!

[Finimize @finimize]

Our analysts @Reda_Farran and Russell Burns unpack the growing stress in credit markets for AI companies – and plenty more – in our latest podcast episode.

[Reda Farran @Reda_Farran]

🎙️ New Podcast Episode: Why This AI Sell-Off Feels Different

Every week, Finimize analyst Russell Burns and I sit down for a casual chat about all things markets – from the biggest recent headlines and under-the-radar trends to what we’re watching in the week ahead.

In this week’s episode, we look at stress in the credit market, the pressure on CoreWeave, and whether the huge sums being spent on AI can ultimately be justified.

We also unpack why Treasuries are starting to look interesting again, and what the broader market is telling us beneath the headline index numbers.

For the full conversation, check out the latest episode of Market Open on Apple Podcasts, Spotify, or wherever you get your podcasts.

You can also watch the episode on YouTube.

🎧 Apple:
https://t.co/aDJpP5S9lN

🎧 Spotify:
https://t.co/7cU7GBbbvl

📺 YouTube:
https://t.co/ubMuStFkPY

[Finimize @finimize]

🚨 The S&P 500 has a hidden vulnerability – and most investors don’t realise how big it is.

Over 75% of its value depends on profits more than a decade away.

With bond yields surging, that’s a problem. Here’s what could go wrong – and how to protect your portfolio 👇

https://t.co/gMVWDuCFZH