Dee Brown

Jesus is Lord of all.

[Reasonable Faith @RFupdates]

20 Questions About The Trinity: Could God Be All-Loving if There Were No One to Love?

[Frank Turek @DrFrankTurek]

Does freedom in Christ mean you should never struggle with sin again? @allengparr joins me to talk sanctification, perfectionism, and what overcoming sin actually looks like.

[Jurrien Timmer @TimmerFidelity]

For the DCF model, the battle between the numerator (cashflows) and denominator (cost of capital) has morphed into a battle between rate scares (higher rates force valuations lower) and growth scares (fears about the AI train slowing down and causing the earnings “bubble” to burst). The former produces a positive correlation between equity and bond returns, and the latter produces a negative correlation. Price discovery is always happening, and usually the climb up the stairs takes longer than the climb down.

While earnings and margins continue to boom, the cap-weighted index has struggled to get out of its own way since early June as the AI space continues to correct. The market is now broadening nicely, with 59% of stocks above both their 50-day and 200-day moving average, but you wouldn’t know it from looking at a price chart of the SPX.

For now, worries about the AI wave slowing down and becoming systemic to the economy have brought the 10-year yield back down to 5.0% and has reduced the prospect of a Fed rate hike this week. Rate worries have been replaced by credit worries (at least in high yield), so the cost of capital hasn’t really changed that much. A big question for asset allocators continues to be the value proposition of Treasuries. They are attractively priced yes, but will they provide negative correlation when we need it the most?

[amit @amitisinvesting]

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.

[Bilawal Sidhu @bilawalsidhu]

got me sitting at (0,0) next to bill gurley and paul graham -- thanks for the cosign grok bot

[Dee Brown @brown1017463_d]

https://t.co/Wbc75GrMqM

[Dee Brown @brown1017463_d]

https://t.co/JBW6rAa0Iu

[Rob Schneider 🇺🇸 @RobSchneider]

HAHAHAHHAHAHA‼️

[Frank Turek @DrFrankTurek]

How do you convince an atheist or agnostic that the Creator is personal?

[The Epoch Times @EpochTimes]

What happens when headlines replace hard facts?

"𝗧𝗿𝘂𝘁𝗵 𝗨𝗻𝗱𝗲𝗿 𝗙𝗶𝗿𝗲" explores how Charlie Kirk was framed—and what it reveals about narrative warfare and the future of free speech.

Watch the full documentary now on The Epoch Times.👇

[Randy Alcorn @randyalcorn]

Scripture confronts sin in our lives, prompts us to obedience, and gives us delight in Christ. Go to God’s Word, open it, read it, meditate on it, and learn to delight in it. It makes us better, deeper, and happier people. “I love God’s law with all my heart” (Romans 7:22, NLT).

[ɢʏᴘꜱʏ 🇺🇸 ᴘᴀᴛʀɪᴏᴛ @GypsyPatriot_]

This song is🔥

Louisiana HVAC worker Jason Bellard’s faith-rooted song “May God Bless America”
(w/ Steve Gruber & The Freedom Project) hits #3 on iTunes.

💪 A blue-collar anthem of patriotism and conviction ahead of the midterms.

GOD BLESS AMERICA 🇺🇸

[Dee Brown @brown1017463_d]

https://t.co/LQuirmBMsR

[Daniel Hall @Daniel_Hall]

@DrFrankTurek Respectfully & not to be divisive @DrFrankTurek …

But what about those who are mentally incapacitated & those who have never heard the Gospel of Jesus?

What is their path to Salvation?

[Jack Hibbs @RealJackHibbs]

Attention California!

[Stand to Reason @STRtweets]

There is something greater than avoiding suffering. There is a goal greater than that. God has morally sufficient reasons for allowing suffering.

God’s greatest goal is for us to know him fully and enjoy him forever to the praise of the glory of his grace. Knowing God is worth the suffering.

Hear more from Amy Hall on the October 12, 2026 #STRask podcast.

[Open Source Intel @Osint613]

Netanyahu showcased this map tonight during his address outlining Israel’s new security doctrine.

The map illustrates an emerging geopolitical realignment in the Middle East, dividing the region into 3 competing blocs.

A Sunni alignment centered on Türkiye, Saudi Arabia, Egypt and Pakistan.

An Iranian axis stretching through Iraq, Lebanon and Yemen.

And an Israeli and Emirati strategic partnership, with a wider network of regional allies.

These are not necessarily formal military alliances, but a depiction of how regional powers are positioning themselves.

[Dee Brown @brown1017463_d]

https://t.co/v2JgiS86r2