Wall St Engine

Fast, accurate, consistent stock market news, earnings highlights & more. By Brillinsight. Not financial advice.

[Wall St Engine @wallstengine]

I’ll be attending @NVIDIAGTC in Berlin for the first time. Should be a great event

I’ll cover the event, including new announcements from $NVDA & its partners, along with NVIDIA CEO Jensen Huang’s keynote on Oct. 21.

If you’re planning to attend too: https://t.co/HNghyiCMSN

[Wall St Engine @wallstengine]

$META’s first commercial for Muse:

[Wall St Engine @wallstengine]

CHINA’S 🇨🇳 CXMT BEGINS MASS PRODUCTION OF FIFTH-GEN DRAM PLATFORM

CXMT says the platform reduces key memory-cell spacing to 11.95nm using quadruple patterning, allowing more memory to be packed onto each chip.

It also unveiled two new 24-gigabit LPDDR5X chips for smartphones and portable devices, each offering 50% more capacity than its previous comparable products.

The manufacturing improvement is also significant: CXMT says the new platform can produce at least 50% more gross chip dies per wafer than its fourth-generation process, based on an 8-gigabit chip.

That figure refers to the number of potential dies produced before defective chips are removed, not a 50% improvement in final manufacturing yield.

CXMT says critical parts of the process were developed through computer simulations and joint R&D with Chinese semiconductor-equipment makers, as China continues reducing its dependence on foreign chipmaking technology.

Source: Reuters

[Wall St Engine @wallstengine]

@adcock_brett

[Wall St Engine @wallstengine]

Trump is creating an “AI Force” & will name an AI czar.

He says the U.S. will not slow or stifle AI development.

Trump says AI could eventually account for as much as 25% of U.S. GDP.

[Wall St Engine @wallstengine]

Nvidia CEO Jensen Huang says there is a “0% chance” AI ends the world in 2030.

Some of the people pushing those warnings have “ulterior reasons.”

[Wall St Engine @wallstengine]

$GOOGL’s GEMINI AI HACKED THREE REAL COMPANIES DURING A CYBERSECURITY TEST

The incidents happened in May during a “capture the flag” evaluation run by AI security firm Irregular.

Gemini was supposed to attack a fictional company inside the test environment, but internet access was unintentionally left open. The fictional company also shared the same name as a real company.

In one run, Gemini guessed a password and successfully accessed the real company’s system.

In two other runs, the model searched the web, found credentials belonging to other companies in public repositories, and used them to access those companies’ systems.

Google says Gemini stopped itself in each case once it realized it had accessed a real company rather than the simulated target.

Google was notified in late July but did not publicly disclose the incidents until after WSJ reached out with questions this week.

The company says no harm was caused, all three affected companies were notified, and federal authorities were informed.

Google said the incidents did not involve its newest Gemini model, but declined to disclose which version was used.

Source: WSJ / Google

[Wall St Engine @wallstengine]

OpenAI projects $278 billion in negative free cash flow through 2030, with $856B in compute and infrastructure spending, per FT.

OpenAI expects revenue to grow from $36B this year to $350B in 2030, totaling roughly $840B through the end of the decade.

Its $122B cash raise from March is projected to be exhausted in 2028.

The company is now discussing another major funding round, with investors approaching it around a $1.2T valuation while OpenAI is seeking a higher figure.

The latest cash-burn estimate is an improvement from the $305B projected in May.

OpenAI has also cut prices as it competes with Anthropic and cheaper Chinese open-weight models, while new model launches helped lift annualized revenue by about 20% in July.

The company confidentially filed for an IPO in June and had targeted a fall listing, but has since delayed the process.

[Wall St Engine @wallstengine]

@jolingkent @nvidianewsroom @JensenHuang @CBSSunday @CBSEveningNews Let's go!!!! 🔥🔥🔥

[Wall St Engine @wallstengine]

ANTHROPIC WEIGHS NEW AI MODEL LAUNCH AHEAD OF IPO, LISTING COULD SLIP PAST U.S. MIDTERMS - Reuters

[Wall St Engine @wallstengine]

@alexandr_wang I booked my entire month-long Europe trip through Muse, including all my flights and accommodations.

[Wall St Engine @wallstengine]

$META’s Muse is now available in Canada.

[Muse @Muse]

you don’t have to wait any longer. It’s here 🇨🇦

[Wall St Engine @wallstengine]

More details:
Advisers believe waiting could allow Anthropic to include Q3 financials showing how the business has held up after OpenAI launched Astra in September.

Investors have been expecting a roughly $2T valuation and an offering of up to $100B, both of which would set records.

Anthropic plans to meet prospective investors in the coming days, with investors expected to question how a potential slowdown in advanced AI development could affect growth and valuation.

Current investors expect Anthropic to surpass $110B in annualized revenue by year-end and argue that slower development of new frontier models would not necessarily significantly hurt the business because existing Claude models are already generating substantial revenue.

The November timing was reportedly decided before the recent escalation in the AI safety debate and could still change.

https://t.co/k6S5xRUT7R

[Wall St Engine @wallstengine]

ANTHROPIC DELAYS IPO TO NOVEMBER: WSJ

The company is expected to begin meeting with prospective investors in the coming days as it prepares for what could become one of the largest public listings on record.

The timing change was reportedly decided before the recent escalation in debate over AI safety.

Source: The WSJ

[Wall St Engine @wallstengine]

TRUMP ANNOUNCES PERMANENT U.S. SECURITY CONTROL OVER GREENLAND

President Trump says the U.S., Denmark and Greenland have reached an agreement giving the United States permanent control over Greenland’s security needs at no cost to the U.S.

Under the agreement described by Trump, no U.S. adversary would be allowed to establish a military base, maintain a military presence or make sensitive investments in Greenland without U.S. approval.

Trump also said the U.S. will begin developing a significantly larger military presence on the island and described the agreement as having “no end.”

[Wall St Engine @wallstengine]

SAM ALTMAN TO BRIEF UN SECURITY COUNCIL ON AI SAFETY NEXT WEEK

OpenAI CEO Sam Altman will brief the UN Security Council in person next Wednesday during the UN General Assembly, as the council holds a meeting focused on AI and international security.

Altman is expected to discuss OpenAI’s AI safety efforts and call for greater international coordination and shared safety standards.

The meeting comes weeks after several AI industry leaders called for a coordinated slowdown in advanced AI development over concerns increasingly capable systems could become harder to control.

Source: Reuters

[Wall St Engine @wallstengine]

Anthropic and Accenture each expect to invest at least $1 billion over 5 years in independent evaluation of frontier AI models.

The deal is non-exclusive. Anthropic says it will name more evaluators in the coming weeks, and Accenture will work with other AI developers.

Note: Faculty, Accenture's AI unit, will embed evaluators inside Anthropic with access comparable to an employee's. The evaluators will red-team models, run alignment assessments and test safeguards. Anthropic is paying for Accenture's work directly.

[Wall St Engine @wallstengine]

https://t.co/8lrabbgVnP

[Wall St Engine @wallstengine]

ANTHROPIC EXPECTS $100B+ ARR AHEAD OF IPO

The Claude maker’s revenue run rate is expected to exceed $100B by year-end, up from $65B in July.

Anthropic could publicly release its IPO filing in the coming weeks, putting shares on track to begin trading as soon as November.

The timing could still change.

Potential IPO investors are using that ARR growth to justify a valuation of roughly $2T.

Investors expect the company to have about 5 gigawatts of computing capacity available by year-end, roughly doubling to 10 gigawatts by the end of 2027.

The IPO push continues despite CEO Dario Amodei’s calls to slow some advanced AI development. Most of Anthropic’s revenue comes from business customers, and several investors believe that adoption can keep growing even with those limits.

OpenAI, meanwhile, has pushed its planned listing to 2027.

Source: The New York Times.

[Wall St Engine @wallstengine]

@AndrewCurran_ "hold the door"

[Wall St Engine @wallstengine]

NVIDIA-BACKED NSCALE FILES FOR NYSE IPO UNDER $NSCL; REVEALS $103.4B OF CONTRACT VALUE

Here’s everything you need to know:

Nscale is a UK-based AI cloud company headquartered in London. It builds and operates data centers, GPU infrastructure and cloud software that customers use to train AI models and run them in production.

Its filing reports $103.4B in total contract value as of Aug. 31, up from $38B at the end of 2025. These are multi-year contract amounts, not annual revenue or cash already collected.

ANTHROPIC: UP TO $44.6B

Agreements signed Aug. 25 cover Nvidia Vera Rubin computing systems at Nscale’s planned West Virginia campus.

The key financing disclosure: Nscale says it does not yet have binding commitments for the financing needed to deliver the Anthropic buildout.

The filed agreement also includes a right to terminate if the required financing is not secured by an agreed deadline.

MICROSOFT: UP TO $43.8B THROUGH 2033

Microsoft is Nscale’s other major customer. Its previously announced deployment program includes roughly 200,000 Nvidia GB300 GPUs across the U.S., UK, Portugal and Norway, with Dell participating in the infrastructure rollout.

The disclosed Microsoft and Anthropic contract amounts together reach $88.4B, equivalent to roughly 85% of Nscale’s total contract value.

How much capacity is actually running?

Nscale had approximately 461,000 GPUs active or contracted at the end of August, but only about 25,000 were operating.

That distinction matters: the contracted footprint is substantially larger than the infrastructure already delivering services.

First-half 2026 financials

• Revenue: $140.6M, up from $10.4M a year earlier
• Operating loss: $492M
• Net loss: $1.02B, including $457M in fair-value losses

Nvidia backing and fresh financing

Nvidia agreed to invest $1B as part of a $3.1B convertible financing signed Sept. 15.

Earlier this year, Nscale raised $2B at a $14.6B valuation, with backers including Nvidia, Dell, Nokia, Citadel, Jane Street and Point72. That was its March funding valuation, not an announced IPO valuation.

The offering

Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the proposed NYSE listing. The share count and price range have not yet been determined.

The filing puts the opportunity and the execution challenge side by side: substantial customer commitments, but much of the capacity still needs to be financed, built and brought online.