Robert and Austin walk through Anthropic’s S-1 filing (ticker ANT, Nasdaq, targeting the week of November 16). It reportedly aims to raise up to $100B at a $1.5 to 2T valuation. They highlight 1,300% revenue growth, a small operating profit in Q2 and heavy compute commitments, but stress the roughly 100 pages of risk factors and advise sizing any position like a private growth bet.

They then cover Microsoft’s voluntary buyout offer to 60,000 employees, the largest in its history. Austin reads it as a sign that AI capex is partly being funded by headcount reduction rather than by AI revenue alone.

On the Fed, they expect a hold at 3.75 to 4% just before the midterms, despite hot September inflation data. They see December as the likelier moment for the next hike and flag oil, rising yields and weak market breadth as headwinds.

Radar points include Eli Lilly’s retatrutide beating Ozempic head-to-head, Coinbase adding Ripple’s RLUSD stablecoin, natural gas emerging as an AI bottleneck, Apple’s iPhone Duo “crackgate”, DoorDash’s reported talks to buy Instacart, and Visa’s 16% dividend hike. They also promote a free Joby eVTOL event in St. Petersburg.

Check out this week's Rich Habits newsletter: Thanksgiving Airfare At 10-Year High

And the latest Rate of Returns newsletter: The AI Trade Gets Tested (BIG TIME)