Analysis & Opinion

Anthropic's first operating profit lasted one quarter. Its amended S-1 shows a company short of compute, renting more at higher prices, with $895.4 billion of commitments still to come. Part three of From the Filings reads the documents.

Buy Anthropic in its IPO and you get the apartment, not the keys. One share held by the founders carries 50.1% of the vote, a trust picks four of seven directors, and more shares keep coming. Part four of From the Filings reads the documents.

Gen Z owns AI stocks at a higher rate than any other generation, yet it is also the generation whose first jobs AI is squeezing hardest. Owning the robot sounds like a smart hedge, but done with concentrated bets and frequent trading, it can become a double bet on the same outcome. Here is why, and what a more disciplined approach looks like.

Apple just posted a record September quarter and sold out its first foldable iPhone, yet the stock slipped after earnings. Our analysis looks at why: the AI boom Apple chose not to build is now squeezing its margins through soaring memory chip costs. At 36 times next year’s earnings, how much room is left for disappointment?

Anthropic reported record Q3 revenue of $16.8 billion and its first adjusted profit, yet talk of its IPO valuation slipped from $2 trillion to around $1.5 trillion. The reason is growth speed: revenue rose 45% after more than doubling the quarter before, and investors are pricing how fast the number grows, not how big it is.