Alphabet, OpenAI and the battle for the world’s most valuable ad auction

US tech giants are investing hundreds of billions of dollars to develop the most advanced AI models. Meanwhile, Chinese companies are developing models with similar capabilities at a fraction of the cost, often making them freely available to download. Some analysts see this as a form of subsidy, but the economics behind it are more complex.

Donald Trump has delivered on some of his biggest promises, from border security to tax cuts and deregulation. But as Americans prepare to vote in the midterms, rising prices, stubborn borrowing costs and two unresolved wars have exposed the limits of his agenda.

One of John Ternus’s first major launches as Apple CEO takes the company into a market already served by Amazon and Google. With HomeView, Apple is betting that a smarter Siri and its tightly integrated ecosystem can persuade consumers to pay a premium for a place in their homes.

Why the hyperscalers’ spending spree and circular AI financing deserve scrutiny, why the AI boom may still have years to run, and where the best investment opportunities may lie.

Anthropic told investors at its third-quarter results briefing that revenue reached $16.8bn, up 46% from $11.5bn in the second quarter, and that it was profitable on an adjusted basis and cash-flow positive for the second quarter running.

Wall Street closes at 4 p.m., but a growing share of trade now carries on through the night. Welcome to the world of tokenised assets.

Anthropic is preparing what could be the largest IPO in history, at a valuation of up to $2tn. A leaked draft of its prospectus reveals twelvefold revenue growth and an $8bn operating loss, and places unprecedented emphasis on the risks of AI, an already sensitive subject.

Our short answer: Revolut is not a threat to the Swiss private banking model. It is a threat to Swiss private banks that have stopped practising it.

For a decade, bitcoin traded on its own calendar. Then it traded on the Fed's. This month, it rallied 30% through a rate hike, a failed bill and a 5% Treasury yield — the clearest sign yet that it is starting to trade on the Treasury's.