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.

Hype, substance, and what it means for investors

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.

Athens is quietly becoming a new destination for Europe’s wealthy and financial elite. Tax incentives, stronger growth and a more credible market environment are now drawing fund managers as well as private fortunes.

“Don’t look for the needle in the haystack. Just buy the haystack!” John C. Bogle, 2007 the founder of Vanguard. The advice still holds. But the haystack has changed: ten stocks now make up 38% of the S&P 500.

Why a more efficient model means more AI infrastructure, not less