Anthropic just passed OpenAI in quarterly revenue for the first time more than doubling to $11.6B while OpenAI grew 18% to $6.7B.
Anthropic also reached a small operating profit making the gap even more notable as the two leaders scale on very different trajectories. Source: Shay Boloor
Average token costs have collapsed from a high of $2.07/mil tokens on May 28 to $1.02/mil tokens.
Main drivers are price cuts to OpenAI's models and new open-source models from Kimi & DeepSeek (which tend to be several multiples cheaper than closed-source models). Source: Liz Thomas Bloomberg
Amazon $AMZN just announced plans to grow its Louisiana data center investment from $12B to $18 billion with a third data center campus.
Source: Evan
The Anthropic 20% distressed discount
Source: zerohedge
AI is driving up Treasury Yields (through the crowding out effect)
Source: Barclays, Bloomberg
The AI boom is becoming harder to stop
Alphabet, Amazon, Meta and Microsoft now have $2.4 TRILLION+ in future off-balance-sheet commitments, according to the WSJ. These aren’t hidden debts, but largely long-term commitments for data centers, energy, servers and compute capacity. The key point: a significant part of future AI spending is already locked in. That creates enormous momentum across the AI ecosystem — from Nvidia and Broadcom to memory, data centers, power equipment and utilities. It also accelerates the financialization of AI infrastructure: long-term Big Tech contracts can support debt, private credit and potentially securitization. ✅ Short term: this makes an abrupt AI capex slowdown less likely. ⚠️ Long term: it raises the stakes. If AI revenues fail to justify these massive commitments, overcapacity, falling compute prices and refinancing stress could turn today’s financial accelerator into tomorrow’s vulnerability.
Nasdaq is introducing a new trading session from 9pm to 4am ET starting December 6, 2026.
The stock market will soon trade 23 hours a day, 5 days a week. Source: Trend Spider
The number of S&P500 stocks that now have negative beta to the market is at the highest level since 2000 / 2001
“The list of “Negative Beta” stocks, names whose day in and day out correlation to the S&P 500 is inverse, has surged to 121 names, far surpassing the only other significant spike, in 2000-01 after the dot com bubble had burst.” -Evercore Source: Negligible Capital ISI evercore
