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New Anthropic research: Automating subtle emergent misalignment research. Red-teaming is a vital part of model safety testing, but it’s also limited by researchers’ time. To see if we could automate it, we set thousands of Claude agents the task of evading a training data monitor. These agents developed training data that looked harmless to monitors (like a veteran wrestler mentoring a newcomer, or a Q&A about professional beekeeping), but that in fact taught misaligned behavior. Examples like these can be used to directly improve future training data monitors. This research is only a first step, but it suggests that future red-teaming efforts could improve much further, using better models and more compute. Read the full post on the Alignment Science Blog: https://alignment.anthropic.com/2026/automated-em-search/…

BOO! The Halloween sale is live. Get 20% off right on site. You read that right - 20% off everything. No trick, only treats. Join here: https://unusualwhales.com/pricing

Two Chinese Nationals Sentenced in US for Acting as Agents of Beijing

Argentina’s YPF Submits RIGI Application for $8.73 Billion Bajo del Toro Project

[转推] zerohedge reposted UNBELIEVABLE SCENES IN POLAND. Anna Korwin-Piotrowska, elected to the Constitutional Tribunal by Tusk's parliamentary majority but NEVER sworn in before the President of Poland, is now being presented on television as the person taking over the duties of the Tribunal's president. Polish law requires Constitutional Tribunal judges to take their oath before the President. Korwin-Piotrowska instead participated in a ceremony in Parliament, whose legal validity is disputed. She has now declared the Tribunal's president and vice-president suspended, invoking provisions governing ordinary courts through disputed statutory cross-references. The Tribunal's existing leadership rejects her judicial status, refuses to recognise the suspension and has denounced the operation as an unlawful coup d'état. A person whose own authority to serve as a constitutional judge is contested is claiming the power to suspend the leadership of Poland's highest constitutional court. And all of this is being presented as the restoration of the rule of law.

Spider Digital and Starlink AI Set to Become Subsidiaries of US-Listed Combined Entity

Starlink AI Merger Deal Values Spider Digital at $250 Million

Intel Cut to Hold From Buy by Freedom Broker. Ratings actions from Benzinga: https://www.benzinga.com/quote/INTC/analyst-ratings

The Doomsday Government: Preparing For The End Of The World, Not The End Of Power

【最新内容：Viktor Bunin @ViktorBunin · 2026-10-31T01:42:38.000Z】 [转推] zerohedge reposted As a father who just chose not to send my older son to public school, here's what's happening: 1. NYC public schools are full of woke, mentally ill people. The teachers, the students, the counselors, everyone is wacked out. If you're just a normal parent that wants a normal school with a normal focus on education, good behavior, friendship, manners, etc. you are shit out of luck. 2. While there are some good elementary schools, most middle schools are atrocious, and result in some of the biggest drops in education outcomes. Even if you send your kid to a good elementary public school, you're 100% going to move in time for middle school. And if you make it to high school, your only hope are the specialized schools, but mamdani the islamist is intent on destroying them, which would completely fuck your kids. 3. The average kid in an average NYC public school is stupid as hell. 70% do not read proficiently for their grade level. They can't do math. They have a ton of behavioral issues and are bad influences on your kid. As a normal father of a normal family I'm paying an absurd amount of taxes and for what? My hard earned money is being wasted on the comically evil teachers union, paying adult day care fraudsters, and subsidizing the "73% of public school students in poverty." This is just a scam. Those kids are not in poverty. Their parents work under the table, don't report anything to not pay taxes, and get ridiculous government subsidies. Everyone is running a scam and families like mine are paying for it. It's no wonder so many of my peers left and despite living in NYC for coming on 30 years, I probably will too at some point. 【引用内容：Mark D. Levine @MarkLevineNYC · 2026-10-29T20:35:49.000Z】 Today my office has released a major new report on student enrollment in NYC. We found that k-12 enrollment in our public schools has fallen by 187k since 2013, with a projected decline of an additional 128k students by 2034. As total enrollment declines, NYCPS is serving a

【最新内容：zerohedge @zerohedge · 2026-10-31T01:41:07.000Z】 Source [链接预览] Peak US National Debt before 2027? 【引用内容：zerohedge @zerohedge · 2026-08-19T20:19:49.000Z】 At this rate, 39% odds of $41 trillion debt this year looks very cheap x.com/zerohedge/stat… 【回复上下文：zerohedge @zerohedge · 2026-10-31T01:40:31.000Z】 Very cheap indeed: two months later, the 39% odds of $41 trillion in debt are now 57%, and rising fast. $41 trillion in debt this year is pretty much a done deal.

Brazilian Healthcare Firm Oncoclínicas Gains Minimum Creditor Approval for Debt Plan

Brazilian Healthcare Firm Oncoclínicas Proceeds with Plan for Court Approval

[转推] zerohedge reposted President Nawrocki together with his ministers and the President of the Supreme Court Zbigniew Kapiński at the seat of the Constitutional Tribunal! A historic photo!

US, Japan and South Korea Reiterate Commitment to North Korea’s Complete Denuclearisation - YONHAP

Freedom Broker downgrades Intel to Hold from Buy, lowers price target to $90 from $100. Freedom Broker downgraded Intel to Hold from Buy and lowered its price target to $90 from $100, a 10.0% decrease. The price target implies an upside of 36.9% from the Oct 30 close of $65.76. Recent analyst actions on Intel Date Firm Action Rating Price target Oct 30 JP Morgan Maintains Neutral $80 Oct 30 Citigroup Maintains Buy $100 Oct 30 TD Cowen Maintains Hold $75 Oct 30 DA Davidson Maintains Neutral $70 Oct 30 Rosenblatt Maintains Sell $70 Across the five most recent analyst notes published on Intel over the past 30 days, price targets range from $70 to $100. Explore more price target data and ratings for Intel on the Forecasts tab , and track all previous and future analyst recommendations in the dedicated News Flow .

CHINESE COMPOSITE PMI ACTUAL 49.7 (FORECAST -, PREVIOUS 50.7) $MACRO

China’s Official Composite PMI Signals Contraction at 49.7 in October

China’s Official Non-Manufacturing PMI Declines to 49.7, Down from 50.2 in September

【最新内容：unusual_whales @unusual_whales · 2026-10-31T01:31:00.000Z】 44% of US adults had trouble paying for at least one basic necessity in the past year, per the Pew Research Center. Read more: [链接预览] 44% of Americans Struggled to Afford Basic Necessities in Past Year, per Pew 【回复上下文：unusual_whales @unusual_whales · 2026-10-29T11:57:00.000Z】 44% of Americans say they have trouble affording basic necessities, per PEW

China October official non-manufacturing PMI drops to 49.7 from September's 50.2

China October official composite PMI at 49.7

CHINESE NBS NON-MANUFACTURING PMI ACTUAL 49.7 (FORECAST 50, PREVIOUS 50.2) $MACRO

China October official manufacturing PMI at 49.3 vs 50.1 in September

China’s Official Factory PMI Declines to 49.3 in October, Down from 50.1 in September

🔴 ⚠️ BREAKING: CHINESE NBS MANUFACTURING PMI ACTUAL 49.3 (FORECAST 49.9, PREVIOUS 50.1) $MACRO

Judge Restricts DOJ from Using Prosecution Threats Against Election Officials - POLITICO

Proposition 40 Is a Big Tech Referendum — Barron's. Fight or Flight. "I left my heart in San Francisco," the late Tony Bennett sang back in 1962, in his ballad about decamping from the Bay Area for pastures new. Bennett may soon win some new fans among California's uber-wealthy tech elite. By Nate Wolf The reason is Proposition 40, a state ballot measure that would impose a one-time wealth tax on California's 250-odd billionaires primarily to backfill healthcare cuts by the Trump administration. Opponents argue that could prompt tech moguls and their venture capital backers to leave San Francisco — if they haven't already — taking their fortunes, tax dollars, and business interests with them. The response from some Californians is "good riddance." In a September poll by the Berkeley Institute of Governmental Studies, 45% of likely voters in California supported Prop 40, while 42% opposed it. In recent years, Big Tech has cozied up with the Trump administration and dodged child-safety and antitrust scrutiny without many meaningful consequences beyond the occasional fine or slap on the wrist. All the while, tech stocks and start-up valuations have ballooned. Tech companies now account for almost 40% of the S&P 500. That dynamic hasn't won the industry many fans: As their wealth and influence grow, distrust in large tech companies has hit a record high. In Gallup polling in 2026, 41% of U.S. adults said they have little or no trust in the sector. "The ardent love affair between America, and particularly blue-state America, with tech has ended," says Margaret O'Mara, a historian of the industry at the University of Washington. Where the tech sector was long seen as a bastion of liberalism, progress, and utopian promises, many now see its billionaire leaders as 21st-century robber barons. A breakup could get particularly messy in the Golden State, where the tech sector accounts for 73% of Californian billionaires' wealth. That is according to three University of California, Berkeley economists, two of whom, Emmanuel Saez and Gabriel Zucman, helped design Prop 40. They don't count the venture capital financiers on Sand Hill Road or some crypto and fintech CEOs at firms like Coinbase Global and Robinhood Markets. The Prop 40 vote will be an indicator of whether tech's public-relations problem has consequences. Should the measure fail, history shows the tech industry may feel emboldened to expand its political influence further. If the proposition succeeds, expect industry leaders to question whether California is their long-term home while states like Florida and Texas wait in the wings as low-tax tech-and-crypto hubs. "We are sending a national signal," warns Robert Lapsley, president of the California Business Roundtable. "That California is no longer a place where you want to come and be an innovator." Deep-Pocketed Resistance If Prop 40 wasn't about tech to begin with, it sure is now, after hundreds of millions of dollars have flowed into the campaign from Silicon Valley. SEIU United Healthcare Workers West, California's healthcare union, conceived of Prop 40 last year to address the loss of Medicaid funding from President Donald Trump's sweeping 2025 tax and spending bill. The cuts could cause 1.3 million Californians to lose healthcare over the next four years, says the nonpartisan California Budget & Policy Center. If Prop 40 passes, a billionaire residing in California as of Jan. 1, 2026, will pay a one-time tax of 5% of their fortune either upfront or in yearly installments. Saez and Zucman estimate the measure could raise about $100 billion. If all goes well, Saez would like to see a permanent annual billionaire tax at a more modest rate. He floated 1% in an interview with Barron's. While business groups, several other unions, and even Gov. Gavin Newsom have coalesced against Prop 40, tech luminaries are doing the heavy lifting. At the start of the year, Google co-founder Sergey Brin and former CEO Eric Schmidt helped found Building a Better California, a political action committee that has contributed $135 million to defeat the proposition, per campaign finance disclosures. The PAC has also spent roughly $212 million to fund two separate initiatives, Propositions 41 and 42, which would nullify Prop 40 if they win by a bigger margin. The heavy spending may be worth it for Schmidt and Brin — combined net worth some $300 billion, per Forbes data — but it is also evidence of the exact financial and political might that many voters fear. But such campaigns have backfired in the past: In 2019, Seattle voters rejected a slate of City Council candidates backed by Amazon.com, which poured $1.5 million into the local race. "Here in the Bay Area, we've been flooded with 'vote no' ads on the Big Tech platforms we maintain as our bosses and other billionaires put over a hundred million dollars into defeating the measure," says one Alphabet employee, speaking on condition of anonymity. "The fact that they can do this is also quite concerning." Rank-and-file tech workers face a unique choice in the election. Nearly 100,000 Californians work for Nvidia, Meta Platforms, Google, and Salesforce alone, according to estimates from Revelio Labs. That is just a few of the tech companies run by the state's billionaires. In other words, a significant cohort of voters in bright-blue San Francisco will directly decide whether to tax their bosses, many of whom have been outspoken critics of Prop 40. Politics aside, who hasn't had a boss they would have loved to see taken down a peg? Economic Exodus or Idle Threats? The implicit threat from Prop 40's billionaire opponents is that they will leave California altogether if the initiative passes. You know how the saying goes: If you bite the hand that feeds, the hand will buy a lakefront compound in Nevada — or something like that. Mark Zuckerberg, the CEO of Meta, made that ultimatum explicit. Zuck told a special committee of Meta's board in August that he would establish residency outside the state before the Nov. 3 election, according to a recent regulatory filing. Within a week, the board moved to create a new class of shares that will allow Zuckerberg to pay the tax without diluting his voting rights. "We believe this share class will maintain our founder-led structure," said Susan Li, Meta's Chief Financial Officer. "It will expand our funding tools and give us flexibility to invest behind the unprecedented momentum we're seeing across every part of our business driven by AI." Joshua Rauh, an economist at Stanford, and Benjamin Jaros, a researcher at the right-leaning Hoover Institution, most recently estimated Prop 40 would collect only $28 billion to $36 billion and permanently shrink the state's income tax revenue. The main reason for the disagreement is that no one knows who left the state before Jan. 1 or who will leave in the years to come. To be sure, cities across America are salivating at the opportunity to pull start-ups and tech workers away from Silicon Valley, says Libby Schaaf, CEO of the Bay Area Council and the former Democratic mayor of Oakland. "I can tell you, every big city mayor is looking to steal our talent," Schaaf says. "Every big city mayor is looking to steal our economic engine of innovation." Prop 40, she adds, would put California at a long-term disadvantage to other states. California is faring just fine for now. Companies based in the state have attracted a record-shattering $371 billion in venture capital in 2026, per PitchBook, thanks in large part to the AI boom. The other 49 states have drawn $145 billion combined. The real downside for the tech industry may be more subtle. Silicon Valley has thrived in part because successful entrepreneurs put their money and energy back into the tech ecosystem, says Nate, a tech founder who requested we omit his surname because of his role at a large software company. California has long had high taxes and pricey real estate, sure, but the state valued innovators who stuck around to help young founders. Prop 40 could disrupt that cycle, Nate argues. "There's a little bit of, I wouldn't say souring on the Bay Area, but just kind of a feeling like they're not welcome," he says of the wealthiest friends in his network. If the money pouring into Prop 40 opposition is any indication, the most powerful tech leaders won't pack their bags without a fight. In fact, the potential afterglow of victory on Election Day will embolden the industry to push for even more influence, predicts Dan Schnur, a veteran California political strategist. Schnur sees echoes of TechNet, a lobbying group he assisted in the 1990s, which formed in opposition to a 1996 California ballot initiative to make shareholder lawsuits easier. Three decades after thwarting that ballot measure, the organization now has a legal center, a headquarters in Washington, and a PAC that has made political donations every cycle since 1998. "Winning is always very motivational," Schnur explains. "In all likelihood, [Prop 40] is going to encourage this generation of tech leaders to become more politically involved going forward." The bad news for the billionaires is that the proponents of Prop 40 won't quit either. If anything, Prop 40 has exposed a rupture in California that will widen in the years to come. "If Prop 40 is defeated, its opponents should not take false comfort," Schnur says. "There are more billionaires in the world today than ever before. And billionaires are less popular than ever before." Tech executives will have to reckon with that conundrum — whether they leave California or not. Write to Nate Wolf at nate.wolf@barrons.com The Barron's community is growing. Barron's Investor Circle gives readers access to exclusive stock picks, investing ideas and data tools, as well as technical and quantitative analysis. It also includes live events and Q&As featuring the Barron's team, and access to our community of smart investors. You can sign up for Barron's Investor Circle here. This Week in Barron's Tech Alphabet's Google Cloud Biz Did Its Job. It's Ad Machine Didn't. Microsoft Reports Strong Earnings and Positive Free Cash Flow Berkshire Likely Has a Loss on Its Big Alphabet Stake After Earnings Miss New Touchscreen MacBooks Point to Fresh Device Strategy for Apple Toasters, Data Centers, and an Unassuming Box That's Boosting 3 Power Stocks To subscribe to Barron's, visit http://www.barrons.com/subscribe

【最新内容：zerohedge @zerohedge · 2026-10-31T01:27:31.000Z】 This is a problem 【引用内容：zerohedge @zerohedge · 2026-10-30T22:50:26.000Z】 The Hottest Trade On Wall Street Gets A Field Manual: Barclays Maps The AI CDS Market, And How To Trade It https://zerohedge.com/markets/hottest-trade-wall-street-gets-field-manual-barclays-maps-ai-cds-market-and-how-trade-it…

Alaska Air Group CEO Warns of Potential $700 Million Loss Amid Ongoing Challenges

Rising Fuel Prices and Geopolitical Challenges Put Alaska Air Group Under Financial Pressure, CEO Says

【最新内容：zerohedge @zerohedge · 2026-10-31T01:24:50.000Z】 the AI CDS rack 【引用内容：zerohedge @zerohedge · 2026-10-30T22:50:26.000Z】 The Hottest Trade On Wall Street Gets A Field Manual: Barclays Maps The AI CDS Market, And How To Trade It https://zerohedge.com/markets/hottest-trade-wall-street-gets-field-manual-barclays-maps-ai-cds-market-and-how-trade-it…

Alaska Air Group to Reduce Workforce by About 200 Non-Contract Roles

Alaska Air Group Layoffs to Spare Frontline and Non-Management Staff, CEO Says

US Army Quietly Begins Drills That Will Chill You To The Bone

American Electric Power Retains BBB Rating as Fitch Maintains Stable Outlook

【最新内容：Evan @StockMKTNewz · 2026-10-31T01:20:08.000Z】 OPENAI HAS REPORTEDLY CUT THE TARGET FOR ITS LATEST FUNDING ROUND BY $10 BILLION It's now looking to raise $20 billion at a $1.25 trillion valuation, down from a plan to raise $30 billion, per the Financial Times 【引用内容：IPO Newsroom @IPONewsroom_ · 2026-10-31T01:19:00.000Z】 OPENAI HAS REPORTEDLY CUT THE TARGET FOR ITS LATEST FUNDING ROUND BY $10 BILLION It's now looking to raise $20 billion at a $1.25 trillion valuation, down from a plan to raise $30 billion, per the Financial Times And the first close may come in even lower. OpenAI set a Friday

US Official: Trump Could Consider Military Action Against Iran if Republicans Lose Elections -Al Arabiya

Axios Official: Trump Doubts Iran Will Approve an Acceptable Agreement

US Official: Iran Must Offer Nuclear Concessions for Talks With Washington to Resume

[转推] zerohedge reposted 🇵🇱 Poland's opposition Law and Justice (PiS) party urges supporters to gather outside Constitutional Tribunal in Warsaw ⭕️ Party accuses authorities of attempting to remove tribunal's leadership ⭕️ PiS warns police presence and leadership changes threaten legal procedures and state institutions 🗣️ 'These actions may bear the hallmarks of an attempted coup d'etat,' party statement says https://v.aa.com.tr/4107016

Axios: US-Iran Talks Continue as Negotiations Make Positive Headway

Intel, Reddit and AI Stocks Face a Rough End to October - RTRS

*TRUMP: FANNIE, FREDDIE WILL INVEST $40B IN FLORIDA MORTGAGES

Major Southeast Asian Meth Trafficking Network Dismantled With China's Assistance

The New Bottleneck in America's AI Build-Out: A Shortage of Cheap Money — WSJ. By Peter Rudegeair, Robbie Whelan and Jack Pitcher For years, the companies behind America's artificial-intelligence boom have raised hundreds of billions of dollars with ease. Wall Street eagerly ponied up capital and asked few questions. Now, the balance of power is shifting. Lenders and investors are getting choosier about where to place their bets and are demanding tougher terms, signaling a new phase in the AI build-out. Among their concerns: the prospect of delays in big projects as a grassroots political backlash to data centers gains traction, and the threat that AI-related profits from hyperscalers and startups such as Anthropic and OpenAI won't materialize as fast as promised. Plus, a flood of stock and bond offerings is compounding concerns that investors are getting overexposed to AI. The new terms of trade are visible in every corner of markets. Bonds issued even by big tech companies such as SpaceX and Meta are trading at steep discounts. AI cloud companies such as CoreWeave, Nebius and Nscale that borrow big to build and sell capacity have effectively been shut out of the bond market in recent weeks, people familiar with the matter said. Taken together, it all amounts to a buyer's market for Wall Street. Even powerful players such as Broadcom are having to sweeten the terms offered to banks to secure loans. "The bar is going higher and higher in terms of proving to lenders that this investment will turn into sufficient revenue," said Dan Ivascyn, chief investment officer at Pimco. "The weak links are going to suffer first." Raising money in equity markets isn't much easier. Nscale's hopes of going public next month have been thwarted, while rival Lambda dialed back the valuation it was seeking in a new fundraising round, people familiar with the matter said. The stock market is starting to reflect investors' nervousness that the AI payoff might not arrive — at least in the near term. Disappointing earnings reports from technology companies this week prompted a rout in AI-related stocks and bonds, leading Friday to one of the biggest market selloffs since AI-mania began. Google parent Alphabet sustained its largest stock market wipeout ever Thursday, losing roughly $500 billion in market value, after quarterly results showed revenue from its core search business slowing while spending on AI infrastructure continues to surge. Tremors in the market also shook chip-maker Intel, which saw its share price plummet 29% on Friday after the company reported weakness in its personal computer business. The tech-heavy Nasdaq composite dropped 2.9% on Friday, its worst day since June. If the volatility continues, fundraising could grow even harder. There is still money available for creditworthy companies. SpaceX this week announced it raised the biggest-ever financing for AI chips, a $40 billion package that will allow it to purchase the latest lineup of Nvidia chips. Its record only lasted a few hours, when chip-design giant Broadcom sealed a $63 billion deal to lease chips to Anthropic. But even that deal showed the strains of the current environment: Broadcom Chief Executive Hock Tan had to personally intervene in negotiations at the last minute to calm banks' nerves. Even companies that can raise money fret about their suppliers' ability to do so. Anthropic is aiming to raise up to $100 billion in a mid-November offering. In its IPO prospectus unveiled this week, it called out as a risk factor the financing constraints for the electrical-power providers its data centers rely upon. Meta cited a desire to beat competitors to the punch when it unveiled a plan to raise up to $97.5 billion through a series of new stock offerings. In a securities filing, it pointed to recent and future offerings from the likes of Alphabet, SpaceX, Anthropic and OpenAI as challenges to the depths of capital markets. "Everybody is trying to raise money for their build-outs before the liquidity dries up," said Ben Connard, chief investment officer of Carnegie Investment Counsel. "Ultimately, there might not be enough money to fund this build-out," he said. "Financing could be the ultimate crunch that slows things down." Customer advances In the years since ChatGPT launched, AI companies have consumed every source of capital they could find, tapping venture capitalists, stock pickers, bankers and managers of bond and private-credit funds. Across all types of U.S. corporate debt markets, AI-linked issuance totaled $394 billion in 2025 and $655 billion through mid-October of this year, according to Bank of America. Next year, analysts forecast nearly $1 trillion of fresh AI-linked debt. Among the most prolific participants in capital markets are so-called neoclouds, companies that own or lease data centers, outfit them with fleets of AI servers and sign contracts to sell computing power to big tech companies, trading firms and AI startups. They are also the most sensitive in the AI sphere to rising interest rates, since their borrowing costs were already elevated before recent turmoil in the market. Many neoclouds started out as cryptocurrency mining outfits, and most of them have scant histories operating AI infrastructure. Nebius was once the Amsterdam-based company behind Yandex, Russia's top internet company. It divested its main assets following Moscow's invasion of Ukraine and pivoted to providing AI cloud-computing services a little over two years ago, striking contracts with tech companies including Meta and Microsoft. Since 2024, Nebius has sold some $2.7 billion in stock to Nvidia and other investors and issued billions more in convertible bonds for its AI expansion. But its thirst for capital continues. Over the summer and early fall, Nebius's bankers arranged for company executives to meet with fund managers in advance of a potential high-yield bond offering, people familiar with the matter said. It would have been Nebius's first. By September, debt markets started to wobble. The Federal Reserve raised short-term interest rates for the first time in three years. Challenges over power supply and permitting prompted Oracle to notify the developer of a huge New Mexico data center it previously agreed to lease that it was pushing back the date at which it would pay full rent. That prompted lenders everywhere to re-evaluate construction risk on their projects. Bonds issued by CoreWeave at a 9.75% rate earlier this year now trade at a yield above 15% in the secondary market, an indication of how much more expensive it has become to borrow over a short period. Bankers cautioned in recent weeks that the high-yield market for neoclouds was essentially shut for new offerings. Yields of 15% or more would be prohibitively expensive for borrowers. Nebius decided against pursuing a high-yield offering. CEO Arkady Volozh has said his company is having to be increasingly creative to secure the funds needed for its build-out. That includes getting prepayments from its customers. "From last week, probably some of the capital sources are temporarily closed, like the asset-backed or debt market," Volozh said last week at a conference in Berlin. "But we're working now with customer advances and several other instruments, which will probably provide us enough finance to build this gigawatt at least." Ophir Nave, chief operating officer of Nebius, said that despite Volozh's comments, the asset-backed financing market remains open, and the company plans to tap it in the future. Whether the company issues high-yield debt will depend on interest rates and the deal terms available to the company, he said. Equity investors are getting spooked, too. Lambda, which is seeking to raise $4 billion in a final round of pre-IPO fundraising, recently reduced its target valuation from $14.5 billion to $13 billion after investors including tech investment firm Coatue decided not to participate, according to people familiar with the matter. UK-based neocloud Nscale, which counts former Meta executives Sheryl Sandberg and Nick Clegg as board members, is preparing to go public in the coming months. The company had circled multiple dates on the calendar in November as possible candidates for its IPO, but is now leaning toward December given turbulence in the market, according to people familiar with the company's plans. Another factor: Nscale is still negotiating with Nvidia and other investors to provide financial backing for a $45 billion data center for Anthropic in West Virginia, according to people familiar with the matter. After the market turned, Nvidia and the other potential backers began demanding more stringent terms, these people said, delaying Nscale's plans to file a revised IPO prospectus. All the uncertainty has convinced Nscale executives that it would be difficult to go public before Anthropic does. Some of the company's bankers have advised Nscale that it's unlikely to attract enough demand in an IPO to achieve the $30 billion to $35 billion valuation they had been targeting, according to people familiar with the matter. Concentration risks The largest AI hyperscalers sit on the opposite end of the credit risk spectrum from the neocloud companies, but the sheer scale of their fundraising plans is starting to cause problems. Meta, Amazon, Alphabet and Microsoft carry top credit ratings and have significant room to pile debt on their balance sheets. But after many of them flooded the high-grade debt market with new bond sales this year — and signaled they plan to keep doing so for the foreseeable future — the investment firms, insurance companies and pension funds that lend to them are feeling increasingly tapped out, and concerned about their concentration in one sector. "There's just the practical question of, how full can investors get on one name, or one theme?" said Pimco's Ivascyn.

【最新内容：unusual_whales @unusual_whales · 2026-10-31T00:58:00.000Z】 The United States displays a "total lack of fiscal discipline," Oaktree Capital Management co-founder Howard Marks wrote in his latest memo. Read more: [链接预览] Howard Marks: US Lacks Fiscal Discipline, Deficit Drives Borrowing Costs 【回复上下文：unusual_whales @unusual_whales · 2026-10-29T11:17:00.000Z】 "The US has a complete lack of fiscal discipline, and efforts to push down long-term borrowing costs are unlikely to work unless the government addresses the country’s mounting deficit," per Oaktree's Howard Marks.

【最新内容：RT @RT_com · 2026-10-31T00:55:42.000Z】 [转推] zerohedge reposted Polish President Nawrocki CONFRONTS Tusk-backed, SELF-DECLARED ‘HEAD OF COURT’ Korwin-Piotrowska inside CONSTITUTIONAL TRIBUNAL: 'YOU ARE NOT JUDGES OF THE CONSTITUTIONAL COURT!' 【引用内容：RTVisual @RT_Visual_on_X · 2026-10-31T00:16:09.000Z】 ❗️ POLISH PRESIDENT NAWROCKI FORCES HIS WAY INTO POLAND’S CONSTITUTIONAL TRIBUNAL after a ‘MIDNIGHT SHOWDOWN’ between POLICE & HIS STATE PROTECTION SERVICE

Trump Considers Lifting Sanctions On Putin's 'Slush Fund'

DaVita Inc.’s Credit Ratings Reviewed by Moody’s Ratings