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What's in AI's next chapter?

October 26, 2026

AI Summary

5 min read

Anthropic filed its S-1 registration statement this morning, revealing plans to begin trading under the ticker ANT roughly a week before Thanksgiving. The filing values the company somewhere in the $1.5 trillion to $2 trillion range and warns investors—across 94 single-spaced pages of risk factors—that the product the company makes "could destroy humanity." That line, delivered by host Kai Ryssdal with characteristic understatement, sets the tone for an episode that tracks AI's transition from speculative story to something investors are now being asked to price.

AI earnings season and the Anthropic S-1

This is a pivotal week for AI narratives. Microsoft, Alphabet, and Amazon all report earnings, and the market is watching for signs that massive capital expenditure is translating into revenue. Analyst Daniela Hathorne of Capital.com says investors are ready for "plot developments" after the spending-heavy early chapters. Gil Luria of D.A. Davidson cautions that the book is only a few chapters in—the companies are telling investors the best stories are still ahead.

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What you'll learn

  • 1 (01:49) **Anthropic Files S-1, AI Earnings Week Begins** - The SEC filing for Anthropic is the day's biggest story; its IPO is expected before Thanksgiving with ticker ANT, and the company warns of "substantially" increasing CapEx and debt. This kicks off a big earnings week for Microsoft, Alphabet, and Amazon.
  • 2 (05:21) **Microsoft Offers Buyouts to 60,000 Employees** - Microsoft announced voluntary buyouts for a quarter of its workforce, explicitly to fund its AI investments.
  • 3 (05:59) **Central Bank Week: Divergent Paths on Rates** - The Fed, Bank of Canada, ECB, and Bank of Japan are all meeting, facing similar macroeconomic challenges but expected to react differently due to local political and economic pressures.
  • 4 (08:24) **Interview: Belcourt Theater on the Movie Business** - Kai chats with Stephanie Silverman of Nashville's Belcourt Theater about current box office trends, concession sales, and the appeal of a hit theatrical documentary.
  • 5 (13:29) **Helium Shortage 5.0 and the Critical Materials List** - The Department of Energy has added helium back to its list of critical materials due to supply chain disruption, despite the U.S. being the world's largest supplier.
  • 6 (16:10) **Market Numbers and Tech Rally** - The Dow, Nasdaq, and S&P 500 all closed higher, with tech stocks leading the charge following the Anthropic news.
  • 7 (18:46) **The Growing Term Premium on Treasuries** - The gap between short-term and long-term Treasury yields is widening, signaling investor unease about the future.

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Guests on this episode

Kai Ryssdal

Show Notes

A few Big Tech firms are slated to explain their quarterly earnings later this week. AI will, of course, be the protagonist of these earnings calls. Investors are hoping for some positive character development, or at least a spoiler for any plot twists. In this episode, the next installment of the AI narrative. Plus: Central banks prepare for interest rate setting, Treasury rates rise with heightened risk, and the Energy Department adds helium to its critical materials list — again.


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