Goldbug

12 November 2026

“Bloomberg: The China Show” is your definitive source for news and analysis on the world's second-biggest economy. From politics and policy to tech and trends, Yvonne Man and Stephen Engle give global investors unique insight, delivering in-depth discussions with the newsmakers who matter. Chapters: 00:00:00 - Bloomberg: The China Show opens 00:03:33 - Markets mull Jensen Huang infidelity controversy 00:09:37 - Bernstein's Stacy Rasgon on lowering Nvidia price target 00:16:57 - Jupiter Asset Management's Sam Konrad on Nvidia's leadership crisis 00:25:38 - Alleged spy in Nvidia scandal said to be in China 00:31:17 - Hedgeye Risk Management's Felix Wang on Nvidia's leadership crisis 00:44:01 - Is Taiwan's tech sector weighed down by the Nvidia scandal? 00:47:09 - Parts of Asia's AI trade shrug off Nvidia controversy 00:51:49 - Nvidia's board meets to decide Jensen Huang's fate 00:55:57 - Is Nvidia's core business affected by leadership turmoil? 01:08:53 - Center for International Governance Innovation's Einer Tangen on national security risks facing Nvidia 01:17:01 - Anthropic IPO said to be multiple times oversubscribed 01:22:09 - Chinese chipmakers stand to gain from Nvidia's slump 01:26:06 - China's ultra-rich declare $24B in back taxes

11 November 2026

AI darling Anthropic kicks off its IPO roadshow targeting a $1.4 trillion fully diluted valuation - well below the $2 trillion figure that was doing the rounds over the summer. Meanwhile, a hot inflation report rattles bond markets and NVIDIA shares slide nearly 10% as spying allegations against CEO Jensen Huang grow more serious. #News #Reuters #Newsfeed

Anthropic just told Wall Street that replacing human workers is worth $30 trillion a year. The largest IPO ever is about to go on sale, and the product being sold is "replacing jobs.“ $30 trillion is bigger than the entire economy of China. It's about the size of the whole United States economy, which runs around $32.5 trillion a year. And it's roughly a quarter of every dollar earned on this planet. Anthropic is telling investors that's the market. Now here's the part nobody explained: Companies usually size a market by counting an industry. They add up the software licences, the cloud contracts, the subscriptions, whatever that category buys in a year. But Anthropic did something else… They built the $30 trillion figure from the full scope of work that could be completed using AI models. So the market Anthropic sized is the world's wage bill. And this is where it gets really interesting: Anthropic's revenue right now runs about $65 billion a year, up from roughly $9 billion at the end of 2025. So Anthropic is telling investors it has captured 0.2% of its own market. The 191 technology companies in the S&P 1500 made $2.4 trillion in revenue last year. That's EVERY listed tech company added together. Anthropic is claiming a market TWELVE times bigger than all of them combined. That $30 trillion is doing one job here: Making the price look reasonable. Anthropic wants a valuation near $2 trillion and a raise of up to $100 billion, which would beat the $86.2 billion SpaceX pulled in the biggest IPO in history. Against $30 trillion, a $2 trillion price is basically nothing. Without it, you're buying a company with $65 billion in sales for $2 trillion. Then look at who steers the thing afterwards: Dario Amodei owns roughly 2% of Anthropic. Before the listing, Amodei and his co-founders are getting a special class of stock with extra voting power. The trust that appoints most of the board just dropped from four trustees to three. So whoever buys into the biggest IPO in history gets no vote and no board seat. And the insiders may get to sell into it. Anthropic is weighing letting existing shareholders cash out inside the offering, which SpaceX refused to allow. We watched this exact thing play out three months ago: SpaceX told investors its market was $28.5 trillion, priced at $135 a share in June, and traded under $105 in early August. Uber ran the same play in 2019 with a $6 trillion market. But the revenue here is real, and that's what makes it so hard to dismiss. Anthropic grew 7x in 7 months. Serious funds will ignore the $30 trillion completely and model the near-term target of roughly $200 billion in sales by the end of the decade. The $30 trillion is aimed at everyone else reading the headline. And Anthropic is a public benefit corporation. Amodei warned in his own essay this year about "a level of wealth concentration that will break society." He's predicted AI could wipe out half of all entry-level white-collar jobs. Job candidates are reportedly even asked how they'd feel if the company killed its own product on safety grounds and the stock went to zero. Anthropic took its name from anthropos, the Greek word for human being. And the pitch it's carrying to Wall Street is that its software can do the work humans currently get paid for. If Anthropic ever collects a real slice of that $30 trillion, it has to come out of wages somebody is getting paid today.
— Ricardo (@Ric_RTP) August 31, 2026

Amazon's profits are about to be held hostage by Anthropic's stock price. Millions of retirement accounts own Amazon through index funds. And this year, a huge chunk of the profit those funds are paying for came from one private company getting more expensive on paper. That company is Anthropic. And its $1.5 trillion IPO price will likely have to come down, maybe closer to $1 trillion. Amazon depends more on that number than almost anyone. In the second quarter, Amazon made $27.5 billion of operating income. Its net income was $62.6 billion. Most of that gap was Anthropic. After Anthropic's May round valued it at $965 billion, Amazon marked up its Anthropic shares by about $50.5 billion. The first quarter had already added about $16.8 billion of Anthropic gains. That's roughly $67 billion of pre-tax gains in 6 months from revaluing one stake. On June 30, Amazon carried the whole position at about $190 billion. Its first $8 billion went in between 2023 and 2024. And the money runs in a circle: In April, Amazon put another $5 billion into Anthropic, with up to $20 billion more tied to milestones. In the same deal, Anthropic agreed to spend more than $100 billion on AWS over the next 10 years. So the loop goes: Amazon invests in Anthropic -> Anthropic commits to buying Amazon's cloud -> Anthropic raises money at a higher price -> Amazon books the higher price as profit None of this is illegal. The accounting rules tell Amazon to update the value when a new funding round sets a new price. But the third quarter shows what Amazon looks like with no new round to mark: Net income fell to $20.7 billion. Free cash flow over the last 12 months came in at minus $42.4 billion, with $77.3 billion of capex in the quarter alone. And the IPO changes the game completely. Once Anthropic trades publicly, Amazon's stake gets valued off a stock price that moves every single day. That price could start moving Amazon's reported profit far more directly. Investing .com ran an illustration: If Anthropic trades at $750 billion, Amazon's stake would be worth about $42 billion less than its June value. That's about TWICE what Amazon earned in the entire third quarter. To be clear, a $1 trillion price still sits above the $965 billion Amazon marked to in May. So the real risk starts after the first trade. Alphabet is in a similar spot. It carried $124.3 billion of private company stakes on June 30, and reports say most of that is Anthropic. If Anthropic falls it takes the big guys with it.
— Ricardo (@Ric_RTP) November 7, 2026

Goldbug

11-12-2026: Kraft Heinz Casts Spotlight on its NYSE Listing

#asia #china #news - Nvidia Board Meets As Jensen Huang Fallout Widens: Bloomberg Television

#telefonica #murtra #telefonicaere - Telefónica, S.A. (TEF.MC) vuelve a beneficios: las claves del cambio: Expansión

#News #Reuters #Newsfeed - Anthropos's IPO is a crucial test for AI markets | Reuters Morning Bid

11-12-2026: Kraft Heinz Casts Spotlight on its NYSE Listing

Luxymed Real Estate

Malaga 29312 Google Maps - Málaga Airport to Villanueva del Rosario