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After a $2.5 Trillion Wipeout, Tech Investors Brace for More Pain

✇NYT - Home Page
By: Andrew Ross Sorkin， Bernhard Warner， Sarah Kessler， Michael J. de la Merced， Niko Gallogly， Brian O’Keefe， Sri Muppidi， Ian Mount and Peter Eavis
A stock rally fueled in part by artificial intelligence is being tested after Democrats’ landslide election victories.

© Brendan McDermid/Reuters

Yesterday’s $2.5 trillion sell-off of major tech stocks has investors on edge about the durability of the artificial intelligence sector.
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After a $2.5 Trillion Wipeout, Tech Investors Brace for More Pain

✇NYT - Business
By: Andrew Ross Sorkin， Bernhard Warner， Sarah Kessler， Michael J. de la Merced， Niko Gallogly， Brian O’Keefe， Sri Muppidi， Ian Mount and Peter Eavis
A stock rally fueled in part by artificial intelligence is being tested after Democrats’ landslide election victories.

© Brendan McDermid/Reuters

Yesterday’s $2.5 trillion sell-off of major tech stocks has investors on edge about the durability of the artificial intelligence sector.
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Inside Anthropic’s Hunt for A.I. Computing Power

✇NYT - Technology
By: Sri Muppidi and Kalley Huang
The company went on a deal spree with tech giants, former crypto miners and others to gain computing power to further its artificial intelligence ambitions.

© Illustration by Mark Harris; Photographs by Thea Traff for The New York Times, AJ Mast for The New York Times, Manuel Orbegozo for The New York Times, Getty Images

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Inside Anthropic’s Hunt for A.I. Computing Power

✇NYT - Home Page
By: Sri Muppidi and Kalley Huang
The company went on a deal spree with tech giants, former crypto miners and others to gain computing power to further its artificial intelligence ambitions.

© Illustration by Mark Harris; Photographs by Thea Traff for The New York Times, AJ Mast for The New York Times, Manuel Orbegozo for The New York Times, Getty Images

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Its Investors Say Kalshi Is Worth $40 Billion. Is an I.P.O. Next?

✇NYT - Business
By: Lauren McCarthy
The prediction market raised $1 billion in a new funding round and landed a market value almost double that of rival Polymarket. But legal challenges to its business persist.

© Jeenah Moon/Reuters

Tarek Mansour, the C.E.O. of Kalshi, said there had “been discussions” about a public offering for the company.
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Its Investors Say Kalshi Is Worth $40 Billion. Is an I.P.O. Next?

✇NYT - Business
By: Lauren McCarthy
The prediction market raised $1 billion in a new funding round and landed a market value almost double that of rival Polymarket. But legal challenges to its business persist.

© Jeenah Moon/Reuters

Tarek Mansour, the C.E.O. of Kalshi, said there had “been discussions” about a public offering for the company.
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Jio’s Blockbuster I.P.O. Gives India’s Investors a Lift

✇NYT - Business
By: Alex Travelli
Jio Platforms shares surged on their first day of trading, even as questions mount about the telecom firm’s growth prospects and a new generation takes charge.

© Francis Mascarenhas/Reuters

From left, Mukesh Ambani, who leads the Reliance Industries conglomerate, with his sons, Akash and Anant, at the National Stock Exchange of India in Mumbai on Wednesday to mark the listing of Jio Platforms.
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In Anthropic I.P.O., Goldman and Morgan Stanley Slug It Out for Top Bank

✇NYT - Business
By: Lauren Hirsch and Sri Muppidi
Anthropic named the Wall Street firms lead underwriters on its upcoming public offering, a role that will generate generous fees and enormous prestige.

© Victor Llorente for The New York Times

The Goldman Sachs headquarters, center, in Lower Manhattan.
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In Anthropic I.P.O., Goldman and Morgan Stanley Slug It Out for Top Bank

✇NYT - Business
By: Lauren Hirsch and Sri Muppidi
Anthropic named the Wall Street firms lead underwriters on its upcoming public offering, a role that will generate generous fees and enormous prestige.

© Victor Llorente for The New York Times

The Goldman Sachs headquarters, center, in Lower Manhattan.
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Election Surprises

✇NYT - World
By: Katrin Bennhold
Serbia and Brazil are very different countries. But their unexpected election results tell us a lot.

© Ricardo Moreira/Getty Images

Lula after the results in São Paulo on Sunday.
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The Key Numbers From Anthropic’s IPO Filing

✇NYT - Technology
By: Sri Muppidi and Lauren Hirsch
We broke down the A.I. company’s key figures, which give insight into the health of its business, its future plans and who’s in charge.

© Jason Henry for The New York Times

Anthropic’s Code W/ Claude event in San Francisco in May. In a filing, the company provided rare insight into the business of a “frontier” A.I. lab that makes cutting-edge A.I. models.
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Anthropic S-1 Reveals Rapid Growth Ahead of Blockbuster IPO

✇NYT - Technology
By: Mike Isaac， Erin Griffith， Lauren Hirsch and Sri Muppidi
Ahead of what could be the largest public listing ever, Anthropic said revenue soared to $16.3 billion in the first half of the year, and it planned to spend $807 billion on A.I. infrastructure.

© Jason Henry for The New York Times

Anthropic, a powerhouse in A.I., is only five years old and seemingly came out of nowhere.
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Musk Is Predicting ‘Guppy-level Death’ for Scores of A.I. Companies

✇NYT - Business
By: Andrew Ross Sorkin， Bernhard Warner， Sarah Kessler， Michael J. de la Merced， Niko Gallogly， Brian O’Keefe， Sri Muppidi， Ian Mount and Elizabeth Olson
Elon Musk sees many artificial-intelligence infrastructure companies being shut out of the debt market, a warning that could weigh on markets.

© Haiyun Jiang for The New York Times

Elon Musk is the latest to warn of an A.I. shakeout, singling out neoclouds as facing “guppy-level death and consolidation.”
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What’s Riding on Anthropic Going Public? Nearly Everything.

✇NYT - Technology
By: Erin Griffith and Lauren Hirsch
Anthropic sits atop a pyramid of business partners and suppliers, making it a barometer of the broader economy. Its initial public offering will have widespread implications.
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Anthropic Says Revenue Jumped 45% to $16.8 Billion in Third Quarter

✇NYT - Technology
By: Lauren Hirsch and Sri Muppidi
The company held an investor meeting on Wednesday as it plans a blockbuster initial public offering as soon as next month.

© Manuel Orbegozo for The New York Times

Anthropic’s chief executive, Dario Amodei, speaking to Marc Benioff, who runs Salesforce, last month in San Francisco.
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