What Is Anthropic Hiding? Google Is "Eating" Itself, and Netflix Has Fallen Into Its Own Trap

This week, Anthropic stole the show: the company filed its IPO prospectus and plans to go public in November.

A loss of $80.7 billion, unstable revenue growth, hundreds of billions of dollars spent on computing power, no dividends, and nearly 100 pages of risks. Oninvest CEO Elena Tofanyuk discussed these issues on Instagram, while journalist and psychologist Mikhail Tegin of analyzed just how dangerous AI’s ability to deceive people and conceal information is—and what investors should do about it all.

Anthropic also revealed that it uses semiconductors from various manufacturers for its computations (which isn’t good news for Nvidia) and highlighted its dependence on Google, Amazon, and Microsoft (which isn’t good news for anyone). Short seller Michael Burry, known for his meticulous analysis of documents, identified a “catastrophic vulnerability” in Anthropic’s prospectus: circular financing puts all participants in AI deals at risk.

Actually, quite a lot. For example, the company’s valuation as part of the IPO and its financial results for the third quarter of 2026 (some believe that Anthropic intentionally omitted them from the prospectus—there’s nothing to boast about there). Who, exactly, already owns shares in the company? The prospectus only provides information on Anthropic’s co-founders and board members (but we found a few more early investors in the AI company).

Overall, it seems that Anthropic’s IPO has restored faith in AI stocks: the S&P 500 and Nasdaq have started to rise, as have chipmakers’ stocks. Who else might benefit from Anthropic’s IPO? — It’s the same old faces! But, of course, there are those who see the glass as half empty—they believe that yet another mega-IPO will lead to an outflow from tech stocks and a market imbalance.

By the way, Anthropic is going public under the ticker symbol ANT. After reading that, I started wondering—how did stock ticker symbols even come about?—and wrote a short column on the topic. It will be published this weekend.

On Sunday, Lula da Silva won Brazil’s presidential election (and analysts have already compiled a list of stocks that could benefit). The market did not expect this outcome: according to Bloomberg, most investors were betting on the right-wing candidate, Flávio Bolsonaro. In Israel, parliamentary elections were held on Tuesday, and the stock market also fell. No party secured the necessary majority; there may be a runoff election, which could send the market into another tailspin.

Elections will be held in the U.S. on November 3—control of both houses of Congress is at stake. Alexander Orlov, Managing Director of Arbat Capital, assessed the potential implications of this vote for investors. Spoiler: the sword of Damocles hangs over artificial intelligence.

Although, to be honest, it seems that AI has already landed on a powder keg. The AI bubble has burst in China: the STAR 50 index, which tracks leaders in the AI and semiconductor industries, has lostnearly 43% from its July high. Possible reasons include the risk of Chinese export restrictions and concerns about demand for AI.

In the U.S., there’s another problem: the debt of companies building AI infrastructure. “Neo-cloud” providers purchased expensive chips on credit, but the equipment is becoming obsolete faster than it can pay for itself. Elon Musk has even predicted a mass extinction of neo-clouds. Shares of Nebius, CoreWeave, and Iren initially fell in response to these statements but quickly recovered their losses.

This week, the big tech companies reported their earnings: the market swung back and forth. Investors were concerned about both rising AI spending and signs of a slowdown. Microsoft increased Azure revenue by 48% but spent less on infrastructure than expected—and shares of CoreWeave and Nebius fell. Even record results didn’t guarantee a rise in stock prices: Samsung’s profit increased nearly ninefold, but its stock lost more than 6%. Memory chip maker SK Hynix gained 11%, while Oracle rose 12%.

The most alarming sign came from Alphabet: the company acknowledged that its own AI is reducing revenue from search—the business that funds its development. Shares plummeted by more than 12%, and the company’s market capitalization fell by $500 billion. Mikhail Tegin examined how Alphabet disappointed the market and why its shares may still be of interest to investors.

As a result, the Nasdaq 100 index lost nearly 2% by the end of the week.

Apple unveiled new products this week: an iPad mini with an OLED screen and the first MacBook Pro with a touchscreen (Steve Jobs had once criticized this idea). Alena Nikolaeva, an independent portfolio manager specializing in global markets, believes that Apple needs new sources of growth. She writes that the company may be able to increase its profits by integrating AI into its devices and developing related services.

My colleague Maxim Semelyak breaks down another case study: how Netflix became a hostage to its own revolution—by getting us hooked on binge-watching TV shows, the platform has driven itself into a dead end. Expensive projects are devoured in a couple of days and instantly forgotten, and retaining an audience has become prohibitively expensive—people are flocking to social media with free feeds and endless content. Where is Netflix headed now, and will a new business model save the platform?

This article was AI-translated and verified by a human editor