U.S. stocks climbed Monday after two straight losses. Buyers opened with the lead and held it through the afternoon as semiconductors pulled the market back toward its highs.

The S&P 500 closed at 7,676.77, up 0.7%, and the Dow added 0.3% to 52,361.58. $QQQ gained 1.1% and $IWM rose 0.4%. Seven of 11 sectors finished green, with Technology leading at +1.7% and Communication Services lagging at -1.6%.

AP reported Nvidia provided the strongest lift as investors returned to AI stocks, even while debt worries kept neoclouds swinging. Brazilian assets broke the other way after Brazilian President Luiz Inácio Lula da Silva’s surprise reelection, with the real, banks, and state-linked companies caught in the selloff.

Anthropic opened the IPO books with huge growth, bigger compute bills, and founders who still keep control. Meta and SpaceX showed why deep pockets matter as neocloud lenders retreat, while DoorDash chased Instacart and FICO’s pricing moat cracked. EQT bought Range to build a $50B gas giant, Surgery Partners took a $5.7B exit, and Brazil punished nearly every asset tied to Lula’s win. Stocktwits traders still found room to chase Celestica’s earnings pop and argue over whether the neocloud selloff has gone too far.

Today’s Briefing:

Anthropic, the company behind Claude’s chat and coding tools, filed for an IPO Monday, opening its books on explosive growth and some enormous computing bills. Bloomberg reported trading could begin as soon as mid-November, before Thanksgiving. A firm trading date, offering size, and price range remain unannounced.

The RIP: $ANT plans to list on Nasdaq. First-half revenue jumped 1,300% to $16.3B. The firm reported a $80.7B net loss, but $72.4B came from financing-related accounting adjustments. Its operating loss was $693M, and it finished June with $131.7B in cash and short-term investments.

They’ll need that cash injection soon: Anthropic is committed to pay Google $114.5B, Amazon $110B, and Microsoft $44.9B over the next several years. The S1 says these bills are for chips, compute, and so on. A lot of the power is basically reserved and not even online yet the S-1 said.

Separate Broadcom equipment leases carry over $161.2B in rent, before interest. Even if AI turns out to need less compute than previously thought, Anthorpic said it is still stuck in a lot of these IOUs.

Another source of stress: owning shares gets you economic ownership, but like most tech company IPOs, little voting power. The founders retain a majority of general shareholder voting power, 50.1%, while a separate ‘mission trust’ with ‘no financial motive’ chooses 4 of 7 board directors.

Founder control has plenty of precedent. Facebook CEO and co-founder Mark Zuckerberg controlled 55.9% of votes at its 2012 IPO. SpaceX CEO Elon Musk retained about 82% after its June IPO.

You can own a piece of Claude’s business. The founders and trust keep the keys. 🔑

Medicus Pharma (NASDAQ: MDCX) has entered into a co-development and licensing agreement with Pfizer for CD228V, a second-generation antibody-drug conjugate (ADC) targeting CD228, a cell-surface antigen expressed in several solid tumors. The agreement grants Medicus exclusive worldwide co-development rights and includes $2 million in development funding from Pfizer.

The program is in Phase 1 development, with melanoma identified as the initial focus. The clinical strategy emphasizes does optimization and preliminary efficacy assessment to establish proof of concept and inform potential expansion into additional solid tumor indications.

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

Meta Platforms and SpaceX laid out routes to as much as $135B for AI hardware on Monday: $95B of current and potential stock sales from Meta, plus SpaceX’s roughly $40B GPU finance lease. The bigger story is who still gets money when every company wants the same chips. 💸

The RIP: $META fell 1.9% and $SPCX slipped 0.4%. Neoclouds split hard: $CRWV gained 1.8% and $IREN rose 2.1%, while $NBIS lost 3.4% and $APLD fell 2.3%.

CoreWeave and other neoclouds borrowed against GPUs and customer contracts, bought Nvidia chips, and rented the computing power to hyperscalers and AI labs. For the past half a year, that worked while lenders treated the hardware like collateral, if the company went belly up, they could resell chips. Now, according to fintwitter nerds, the financing window is closing up, before the chip bill does. ☁️

On Sunday, Social Capital founder Chamath Palihapitiya called neoclouds “disorganized and poorly capitalized.” SpaceX CEO Elon Musk replied that debt markets had “almost entirely shut off” companies without substantial revenue outside AI data centers. Unlike neoclouds, he said SpaceX can borrow against Starlink and launch revenue.

Meta has advertising cash and public shares. SpaceX has rockets and broadband. CoreWeave mostly has rent from the same AI buildout it must keep borrowing to expand. Nvidia, AMD, and Broadcom may buy up to $5B of Meta’s offering. The chip sellers will finance the giant buyers, but 200 smaller middlemen cannot count on rescue. Demand can be real and the balance sheet can still kill you. 🐟

DoorDash is reportedly close to buying Instacart, the grocery-delivery marketplace. Reuters cited The Information saying the companies were nearing a $17B deal, while The Wall Street Journal reported an agreement could arrive this week. Nothing is signed yet. 🛒

The RIP: $CART jumped 7.8% to $60.86 on 30.1M shares. $DASH fell 6.1% to $168.40 as traders sized up the purchase price and the regulatory bill.

If the deal goes through, Instacart shareholders would get a premium and DoorDash would add grocery advertising, fulfillment, and retailer relationships to its restaurant-delivery network. The combination also gives DoorDash more scale against Amazon and Walmart.

That scale will not come cheaply. Instacart had already rallied 9% Friday after reports that it was exploring a sale, so part of the takeover enthusiasm was already in the price. Monday’s late spike came when DoorDash emerged as the likely buyer and the reported value hit $17B.

Stocktwits sentiment around $CART was broadly bullish on heavy message volume. Bulls saw room for a bidding war. Bears had one clean objection: a near-term deal can still collapse or run straight into antitrust scrutiny. 🚗

Brazilian President Luiz Inácio Lula da Silva won reelection Sunday with 51.79% of valid votes, and investors answered by dumping nearly everything with a Brazilian address. The fear is that Lula will bring more government spending, wider deficits, and another inflation fight. I feel the market is discounting how costly another Balsonaro reign could be, the last one is still in jail. 🇧🇷

The RIP: The $EWZ ( ▼ 19.82% ) Brazil ETF fell 19.4% late Monday. Brokerage $XP ( ▼ 48.36% ) crashed 47.7%, Petrobras dropped about 15%, and brewer Ambev lost roughly 16%. The Brazilian real weakened 9% against the dollar.

The selloff unwound gains that followed conservative Flávio Bolsonaro’s first-round lead. Lula won the presidency, but voters also delivered a right-leaning Congress that could limit how aggressively his government expands spending or reverses market reforms.

Investors priced the presidency first and the congressional guardrails second. UBS said the assets could move back toward their pre-first-round levels, although temporary underperformance remains possible. Brazil’s central bank also enters next week’s meeting with rates at 13.75%, leaving little room for political mistakes.

Stocktwits discussion around $XP and $EWZ split between bargain hunters and traders refusing to catch the falling knife. A 48% one-day drop makes both camps sound reasonable. 🔪

7.9K WATCHERS · EXTREMELY BULLISH · HIGH ACTIVITY

Celestica jumped after hours after Q3 adjusted EPS of $3.30 beat $2.99 estimates, revenue rose 83% to $5.83B, and management raised its outlook.

4.6K WATCHERS · BULLISH · EXTREMELY HIGH ACTIVITY

Whirlpool sank after hours after losing $0.21 per share instead of earning $0.73, cutting 2026 revenue guidance to $14.5B, and burning $1.08B of cash during the quarter.

16.2K WATCHERS · BEARISH · NORMAL ACTIVITY

Lumentum surged as optical-networking stocks rebounded from last week’s selloff and StoneX started coverage at Buy with a $1,200 target, 47% above Monday’s close.

29.5K WATCHERS · BEARISH · LOW ACTIVITY

BitMine fell after adding 10,452 ETH, lifting its treasury to 6.05M tokens, while traders questioned whether nearing its accumulation target removes the stock’s biggest source of buying support.

Bearish 🐻 | Bullish 🐮 | It’s Complicated 😵‍💫

🤖 Anthropic Files for an IPO as Meta Hunts $95B

📊 Dollar General Faces a 21-State Overcharging Case

₿ Strategy Pauses Bitcoin Buying for a $205M STRC Rescue

💾 The FTC Puts Anthropic’s AI Safety Tests Under Oath

👀 Volkswagen’s China Software Talks Hit Rivian

⚡ Brazil’s Rout Gives Nubank Its Worst Day Ever

🪙 Your daily crypto email, data-driven and short enough to finish

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