U.S. stocks slipped Tuesday as the 30-year Treasury yield reached 5.62%, its highest since 2002. The Dow fell -0.26%, the S&P 500 lost -0.17%, and the Nasdaq slipped -0.09%, finishing off their session lows.

The AI trade got another reason to sweat. According to Reuters, Anthropic’s leaked IPO prospectus paired a roughly $2T valuation target with enormous computing commitments and warnings about its own technology. AI and tech leaders had lunch with President Trump in Washington, where they signed a self-policing document swearing to voluntarily self-regulate. What could go wrong?

Not to be out mused, OpenAI announced its own cuddly-looking agent software at its DevDay. Sam Altman took to the stage hoping his version of cartoon chat bot Called Dots, that he hopes will become everyone's pen pal instead of Meta’s Muse. Too bad everyone already has a Muse.

In macro, the Fed’s PCE inflation number will drop tomorrow, expected up 0.3% month over month, and annually way over the 2% target.

On Stocktwits, traders chased Iovance’s guidance rally and crowded into Micron ahead of Wednesday’s earnings. Its results will give AI bulls fresh numbers to work with.

Today's Briefing: Powered by Stocktwits Community API.

Fair Isaac is the Bozeman company whose three-digit number decides who gets a mortgage in America. It just had its worst day since 1989. Late Monday, Federal Housing Finance Agency director Bill Pulte posted on X that Fannie Mae and Freddie Mac are moving to a single pricing grid, and that VantageScore, the credit bureaus' joint venture, will sit on it next to FICO Classic. For the first time, a lender pricing a mortgage may not have to buy a FICO score at all.

The RIP: Fair Isaac $FICO ( ▼ 26.52% ) fell 27% to $614.44 on Tuesday, its worst drop since May 19, 1989 and the worst performance in the S&P 500, on 11.5x volume. September is now down 46%, the stock's worst month on record, and shares sit 74% below the November 2024 record high of $2,382.40.

FICO sells a scoring algorithm built on three credit bureaus: Equifax, TransUnion, and Experian. VantageScores are way cheaper than FICO classic, in the $3 range compared to generating three scores to combine from the other providers at a total $30, switching would save upwards of $27/ borrower.

Rocket Mortgage already said it will default to VantageScore 4.0 in the fourth quarter for loans headed to Fannie and Freddie. If the industry's default score changes, the pricing power behind an 85% gross margin business gets thrown out the window.

If you invest in the AI stack, TomorrowX is where the two days go. Public-company CEOs interviewed by the investors who own them, pre-IPO founders on what's coming to market, and research on where capital moves next.

Nov 17–18, Moody Center, Austin.

Smart Money and Whale tiers include private breakouts, speaker Q&A and 1:1s with management teams.

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

Carnival is the world's biggest cruise operator, with more than 90 ships across brands like Princess, Holland America, and Cunard. It just posted the quarter Wall Street had stopped expecting. Record third-quarter revenue, a beat on both lines, and a raised full-year outlook sent the stock to its largest single-day gain since April on Tuesday.

The RIP: Carnival rose 13.4% to $25.11 on Tuesday, its biggest single-day gain since April, on 2.5x normal volume of 70.7M shares. Adjusted EPS was $1.43 vs $1.35 expected; revenue hit a record $8.44B vs $8.39B expected; customer deposits reached a record $7.6B.

Half of 2027 is already booked at record occupancy and pricing, and CEO Josh Weinstein told CNBC demand is broad-based and the consumer is fine. The fine print says Q4 guidance of 20 cents trails the 24-cent consensus, and fuel is now a $2.25B annual bill. Relief rally or re-rating on a stock still down 16.5% this year is the fight.

Anthropic is asking investors to value Claude’s maker at roughly $2T while warning that its models could threaten humanity. A draft IPO prospectus reviewed by Reuters says advanced systems may develop “self-preserving behaviors,” including resisting shutdown, concealing information, manipulating users, and acting in ways that resemble blackmail. But scarier than that, the company lost a TON of money in 2025, according to the documents.

The RIP: Anthropic generated nearly $4.6B in 2025 revenue but lost more than $8B from operations. Its $42B net loss included a large accounting charge, while future cloud, computing, and infrastructure commitments total $518B. 80% of those deals are not cancelable.

That is one hell of a risk section. Anthropic devoted roughly 80 pages of the 261-page prospectus to potential problems, more space than it used to explain the business. As for the money, the problem is not getting better. A quarter of its revenue came from two customers last year, the filing said, unnamed but likely huge monsters like the U.S. gov.

The company burns cash, and owes partners like AWS hundreds of billions in commitments. Spread out over the next decade Anthropic is looking at a $400B bill, and it only pulls in 1% of that in revenue. A twelvefold explosion in rev in a year looks awesome, but in three years the bills will start coming in big time.

Not to be left out, OpenAI launched Dots at its DevDay conference on Tuesday, while someone leaked to Axios that its recurring revenue is close to $70B. Each Dot is an always-on assistant powered by GPT-6 Astra, with its own cloud computer and the ability to work across tools including Slack and Microsoft Teams.

The RIP: Dots are available to Pro, Business, and Enterprise users, with one agent per person to start. OpenAI unveiled more than 20 products and features as its annual recurring revenue approached $70B, according to Axios. That number means something a little different than revenue, it annualizes the total bookings in one month, multiplying by 12.

Dots can arrange travel, schedule meetings, investigate software bugs, write code, and keep working after the user leaves. Blah Blah Blah, we have heard this before, from Meta’s Muse. Muse offers all of this for free, and OpenAI meanwhile asked me to fork out $200 to… put a little cartoon face on my Codex chat?

Chat also dropped a new model, but delayed GPT-6.1 Astra on Monday after researchers said it did not meet the company’s safety bar. Seems like a bait and switch. The only alpha worth watching is the top of the app store, and it still says “Muse.”

8.2K WATCHERS · EXTREMELY BULLISH · HIGH ACTIVITY

uniQure plunged 37% after four-year AMT-130 Huntington's data showed disease-progression slowing fell to 44% from 80% at three years and missed statistical significance; the debate now is whether the BLA, built on the three-year data the FDA accepted, still holds.

20.8K WATCHERS · BULLISH · HIGH ACTIVITY

Iovance soared 33% to its highest since 2024 after lifting 2026 revenue guidance to $410-420M on stronger Amtagvi demand, with TD Cowen raising its target to $16; skeptics warn the vertical move invites profit-taking and dilution risk.

120.4K WATCHERS · EXTREMELY BULLISH · HIGH ACTIVITY

DraftKings slid nearly 7% as traders priced in share loss to Kalshi and Polymarket, which are pulling wagering activity toward prediction markets; the open question is whether costly prediction-market investment destroys margins or DraftKings' own DKeX volume wins the fight.

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

🏛️ What the SEC just let Tesla shareholders do on autopilot

🚀 What Anthropic's IPO filing says about SpaceX

💰 The outlook number that sent Iovance to 2-year highs

🪙 What Bitcoin funds just pulled in over 30 days

📊 The three partnerships behind NetApp's record high

📈 The best trade idea posted on Stocktwits today, chart included

Macro: Personal Consumption Expenditures Price Index (PCE) (8:30 AM ET), GDP Report (8:30 AM ET), Trimmed Mean PCE Inflation Rate (9:00 AM ET), Unemployment in States and Local Areas (all other areas) (9:00 AM ET), Debt to Gross Domestic Product Ratios (9:00 AM ET), +2 more. 📊
Pre-Market Earnings: $CAG Conagra Brands Inc, $JBL Jabil Inc, $YRD Yiren Digital Ltd - ADR, $CALM Cal-Maine Foods, Inc.. ☀️
After-Market Earnings: $MU Micron Technology Inc.. 🌙

P.S. You can listen to all of these earnings calls on Stocktwits.

Want to see some change? Email me, Kevin Travers, with feedback, and follow me on Stocktwits. Send me charts and ideas! Refer a friend for this quarter’s edition of The RIP Forecast 😎

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