U.S. stocks opened higher Monday as oil fell out of bed, then faded through the afternoon to finish mixed. Staples and soda carried the blue chips while the AI complex bled into the close.

The $SPY fell 0.48% and $QQQ dropped 1.37%, while $DIA rose 0.43% and $IWM slipped 0.07%. Eight of 11 sectors finished green, Consumer Discretionary led at +2.41%, and Energy lagged at -3.96%, with technology the other weak spot as $XLK fell 2.95%.

WSJ reported oil slid amid signs the U.S. and Iran could consider diplomacy, and the Guardian reported Brent fell more than 6% to $105.55, its lowest in over two weeks, on hopes of a breakthrough to end the war. U.S. crude fell 7.7%, bitcoin slipped 1.30%, and September PCE inflation ran 3.6% headline and 3.1% core.

Marvell paid $115B in stock for Lumentum and watched both stocks fall, and Anthropic’s filing showed growth slowing while its compute commitments run past a trillion dollars. After the bell, Apple delivered a record iPhone quarter in John Ternus’s first report and the stock still slipped, because iPad shrank and margins leaned on tariff refunds. Palantir’s commercial business passed its government business for the first time. AMD reports Tuesday night, but the stock took a beating Monday.

Today’s Briefing:

Apple reported its first quarter under CEO John Ternus on Monday, and the headline numbers cleared the bar on a record iPhone quarter and a services business at an all-time high. The stock still slipped, because the drags were easy to find: iPad and wearables shrank, and margins needed help from tariff refunds.

The RIP: $AAPL ( ▼ 1.83% ) fell 2.1% Monday and ticked back up to $338 after hours. Earnings were $2.10 a share against a $1.98 estimate, and revenue was $114.48B against $113.2B expected, with the release showing iPhone revenue at a September-quarter record.

iPhone revenue rose 17% to $57.58B even though the quarter caught only eight days of iPhone 18 Pro sales, and the new iPhone Duo did not reach shelves until after the quarter ended, CNBC reported. Mac revenue jumped 24% to $10.79B, services rose 10% to an all-time high of $31.57B, and Greater China revenue grew 21% to $17.54B, the fastest growth of any major region, which answers the quarter’s loudest worry with a number. 📱

iPad revenue fell 10% to $6.23B, the worst showing of any category, with Ternus blaming supply constraints and a tough comparison, CNBC reported, and wearables fell 8% to $8.30B. 💾

Ternus called it the strongest product lineup the company has carried into a holiday season. His first earnings call, on Monday evening, is where investors press him on China, where Apple’s AI software just won approval, and on how long the memory shortage lasts. 🎄

Palantir, the software company long known for government data work, reported third-quarter results Monday after the close, and the growth came from corporate customers. The company also raised its revenue outlook for the fourth quarter and the full year, according to Reuters.

The RIP: $PLTR ( ▼ 3.13% ) fell 3.1% in the regular session, then rose 1.1% after hours. Adjusted earnings were 44 cents a share against a 41-cent estimate, and revenue was $2.31B against $2.18B expected in the company’s release after the close.

Revenue rose 96% from a year earlier. U.S. commercial revenue grew 148% to $984M and passed U.S. government revenue for the first time, with government sales up 96% to $953M, MarketWatch reported. CEO Alex Karp told shareholders the company has “essentially doubled our entire business since the same quarter last year.” 🏢

Palantir guided fourth-quarter revenue to $2.649B to $2.653B, above the $2.46B consensus MarketWatch cited, and lifted full-year revenue guidance to $8.530B to $8.534B. A stock priced for perfection does not get to coast on a beat, and Monday’s after-hours bounce stayed modest for a quarter this loud. 📈

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Marvell Technology, the custom chip designer, agreed Monday to buy Lumentum, the maker of lasers and optical parts that move data inside AI data centers, in an all-stock deal. The companies said the combination targets the optical networking market behind the AI buildout.

The RIP: $MRVL fell 12.7% Monday and $LITE fell 18.6%. The deal carries an implied enterprise value of $115B under the merger announcement, with Lumentum holders getting 4.5 Marvell shares for each share they own, a roughly 24% premium to Wednesday’s close.

That premium stopped meaning much by lunch. Because the pay is Marvell stock, every drop in Marvell shrinks what Lumentum holders actually receive, and Reuters noted the swap already valued Lumentum well below the $1,132 a share implied at announcement. The deal is not expected to close until the first half of 2028, and Reuters reported approval in China could stretch the wait. 🕰️

Optical links are how AI chips talk to each other, and the companies put the combined market at $550B. But paying for that future tech entirely in stock, in the middle of an AI spending scare, is why Barron’s called it a $115B mistake and Bloomberg questioned the timing. 💸

$MRVL ticker talk is split over whether AI optics justify the dilution ->

Oracle, the database and cloud company, filed Monday to raise $20B through stock and bond sales to fund its AI data center expansion. The amount matched what executives had outlined days earlier at the company’s investor day. The speed did not.

The RIP: $ORCL fell 8.8% Monday to $119.22. The raise is $10B of new stock plus a $10B debt offering, according to the company’s SEC filing, and it lands on top of $125.3B in borrowings Oracle reported in September.

Days earlier, Oracle had committed to limiting added capital raises through fiscal 2030. Using the whole $20B allowance in one shot is what spooked holders, Barron’s reported, and WSJ said bond buyers demanded high rates to take the new debt. The stock is down 36% in 2026, on pace for its worst year since 2001, according to Dow Jones Market Data cited by Barron’s. 🏗️

Anthropic, the AI company behind Claude, updated its IPO filing with the SEC on Monday, adding third-quarter results and the spending total its first filing left blank. The company first filed to go public on October 26 and plans to list on the Nasdaq.

The RIP: Third-quarter revenue was $16.96B, up 47% from the second quarter after growth of 132% and 144% in the two quarters before it. The quarter swung to a $567M operating loss, and the amended filing put compute and infrastructure commitments at $895.4B through 2045.

Anthropic said it paid $5B for compute bought at the last minute after demand ran past what it had booked ahead, and short-notice compute costs significantly more than capacity bought in advance. It is the plane ticket problem: the seat costs more when you buy it at the gate. Compute took $9.9B in the quarter, 58% of revenue. ✈️

The nine-month net loss was $104B, and $94.3B of it came from revaluing financing claims. As Anthropic’s valuation rises, investors’ rights to convert into cheap equity get more valuable, and accounting makes the company book that increase as a loss. The paper loss grows because the company is worth more. 🤔

The asymmetry is the weird part: those long term financing claims get marked up as loss on the balance sheet today, while compute commitments that top ONE TRILLION DOlLARS in deals sit in the footnotes until the monthly payments start. Michael Burry, the Big Short investor, flagged the growth slowdown and the circular web of compute deals with Google, Amazon, and Broadcom in his Substack after the first filing, and his napkin math on the new numbers landed right on them. 🕸️

The filing still has no price range, no share count, and no sale date. But the suspected ticker $ANT ( 0.0% ) is on Stocktwits.

Compass plunged after Psychedelic Alpha reported nonprofit Usona finished filing its FDA application for psilocybin in major depression, threatening Compass’s first-mover edge in psychedelic therapy.

Idexx surged after third-quarter revenue rose 9.9% to $1.21B and earnings jumped 17.9% to $4.01 a share, powered by recurring diagnostics demand from companion-animal clinics.

Molson Coors popped as investors rotated into consumer staples, with beer and household names catching a bid after oil sank on hopes for U.S.-Iran talks.

AMD sank in the chip selloff one day before its Tuesday earnings report, leaving its AI guidance to answer whether data-center demand still justifies the run.

Micron fell with memory stocks as traders debated whether AI memory pricing is peaking, even as Barron’s reported buybacks could restart December 9 and reach $100B this fiscal year.

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

✈️ A Jet Nosedived Into A Florida Neighborhood, And No One On Board Survived

🛢️ Oil Craters As The Iran War Suddenly Has An Exit

📊 The Fight For Anthropic IPO Shares Started Before The IPO Did

🗳️ El-Sayed Raised A Record $2.4M In One Day Off An Endorsement Meant For His Rival

🧬 Two Psychedelic Stocks Are Having Their Worst Day In Months Over One Filing

📰 Someone Keeps Hacking Europe’s Supermarket Freezers

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