Afternoon Brief · November 2nd 2026

Afternoon Brief, November 2nd 2026

Anthropic's updated filing shows $17 billion of quarterly revenue and an operating loss. Marvell signed for Lumentum and lost 13%. Palantir beat again. Oracle is selling $10 billion of stock. And the New York Times sued Brave.

12 min read·Editorial by Vera Lindqvist

VLVera Lindqvist
Capability & Systems

Anthropic's amended IPO filing shows $17 billion of third-quarter revenue, an operating loss, and $895 billion of commitments

Anthropic filed an on Monday with its third-quarter numbers. Revenue was $16.96 billion, up 47% from $11.56 billion in the second quarter, after 144% growth the quarter before. Compute and infrastructure costs rose 77% to $9.86 billion, so each dollar of revenue carried about 58 cents of compute, against 48 cents in the second quarter. The company swung to an operating loss of $567 million from a $974 million . The filing blames compute bought on short notice, which "currently costs significantly more" than capacity contracted 12 to 18 months ahead, and says it expects to buy more of it in the near term, compressing margins. About $1.96 billion of from an employee donation-matching program also landed in the quarter. Adjusted operating margin fell to 15% from 19%. The $23.3 billion net loss is mostly an accounting charge on the rising value of its convertible notes.

For the first time the document puts a single figure on what Anthropic has signed for: purchase commitments and leases with an aggregate committed spend of about $895.4 billion, substantially all compute and infrastructure. About $447.5 billion falls before the end of 2030 and most of the rest between 2031 and 2045; $69.8 billion is due in the next twelve months. Customers paying $100,000 or more a year grew from about 950 to more than 11,900. The price range, the share count and the October revenue are still blank, so the has not started; the Japanese disclosed this morning is sized but unpriced too. SourcesA B

Anthropic quarterly revenue

Three months ended, from the amended S-1

Anthropic S-1/A, filed November 2nd 2026

Updated

Marvell signs for Lumentum at $115 billion, then loses 13% in a day

Marvell and Lumentum announced a definitive all-stock merger on Monday. Lumentum holders get 4.5 Marvell shares each, which at unaffected October 28th prices was worth about $1,132 a share, a 23.9% premium, and an of $115 billion. Marvell holders will own about 67% of the combined company. The companies promise more than $1 billion of annual cost savings and expect the deal to close in the first half of 2028, after shareholder and regulatory approval. Marvell also narrowed its preliminary third-quarter revenue range to plus or minus 2%.

The market marked the terms down at once. Marvell fell 12.7% to $171.41, which puts the offer at about $771 a Lumentum share, and Lumentum fell 18.6% to $684.40, about 11% below even that. A gap that wide on a fixed-ratio stock deal says investors doubt it closes as written, and a close 18 months away leaves a long time for regulators or Marvell's own share price to change the math. SourcesA A C

Palantir's revenue rises 96%, and US commercial sales pass US government for the first time

Palantir reported third-quarter revenue of $2.313 billion after Monday's close, up 96% from a year earlier and ahead of the roughly $2.18 billion analysts expected. US commercial revenue rose 148% to $984 million, above US government revenue of $953 million for the first time. net income was $1.13 billion. The company raised its 2026 revenue forecast to $8.530 billion to $8.534 billion, about 91% growth, and guided the fourth quarter to $2.65 billion. That puts the full year well clear of the $8.15 billion that Prediction 2026-08-06-B2 is scored against.

One number moved the other way: closed in the quarter was $2.918 billion, up only 6%, so bookings are growing far slower than revenue. Alex Karp's letter leaned on "," saying it is "imposing the most dramatic dichotomy between haves and have nots." SourcesA B

Oracle will sell $10 billion of new stock alongside $10 billion of bonds

Oracle filed a preliminary on Monday for $10 billion of common stock, about 76.5 million shares at Friday's $130.67 close, or roughly 2.5% of the shares outstanding, by our arithmetic. A separate $10 billion senior note sale runs alongside it; neither depends on the other. BofA Securities is sole representative. The stated uses are general: capital spending, repaying debt, investments, and even dividends and buybacks.

The stock was down 8.7% a minute before Monday's close. A company that can still borrow does not usually dilute its holders by 2.5% in the same week unless it wants to keep its debt load from growing as fast as its data-center bill. SourcesA C

The New York Times sues Brave, calling it a dealer of scraped news to AI companies

The New York Times sued Brave Software in federal court in Manhattan on Monday, and the Daily News, Chicago Tribune and Orlando Sentinel filed a similar suit the same day. The Times says Brave built an index of more than 30 billion web pages with a crawler publishers cannot identify or block, and sold the copyrighted content to customers the complaint names as Anthropic, Perplexity, Mistral, xAI and Cohere. It calls Brave a "supplier, dealer, and distributor of stolen copyrighted content." The suit also targets a browser feature it says gets around paywalls, and Brave's practice of blocking publishers' ads while selling its own. The Times wants damages and an . Brave did not respond to TechCrunch.

This is a new kind of target. The publishers' earlier suits went after the model makers; this one goes after the search index sitting between the open web and several of them, which is where an injunction would cut off supply to every customer at once. SourcesB

OpenAI merges ChatGPT's Chat and Work tabs into one

OpenAI told users on Monday that the Chat and Work tabs in the ChatGPT desktop app will become one, so a conversation can move from discussing an idea to having ChatGPT build the website or presentation, or carry out web tasks, without switching modes. Codex stays a separate tab. Selected users get it first; there is no date for everyone else. The email said most users will not notice a change, but heavier users may hit limits more often, because ChatGPT and Codex draw from one allowance from December. Anthropic put Claude's chat and Cowork on one screen in September. SourcesB

Tempus AI raises its forecast as data licensing passes $550 million

Tempus AI, which sells cancer genomic testing and licenses the de-identified clinical data behind it to drug makers, reported third-quarter revenue of $411.5 million on Monday, up 23%. Adjusted was $25.6 million against $1.5 million a year earlier. Oncology test volume grew 32% and the data business 33%, and the company said data licensing bookings have passed $550 million this year after an October agreement with Bristol Myers Squibb. It raised its 2026 revenue forecast to $1.60 billion to $1.605 billion. The shares closed up 8.7% on a day the Nasdaq fell 1.1%. SourcesA C

42AI comes out of stealth with $62.5 million and a model that predicts what traders will do

42AI, an Israeli startup, says its "behavioral " estimates how likely a person is to make a particular decision, starting with how retail traders react to volatile markets. It infers psychological traits from onboarding data, support calls and trading history, and about ten large brokerages use it to set margin and hedge their exposure; one reportedly gained about $30 million from it. Revenue is "seven figures." The $62.5 million seed came from the founders and Infinity Group, which the chairman, Amir Gal-Or, founded, so this is mostly the family's own money. The company claims 98% accuracy on trading flows, meaning flows landed inside a predicted range.

The CTO called the risk of a broker using the model against its own customers "a valid concern" and pointed to regulation and an ethics committee, without saying what stops it. SourcesB

Omen AI buys Aquatic Labs for $16 million to watch the water cooling AI chips

Omen AI, which makes real-time sensors for the liquid that cools data-center chips, is buying Aquatic Labs, a water-chemistry sensor maker, for $16 million in cash and stock. Aquatic's founder Allan Adams, a physicist and former MIT professor, becomes chief science officer. Operators today mail fluid samples to a lab and wait days, and when the coolant degrades they often drain it and shut down. Omen says its sensors will monitor 250 to 300 megawatts of chips by year-end and wants 1 by the end of 2027, with a combined sensor on sale in early 2027. It raised a $31 million in June. SourcesB

Machenta raises a $40 million seed to teach robots a task from one demonstration

Machenta, an 11-person Imperial College London spinout led by the robotics professor Edward Johns, raised a $40 million seed round co-led by Creandum and Union Square Ventures, announced on October 27th. Its model is trained only in simulated environments and is meant to pick up a new task after a single human demonstration. Imperial calls it the largest seed round for a UK robotics startup. There is no product yet, and Machenta did not disclose its . SourcesB B

Prediction Watch

Settled: we were right. Marvell signs a deal to buy Lumentum by November 30th (Prediction 2026-10-29-B1). We said the two would announce a definitive agreement within the month. They did on Monday, in an all-stock deal valuing Lumentum at $115 billion, 28 days early. We had it at 65%.

Settled: we were right. Anthropic's amended S-1 puts its total commitments above $600 billion (Prediction 2026-11-01-F1). We said the first amendment would state an aggregate above $600 billion once the second group of contracts was counted. Monday's S-1/A states about $895.4 billion, almost half of it due before the end of 2030. We had it at 60%.

Nothing else settled this afternoon. On the China and beat: nothing new since this morning. Moonshot's newest repository is still Kimi K3, from June, with two days left on the K3.1 Pro call.

Sources

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Morning Brief, November 2nd 2026