Finance, in brief

Anthropic, the AI company that makes Claude, lost $42 billion in 2025, according to papers for its first sale of shares to the public, which Reuters has seen. [1] Anthropic declined to comment. [1][2]

About $34 billion of that loss is an accounting charge: a rise in the estimated value of funding that could later turn into shares. [1] It is not cash that Anthropic paid out. [1]

Its sales grew 12-fold in 2025, to nearly $4.6 billion. [1] Its day-to-day loss widened to $8.06 billion, from $2.98 billion in 2024. [1]

It spent $7.33 billion on computing power and data centres, three times the year before and more than half of its $12.65 billion of costs. [1]

The papers list plans to spend $518 billion on cloud, computing and other infrastructure commitments. [1]

Nearly a quarter of its sales came from two customers, and it warns that many big customers are not tied to long contracts and could stop spending. [1]

The listing could value Anthropic at more than $2 trillion, more than double its estimated value of $965 billion in May. [1]

Its seven co-founders, including chief executive Dario Amodei, will form a 'Founder LLC'. [2] A majority of them will direct one special share that carries 50.1% of the votes on key matters, such as electing some directors. [2]

Shares sold to the public will carry one vote each, and the filing warns that the way the company is run may lead to decisions that lower their value. [2]

Anthropic will stay a public benefit corporation, a legal form that lets its leaders weigh the interests of the rest of humanity against those of investors. [2]

About 80 of the prospectus's 261 main pages set out risks, nearly twice the 48 pages about what the company does and sells. [3]

Among them, it warns that advanced AI could pose 'catastrophic or existential risks to humanity', and that its models could try to resist being shut down. [3]

Why it matters. Watch for the papers to be made public: they will show whether Reuters' figures hold, and when the $518 billion falls due, before anyone is asked to buy a share. [1]

Nvidia, whose chips power much of the AI boom, said on Monday it would spend another $150 billion buying back its own shares. [16][7] That lifts the total it is allowed to spend to $235 billion, which it plans to use by January 2028. [16][7] The old record for one buyback plan was Apple's $110 billion, set in 2024. [17] Nvidia made a profit of $59.69 billion in its last quarter alone. [7] Its shares rose about 2% on a day when most chip shares fell. [7][6]

Why it matters. When a company buys back shares, there are fewer left, so each one owns a bigger slice of the profit. [7] Critics say the same money could have paid for hiring or research. [16]

US shares fell on Monday. [18] The Dow Jones index of 30 big companies lost 0.67%, and the tech-heavy Nasdaq lost 0.92%. [18] The yearly interest on the US government's 10-year bond reached 5.27%, its highest since 2007. [4] Traders now see a 70% chance that the US central bank raises rates again in late October, up from 56% a week before. [4] Makers of AI equipment such as Lumentum and Corning fell after OpenAI paused training its newest models. [6]

Why it matters. The 10-year rate is the base for mortgages and company loans, so when it rises, borrowing costs more for households and firms. [4] The US jobs report on Friday is the next big test for rates. [19]

Brent crude, the main world oil price, rose 0.6% to $105.91 a barrel early on Tuesday, its second day of gains. [10] On Monday it had jumped 2.65% to $107.08, after President Trump turned down Iran's plan to reopen the Strait of Hormuz, the sea lane most Gulf oil must pass. [4] Yet oil exports from the big Middle East producers rose to 12.8 million barrels a day in September, the most since February, Kpler data show. [10]

Why it matters. An analyst at KCM Trade said much of that oil leaves by ship-to-ship transfers, which cost more than normal loading, so the price stays high. [10] He said hope of a US-Iran deal is what keeps Brent below $110. [10]

Meta, the owner of Facebook and Instagram, hired CJ Desai, the chief executive of MongoDB, on Monday. [9][20] MongoDB makes database software that businesses use to store and search their data. [20] Desai had run it for less than a year, and his predecessor, Dev Ittycheria, is back as interim boss. [9][20] MongoDB's shares fell about 18%, on course for their worst day in nearly seven months. [9][21] Desai will run a new Meta unit that sells its AI assistants and coding tools to businesses. [9][20]

Why it matters. MongoDB's shares had already lost nearly a quarter of their value this year. [9] Meta's own shares fell about 4% on Monday, after rising 13% the week before on its Muse assistant. [9][22]

AMD, a maker of computer chips, agreed on Monday to buy World Labs, an AI start-up, for about $8.2 billion. [8][23] AMD will pay in its own shares, not cash. [8][23] World Labs, founded in 2023, builds AI that can create and move through 3D worlds, for uses such as robots. [8][23] Its co-founder Fei-Fei Li, a leading AI researcher, becomes AMD's chief scientist. [8] World Labs had trained its models on AMD's chips. [23]

Why it matters. AMD, worth close to $1 trillion, is trying to catch up with Nvidia, its much larger rival, which already builds this kind of AI. [23] The deal is expected to close by the end of the year. [8][23]

India's Nifty 50 index of big companies fell 1.56% on Monday to 22,780, and the Sensex index fell 1,124 points. [5][18] During the day the Nifty went below 22,900 for the first time since 7 April. [24] Every group of shares fell, led by state-owned banks, which lost more than 3% on fears of higher interest rates. [5][24] Foreign investors sold 5,353 crore rupees of shares, about 53.5 billion, their third day of selling in a row. [18][25]

Why it matters. The rupee weakened to 96.03 to the US dollar, and traders blamed oil above $106 and high US interest rates. [25][18] Indian funds bought 5,189 crore rupees of shares, almost as much as foreigners sold. [18]

President Trump announced on Monday a plan by Mesabi Metallics to build a $15 billion steel mill in Iowa. [15][26] Mesabi is owned by Essar Group, an Indian industrial company, and has just opened an iron ore mine in Minnesota. [26][27] The Trump administration says the mill will start making steel in 2030 and grow to 10 million tons a year, more than any other US plant. [27][26] Trump has put a 50% tax on imported steel, which keeps US steel prices high. [27][26]

Why it matters. Trump administration officials say it will bring up to 6,000 building jobs and at least 1,750 lasting ones. [15] It came weeks before November's midterm elections, in which Iowa's races for governor and for the US Senate are close. [27][28]

Gold fell about 3% on Monday. [6] By midday in London it was $4,159 an ounce, down from $4,283 on Friday. [13] It steadied on Tuesday, near its lowest level in more than seven weeks. [25] Gold pays no interest, so it loses buyers when bonds pay more, and the US 10-year bond now pays over 5.2%. [6] The gold miner Newmont fell more than 4%, and Fresnillo lost 6.4% in London. [6][13]

Why it matters. Silver fell almost 5%, and mining companies were the five worst performers among London's 100 biggest shares. [13]

Diesel in the UK cost an average of 199.18p a litre on Monday, the highest ever, according to the RAC, a motoring group. [11][13] It beat the record set after Russia invaded Ukraine in 2022. [11] Diesel is 56.8p dearer than on 28 February, when the US-Iran war began. [11] Ukraine's drone attacks on Russian refineries have cut Russia's diesel exports, and Iran's blockade of Hormuz has limited fuel supplies. [11] Petrol averages 174.13p. [11]

Why it matters. The RAC called it a financial blow to households and businesses that use their vehicles regularly. [11]

The UK government unveiled Your First Home on Monday, a plan for first-time buyers of new homes in England. [13] Buyers can put down a deposit of as little as 2.5%. [13] Britain's government lends up to 20% of the price, at first without interest. [13] Shares in housebuilders jumped: Persimmon rose 15%, Taylor Wimpey 13% and Barratt Redrow 12%. [13] Its cost and timetable are expected in the Budget on 28 October. [13]

Why it matters. Berenberg, a bank, said the small deposit and the 20% loan could make a very big difference to what buyers can afford. [13] Makers of kitchens and bricks rose too: Howden 5.9% and Ibstock 21%. [13]

QatarEnergy, Qatar's state gas company, will not ship liquefied natural gas to Italy's Edison until the start of December, Edison said on Monday. [12] Liquefied gas is gas cooled into a liquid so it can travel by ship. Qatar cancelled six more cargoes, making 35 undelivered since April. [12] Qatar shipped just 18 cargoes of it by the end of August, against 509 in the same months last year, ICIS data show. [12] A few Qatar-linked gas tankers did cross the Strait of Hormuz this month. [29]

Why it matters. Edison's Qatar contract covers about a tenth of Italy's gas, and the heating season starts in days. [12] Edison has replaced 23 of the missing cargoes, mostly from US suppliers. [12]

Russia put the Russian business of Metro, a German retailer, under temporary state control, a decree published on Monday showed. [14][30] The decree gave no reason. [14] Russia did the same to Nestle, the Swiss food company, and Auchan, a French retailer, earlier this month. [14][30] Under this process, local owners took over the Russian businesses of Danone and Carlsberg at knockdown prices. [30] Metro has 9,000 staff in Russia. [30]

Why it matters. It followed a row over an attempted drone attack on Leipzig/Halle airport, which Germany blames on Russia and Russia denies. [14] Metro said it already had no day-to-day control of its Russian arm. [30]

India's market regulator, SEBI, let Gautam Adani and four of his group's companies settle a case on Monday. [31] It was about whether they kept at least 25% of their shares in public hands, as India's rules require. [31] Together with 14 directors, they paid 14.82 million rupees, about $154,000. [31] The settlement makes no finding on whether the rules were broken. [31]

Why it matters. The probe began after Hindenburg, a US firm that bets on falling shares, accused the group of manipulating its share prices in 2023, which the group denied. [31] Other probes, into offshore investors and share trading, are still open. [31]

Nu Holdings, a digital bank with 139 million customers, has reportedly held talks to buy Monzo, a British app-based bank. [32] A deal could value Monzo at 8 billion to 10 billion pounds. [32] Monzo has hired advisers to weigh a full sale, new funding or selling part of itself. [32] It has 15.2 million customers and made 172.6 million pounds of adjusted profit before tax on 1.7 billion pounds of revenue in its last financial year. [32]

Why it matters. A deal would give Nu an established British bank and a licensed base to expand across the EU. [32] Advent, a buyout firm, is among those that have discussed buying a minority stake instead. [32]

Jefferies, a New York investment bank, beat profit forecasts for its third quarter on Monday. [33] Its fees for advising on deals and selling shares rose 17% to $1.33 billion. [33] Its trading arm rose 11% to $802 million, helped by record share trading. [33] But its fund business earned $34 million, down from $84 million, partly because one fund had money tied up in First Brands, a car-parts supplier that went bust. [33]

Why it matters. Jefferies reports before the big US banks, so investors read it as an early sign of their deal-making this quarter. [33] Companies have agreed deals worth more than $4 trillion around the world this year. [33]

Prediction markets such as Polymarket and Kalshi, websites where people bet on future events, now offer tens of thousands of bets on US companies, a Reuters review found. [34] People can bet on moves in shares such as Tesla and Apple, or on company figures. [34] These bets sit outside many of the rules that protect investors on regulated stock exchanges. [34] Legal experts warn that if they keep growing they could move real share prices. [34]

Why it matters. They are still tiny next to the stock market. [34] Yesha Yadav, a law dean at Vanderbilt University, called it "innovation on steroids" and said watchdogs should act fast. [34]

Bridgepoint and Astorg, two private equity firms, are considering selling Fenergo, three people familiar with the matter told Reuters. [35] Fenergo, based in Dublin, makes software that more than 300 of the world's biggest banks and insurers use to check their customers and follow the rules. [35] One source said it could be valued at more than 2 billion pounds. [35] A sale could begin early in 2027. [35]

Why it matters. It is one of several software firms being readied for sale, with buyout firms such as Thoma Bravo and Vista weighing sales too. [35]

AI companies, buyout firms and trade unions have formed the American Infrastructure Alliance, a group with millions of dollars to spend, Axios reported. [36] Its backers include Blackstone, OpenAI, SoftBank and the electricians' union, the IBEW. [36] It wants to agree rules for new data centres with officials in seven US states, including Texas, Ohio and Iowa. [36] In return it hopes to head off bans on new building. [36]

Why it matters. It is planning for 2027, not this year's elections. [36] The IBEW's president said blanket bans would threaten good middle-class jobs. [36]

Democrats plan to investigate business deals by President Trump's family if they win either chamber of the US Congress in November, lawmakers, staff and lawyers told Reuters. [37] Companies that gave money for Trump's White House ballroom are expected to be among the first targets. [37] Winning either chamber would give Democrats the power to demand documents, with probes starting as early as February. [37] Trump's family has moved into crypto, drones, AI and prediction markets. [37]

Why it matters. Trump's own wealth has grown by an estimated $2.2 billion in two years of family deal-making. [37] Long legal fights over documents could follow. [37]

Canadian companies are looking for customers and suppliers outside the United States after US tariffs and threats, The New York Times reported. [38] Accelovant, a Vancouver firm that makes temperature sensors used in chip-making, is moving production from its US factory to Southeast Asia. [38] It got a $1 million grant from Canada's government to cut its reliance on the US. [38]

Why it matters. Its founder, Michael Goldstein, is one of many Canadian business owners who now see the US as an unreliable trading partner, the Times reported. [38]

Britain's Competition Appeal Tribunal let part of a consumer lawsuit against Apple and Amazon go ahead on Monday. [39] It claims the two agreed in 2018 to limit which sellers could offer Apple and Beats products on Amazon's UK website, which pushed prices up. [39] The part allowed covers Apple products bought on Amazon's marketplace. [39] The claimant values it at 289 million to 306 million pounds, with interest. [39]

Why it matters. The tribunal threw out a wider claim about other shops, calling its theory of harm speculative. [39] Last year it had refused a similar case over who would represent buyers and how it was funded. [39]

Sapphire Minmetals, a trading firm, and related companies are suing Glencore, a London-listed commodities trader, for $2 billion in Singapore's High Court. [40] They accuse Glencore of fraud, breach of contract and conspiracy. [40] Last week a judge put KPMG in charge of Radiant World, one of the firms, to look into suspected fraud there. [40] Sapphire's chairman, Rakesh Sethi, said on Monday they will push for a fast trial. [40]

Why it matters. Glencore recently suspended its head of iron ore trading, Peter Hill, Bloomberg reported. [40]

Boeing's shares fell 5% on Monday. [6] Over the weekend the planemaker said it had found a software fault last month on some 737 Max jets, which could affect certain landing procedures. [6] US airlines told CNBC that their Max 8 and Max 9 planes do not carry the updated software involved. [6]

Why it matters. Boeing flagged the fault itself, and the airlines CNBC asked say the planes they fly now are not affected. [6] Airline shares fell too, but because of dearer jet fuel: United and American each lost more than 2%. [6]

Shares of Kodiak Sciences, a biotech company, rose about 170% on Monday. [6] Its two experimental eye treatments, Zenkuda and KSI-501, met their main goals in a final-stage trial. [6] The patients had wet age-related macular degeneration, an eye disease that can take away central sight in older people. [6]

Why it matters. CNBC listed it among the biggest share moves of the day. [6] A final-stage trial is usually the last big test before a company asks regulators to approve a medicine.

The Trump administration allowed traders to import gold from Venezuela in March, after the US removed President Nicolas Maduro, The New York Times reported. [41] Trump had once blacklisted that gold, saying it poisoned people and paid for gangsters and corrupt officers. [41] It comes from one of the world's most violent and corrupt mining regions. [41] The first supplies came from a state mining company that the US still lists as a security threat. [41]

Why it matters. The Trump administration is now helping to arrange deals in the trade, the Times reported. [41]