U.S. 4-month Treasury auction settled Oct. 21; stop-out yield 4.155% vs 4.20% prior.

Anthropic’s IPO filing shows 1H revenue of $16.3 bln versus $1.1 bln a year earlier and a 1H net loss of $80.7 bln, about $72 bln of which stems from fair‑value changes on convertible notes and other financing instruments. 1H compute and infrastructure spend was nearly $9.0 bln; the company expects related 2025 full‑year spending of $7.3 bln. Anthropic disclosed roughly $450 bln of cloud‑contract commitments over 7–10 years and has pledged to pay Google more than $160 bln for leased chips; total infrastructure commitments exceed $600 bln and could rise by up to $150 bln if still‑negotiating deals close. About 20% of 1H revenue came from two customers and the company says future revenue will remain highly concentrated. The filing flags risks that AI models could cause real‑world harms that may be uninsured and that data‑center construction faces growing organized political resistance.

美国总统特朗普：截至选举日，我已经花费或将累计花费超过4亿美元。