Sources say Anthropic's IPO is expected to match or exceed SpaceX's record size. The company plans to prepare IPO filing documents as early as the end of August. Anthropic reported Q2 revenue above $11.5 bln and July annualized revenue of $65 bln.

Surging power demand from oil and gas producers in West Texas, alongside tech firms building data centers in the Permian, is sharply increasing local electricity needs. Diamondback, one of the Permian’s largest oil producers, says its power consumption could double over the next decade even if output stays flat. A Citigroup analyst warned Thursday the region could face blackouts as soon as next summer. Executives from the Texas grid operator and state utility regulators testified this week to the Texas House State Affairs Committee on the need to add transmission lines.

Hong Kong-listed biotech stocks pulled back: Yunding Xinyao (01952.HK) fell nearly 10%, CanSino Biologics (06185.HK) fell over 8%, Yunkang Group (02325.HK) fell over 7%.