Show Notes
Today, we look at the market's enthusiasm for the coming Anthropic IPO, which took an important step closer with the release of their S1 prospectus yesterday. The floating of the company will prove a massive test for the AI trade. Elsewhere, plenty more to discuss as the Euro is coming under pressure again despite a bid for French sovereign debt yesterday. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links
The UK Autumn Budget is incoming tomorrow from Chancellor Healey. There is talk of a more pragmatic approach from Burnham's government. Here is a thorough look at UK finances and perspective on what might be needed in this budget to stabilize the outlook for the UK's finances from the National Institute of Economic and Social Research commentators. Michael McNair warns on how Anthropic's cost side may have been underestimated and warns very thoroughly with a rare, general bear market call, mostly based on concerns related to a cybersecurity event, for which an AI company could be found liable. Louis Gave of GaveKal comments on the French debt situation and how real solutions are not meaningfully being discussed in this MacroVoices podcast (starting about 49 minutes in). Very interesting discussion of the three-way split in France's socioeconomic groups! A WSJ article links the US midterm elections with the prospect for data center buildouts proceeding in key states as political risk is an important part of the AI trade.
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