Anthropic's revenue is still growing rapidly, but compute commitments and donation matching have turned its operating books to a loss. Apple and Palantir reported strong earnings, yet the market simultaneously compressed tech valuations, as the costs of AI expansion begin to be priced alongside revenue.
1 | Anthropic Q3 revenue nearly $17 billion, operating loss rises to $567 million
The U.S. Securities and Exchange Commission received Anthropic's revised listing filing on November 2: the company's third-quarter revenue was $16.956 billion, up from $11.555 billion in the second quarter and $1.382 billion in the year-ago period, but it swung from operating profit of $974 million last quarter to an operating loss of $567 million. Anthropic said roughly $5 billion in short-term committed compute costs and $2 billion in non-cash donation matching expenses were significant factors in the quarterly loss. Adjusted operating profit after excluding certain items was still $2.463 billion, with margin falling from 19% to 15%. Revenue expansion and cost jumps occurred simultaneously; the GAAP loss alone cannot be used to judge the business as collapsing, nor can adjusted profit be treated as cash flow. (Continued IPO progress)
(Source: U.S. SEC / CoinDesk)
2 | AI tech stocks remain under pressure, Nasdaq falls 1.1%, Dow bucked the trend to close higher
The three major U.S. indexes diverged on Monday: the S&P 500 fell 0.5%, the Nasdaq Composite dropped 1.1%, while the Dow rose 0.4%, with nearly 70% of S&P 500 constituents advancing. Reuters said pre-market that tech stocks showed signs of stabilization after a weak October, but Nvidia reversed from a 2.6% intraday gain to close down 1.3%, and a late-session tech pullback dragged on the index, while Brent crude fell 7.6%. Pressure persisted after Friday's sharp tech selloff, but the latest trading was not a synchronized market-wide crash, and this divergence became more evident at the close. Investors are still assessing whether AI capital expenditure can deliver profits, and after Apple and Palantir reported earnings after the bell, whether earnings can offset valuation and cost concerns has become a new test point. (Continued from yesterday's report)
(Source: Associated Press / Reuters)
3 | Apple quarterly revenue rises 12% to $114.5 billion, warns memory costs will weigh on gross margin
Apple reported fiscal fourth-quarter revenue of $114.5 billion for the period ended September 26, up 12% year over year, with net profit of $30.7 billion and earnings per share of $2.10, including a 5-cent positive impact from tariff refunds. iPhone quarterly revenue set a record for the same quarter, services revenue hit an all-time high, and overall results beat analyst expectations. However, quarterly gross margin was 47.9%, and Apple expects it to fall to 45% to 46% in the December quarter, mainly due to rising memory costs and Siri AI-related expenses. This was the first quarterly earnings report since new CEO Ternus took over, showing strong revenue alongside margin pressure. The market will next watch whether the company can defend gross margin amid peak-season demand and component price increases.
(Source: Apple Investor Relations / Associated Press)
4 | Palantir Q3 revenue grows 96% to $2.3 billion, raises full-year outlook
Palantir reported third-quarter revenue of $2.313 billion, up 96% year-over-year and 20% quarter-over-quarter, surpassing $2 billion in a single quarter for the first time. U.S. commercial revenue reached $984 million, up 148% year-over-year, exceeding U.S. government business revenue of $953 million. The company raised its full-year 2026 revenue guidance to $8.530 billion to $8.534 billion, representing approximately 91% year-over-year growth at the midpoint. The results show that enterprise AI software demand can still translate into revenue, but Palantir's growth rate cannot represent the entire software industry. Rapid growth and high margins have also become prerequisites for the market to assess its valuation, and U.S. commercial revenue surpassing government business for the first time is a new signal of the company's changing customer mix.
(Source: Palantir Investor Relations / Reuters)
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