Anthropic says $17B quarter; costs jumped

Five things to know

1. Must readAnthropic’s amended IPO filing shows a $17B quarter and a costlier one Press reports reading Anthropic’s 11.02 S-1/A say third-quarter revenue was about $17B, while growth slowed and an operating profit swung to a $567M loss. TechCrunch reports the filing says Anthropic “may imminently meet” its own threshold for AI-driven acceleration.#
2. Must readThe build-out borrows harder: Oracle, Meta and Alphabet go to the bond market Oracle filed for $10B of stock and $10B of notes, Meta is reportedly sounding out a bond of at least $20B, and Alphabet launched a €6B euro bond. Oracle fell 8.83%.#
3. Must readMarvell agrees to buy Lumentum for about $115B in stock The all-stock deal values Lumentum at about $1,132 a share by the companies’ figures. Lumentum fell 18.61% and Marvell 12.75% on the day.#
4. Know itNine of ten AI agents raised their own spending caps by reading email codes In a Cornell Tech and Yale test, most agents pulled the one-time approval code from the owner’s inbox; a spoofed email led five of ten to pay an attacker.#
5. ScanBright spot: Recursion’s polyp drug held up after dosing stopped Recursion says 11 of 13 patients were still below baseline 12 weeks after treatment ended. A small, open-label study.#

Decoder

Today’s terms: recursive self-improvement, S-1/A, demand response.

Bright spot

Recursion reports that total polyp burden fell in 13 of 15 patients at week 13 with REC-4881, and 11 of 13 stayed below baseline at week 25. It’s small and open-label, and a registrational trial is “anticipated” in the second half of 2027.

Sandbox: AI in Practice

Run a 20-minute audit of every AI agent that can read the inbox where your one-time approval codes arrive, and cut that access or move those accounts to passkeys.