There is another major player that may profit without lifting a finger.

在利率维持高位的背景下，市场如何评估科技股估值与后续走势？

The Fed's October meeting held rates steady at 3.75%-4.00% in a 10-2 vote, with two voting members advocating for a rate hike. The 10-year Treasury yield rose to 5.045%, while the three major indices closed slightly higher, with the Nasdaq up 0.27%. After hours, GOOGL fell nearly 10% on a revenue miss and negative free cash flow, while Microsoft rose about 3% on Azure's 48% growth. Tonight, focus on the Q3 GDP preliminary reading, September core PCE, and after-hours earnings from MSTR and Coinbase.

What the market may need to determine is no longer just how much more will be invested in AI infrastructure, but how much revenue these investments can ultimately generate, how much cash flow they can produce, and who can protect profits amid fierce competition. Orders determine growth opportunities, financing affects the speed of expansion, and cash flow determines whether this business can remain viable over the long term.

On October 26, CZ @cz_binance appeared at Nasdaq, attending the bell-ringing ceremony together with the management of BNB Standard (ticker: BNC).

If the data and guidance disclosed this week show simultaneous improvement in revenue growth, margin expansion, and investment efficiency, the market will have reason to continue awarding a long-term growth premium. If investment continues to expand while the timeline for realizing returns keeps getting pushed back, valuations may also adjust accordingly.

SK Hynix has delivered the strongest quarterly earnings in the company's history. In FY2026 Q3, revenue reached KRW 104.62 trillion, up 328% year-over-year and 32% quarter-over-quarter, surpassing the KRW 100 trillion mark for the first time and exceeding market expectations of approximately KRW 98.23 trillion. Operating profit reached KRW 83.33 trillion, up 632% year-over-year and 38% quarter-over-quarter, also beating market expectations of approximately KRW 76.96 trillion.

On October 27 US Eastern Time, enthusiasm for AI investment reignited, with the Philadelphia Semiconductor Index surging 3.6%, the Nasdaq rising 1.18% for its best performance in nearly a month, the S&P 500 gaining 0.60%, and the Dow edging up 0.03%. The Federal Reserve's October 27-28 FOMC meeting is underway, with the rate decision scheduled to be announced at 2:00 AM Beijing Time on October 29. 94 economists expect rates to remain unchanged at 3.75%-4.00%.

The program covers AI product-related departments, with only the data center business unaffected.

Democrats taking the House is all but certain, while the Senate remains in flux.

Anthropic is racing toward a U.S. IPO, with revenue reaching $16.286 billion in the first half of 2026, up about 14x year-over-year, but with a net loss as high as $80.748 billion. The massive loss includes substantial changes in the fair value of financial instruments and does not mean the same amount of actual cash was burned. This article analyzes the investment logic of Anthropic from the perspectives of enterprise customer growth, computing power costs, profitability, and potential valuation, and outlines the possible impact of its listing on the AI industry chain.

The most important significance of Anthropic's listing is that the public market can finally price a frontier large model company independently.

On Monday, October 26 (US Eastern Time), all three major US stock indices closed higher: the S&P 500 rose 0.70% to 7,676.77, the Nasdaq gained 0.83% to 26,169.38, and the Dow added 0.28% to 52,361.58, while the semiconductor sector surged 2.82%. Anthropic publicly filed its S-1 prospectus, disclosing $16.3 billion in revenue for the first half of the year, boosting sentiment across AI and technology sectors.

Last week, the U.S. stock market saw intensified divergence, with the Nasdaq and S&P 500 edging lower while the Russell 2000 rose against the trend. As Microsoft, Google, and Amazon earnings reports and the Federal Reserve's interest rate decision arrive in succession, whether AI capital expenditure can translate into actual profits and cash flow will become the focus of market attention this week.

Tokenized US Stocks Face Pushback from Traditional Markets.

Aims to Become the Second-Largest Treasury Company by Year-End.