HAPPY MONDAY TO THE STREET
Anthropic picked a rough week to open its books.
Days after its IPO filing, partners Microsoft (MSFT), Alphabet (GOOGL), and Amazon (AMZN) posted shrinking cash flow from the AI buildout, handing the Nasdaq Composite its first three-week losing streak since March.
Then the Claude-parent company amended its S-1 today, showing $17B in Q3 revenue, $895.4B in compute commitments, and a $104B nine-month loss (mostly on paper).
Investors wanted a look under the hood. Instead they got the fuel bill.
🟨 | US stocks were mixed today, with the S&P 500 and Nasdaq Composite reversing earlier sharp gains, as investors rotated out of tech, hedging against volatility ahead of tomorrow’s midterms.
📈 | One Notable Gainer: Tempus AI (TEM) jumped after beating Q3 estimates and raised its 2026 revenue forecast.
— Brooks & The Street Sheet Team
MARKET SNAPSHOT
S&P 500 Heatmap. Credit: Unusual Whales
Market Movers
ORACLE, SPACEX, MICRON
📉 | Oracle (ORCL) filed to sell $10B in stock and $10B in notes to fund its AI build-out.
📈 | SpaceX (SPCX) is reportedly in talks to buy Boost Mobile from Dish Network.
📉 | Micron (MU) led memory stocks lower, extending Friday's slump.
📈 | IDEXX Laboratories (IDXX) beat Q3 estimates and raised its 2026 outlook.
📉 | Krystal Biotech (KRYS) slumped after pushing several data readouts to 2027.
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Clearance Sale
Rivian's recent sell-off looks more like a clearance sale to UBS.
Analyst Joseph Spak upgraded the EV maker to Buy, calling the pullback a buying opportunity ahead of an inflection in its gross margins and the release of the R2, the firm’s more affordable electric SUV model.
Margin Call Answered
Rivian shares have slid over the past three months as a sudden slowdown in EV demand rattled growth expectations.
But Spak sees solid early demand for the R2 midsize SUV, a good sign before more trim levels roll out. As production ramps, he expects auto gross margins to turn positive, predicting Rivian will finish this year in the black on that metric.
He also flagged software and services, a high-margin business gaining steady traction that could help fund more growth.
Plugged Into Consensus
UBS has company. Of the 28 analysts covering Rivian, 16 rate it a Buy or Strong Buy, while seven say Hold. Jefferies (JEF) also upgraded the stock to Buy last week.
The EV market may be stuck in traffic. UBS thinks Rivian just found the passing lane.
Do you own shares of Rivian Automotive (RIVN)?
OVERHEARD ON THE STREET
🚀 | SpaceX President Gwynne Shotwell is donating over 2M SpaceX shares to kids' Trump Accounts in December.
🗳️ | The DOJ asked the Supreme Court to block California from counting about 20K disputed mail-in ballots.
🔥 | The US is pushing to restore Russian gas sales to Europe via Ukraine to secure an energy ceasefire.
📰 | Meta (META) delayed new business terms after publishers protested they allowed web scraping.
🧊 | Apparent cyberattacks set supermarket freezers to 122°F in five European countries, ruining food.
This cyberattack is just the latest in an intensifying trend we covered yesterday in November’s Street Sheet Research report. A Top 5% analyst identified one stock with the potential to reverse it, and thinks could gain 140%+ from here. Subscribe by midnight tonight for 60% off your first year, and to reveal the stock pick before its next potential catalyst hits later this week. Claim your limited-time offer here.
FRIDAY’S POLL RESULTS
Do you own shares of Intel Corporation (INTC)?
▇▇▇▇▇▇ 🐂 Yup, I’m holding
▇▇▇▇▇▇ 🐻 Nope, not interested
▇▇▇▇▇▇ 👀 No, but I’m interested
And, in response, you said:
🐂 Yup, I’m holding — “Everything nowadays uses chips.”
🐻 Nope, not interested — “Intel has lost its way starting some years ago when they overpriced CPUs relative to AMD. No reason to think they can turn it around any time soon.”
👀 No, but I’m interested — “I like value stocks, on sale. Just not sure which to choose.”
