The daily briefing

Morning View The clearest change this morning is that the AI capital cycle is moving from extraordinary infrastructure spending into an equally extraordinary financing phase. Anthropic is reportedly discussing a potential IPO that could raise as much as $100bn at around a $2tn valuation, with Nvidia considering an anchor investment of up to $10bn; Z.AI launched roughly $5bn of equity and convertible financing in Hong Kong; and SpaceX disclosed a…

Briefing date: 10 September 2026. Information cutoff: 06:47 Europe/London. Morning View The overnight picture is constructive for AI infrastructure demand but increasingly discriminating on value capture. SailPoint’s fiscal Q2 provides one of the clearest software datapoints that agentic AI is already creating a monetizable identity-security workload: AI-driven products contributed more than 30% of net-new ARR, while SaaS ARR grew 36%. In hardware, the pressure point has moved to memory. Chinese…

Morning View The market is beginning to separate AI demand from AI economics. Qualcomm’s new Amazon collaboration is the clearest fresh example: custom inference silicon and 1.6T optical connectivity are moving beyond the Broadcom/Marvell duopoly, but the associated warrant structure shows how commercial commitments and strategic equity incentives are becoming intertwined. At the same time, ServiceTitan and Braze both delivered better-than-expected quarterly growth and materially stronger cash generation, yet their…