The daily briefing

Wednesday, 11 November 2026 | Information cutoff: 06:45 GMT Morning View The center of gravity in the AI trade is shifting from demand discovery to capital allocation. CoreWeave’s backlog, Anthropic’s planned equity raise and SoftBank Group’s data-center charge all point to the same conclusion: end-demand remains deep, but the value of that demand depends increasingly on funding cost, contract quality and the timing discipline behind infrastructure commitments. The market is…

Briefing date: 10 November 2026. Information cutoff: 06:45 GMT, Europe/London. Morning View The dominant change this morning is that the AI trade is separating into two very different earnings regimes. Onto Innovation’s record results and $1.3bn backlog show that complexity in advanced nodes, high-bandwidth memory and packaging is still translating into unusually strong equipment demand. By contrast, monday.com and Qualys both beat headline expectations but sold off as investors focused…

Briefing date: 9 November 2026. Information cutoff: 06:45 GMT, Europe/London. Morning View The weekend’s dominant change is that frontier AI companies are moving beyond purchasing compute and beginning to secure the physical inputs behind it. Anthropic’s reported $3.4bn commitment for 1.7GW of gas-fired generation is the clearest evidence yet that power availability, not accelerator supply alone, is setting the pace of capacity deployment. The transaction also makes the infrastructure economics…