The "just buy the S&P, you don't need anything else" crowd had a decent year. $SPY up 14%. Taiwan is up 69%. Korea is up 62%. Even Japan beat it. Home bias feels safe right up until you check what you missed.

$HOOD missed on both lines tonight, with adjusted EPS of $0.51 vs $0.55 expected and revenue of $1.42B vs $1.43B. Revenue still grew 12%, but shares are down about 5% after hours. When the bar keeps rising, a near miss reads like a real one.

$V beat on revenue by about $10M on a $12B quarter, which is basically in line. EPS of $3.48 vs $3.44 and 74.2B processed transactions look solid, but the stock is slipping after hours anyway. At this size, matching the bar isn't the same as clearing it.

Five of the Magnificent 7 are losing to the boring equal-weight S&P 500 this year. $TSLA is down 13%, Meta down 4%, Alphabet basically flat. Everyone paid up for the 7 stocks that "can't lose". The other 493 quietly did the work.

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Most risk factors say competition could hurt margins. Anthropic's S-1 says the entire insurance industry might not be big enough to cover what could go wrong. Bold choice for a sales document.

Want to see how much AI exposure your own portfolio already has? Ask Kyro. Not financial advice.

What to watch. SpaceX's record $85.7bn IPO is the bar it gets measured against. And the mood in AI infrastructure is shaky, with $CRWV and $NBIS both down over 30% in October.

In plain terms: price and size aren't set yet, and the company is still private. Goldman Sachs and Morgan Stanley are leading the deal.

Revenue for H1 2026 was $16.29bn, up from $1.16bn. Net loss for the same period was $80.7bn. Huge growth, and a huge bill to go with it.

Anthropic just filed its S-1 with the SEC. The plan is a Nasdaq listing under the ticker ANT. Here's what's actually in the filing so far 🧵

Everyone wanted a piece of the 2021 IPO boom on day one. $10k at the first close in Rivian, Bumble or Oatly is worth about $1,200 or less today. $RIVN alone is down 88%. Six of these seven lost money. The one big winner was the app people used to buy the rest.