Top Overnight News

Anthropic could spend $750 billion on additional computing power in the coming years, the WSJ reported, citing a draft IPO prospectus, while billionaire Ken Griffin said investors are "almost certainly" in the midst of an AI bubble. BBG

Nvidia is in talks to invest hundreds of millions of dollars in Australian AI cloud provider Firmus. The Information

Nasdaq futures rose after SpaceX and Super Micro topped forecasts, reigniting the AI trade. Adding to the buzz, Elon Musk said SpaceX and Tesla are studying a potential merger that would be the biggest ever. BBG

Persian Gulf oil exports have surpassed prewar levels, as an improvised shipping system under U.S. protection is helping tankers move oil through one of Iran’s fiercest waves of attacks in the Strait of Hormuz. WSJ

Benjamin Netanyahu is pushing to resume large-scale strikes against Iran and had instructed his military to plan for a major new offensive earlier this month, moves that risk plunging the region back into full-scale war. FT

More Oil Is Now Coming Out of the Persian Gulf Than Before the Iran War: WSJ

"Given that the White House has shown no willingness to reach an understanding on the way forward, while also threatening more violence, there is little reason to expect progress now," Iranian FM Araghchi said in an FT op-ed. BBG

UKMTO received a late report of a tanker struck by an unknown projectile 30 nautical miles southeast of Al Faw, Iraq, on Tuesday; crew reported safe. BBG

French yields rose above 5% for the first time since 2002 as persistent fiscal concerns continued to weigh on bonds BBG

U.K. inflation rose further above the Bank of England’s target in September as policymakers prepare for a meeting that investors expect will yield a first rate increase since the start of the war between the U.S. and Iran. WSJ

Britain’s national debt topped £3 trillion for the first time as the government borrowed more than forecast in the first half of the fiscal year. BBG

Australia’s inflation outlook looks “materially worse” than previously expected, RBA Deputy Governor Andrew Hauser said, bolstering expectations for a fifth hike this year in November. BBG

Japan’s exports rose 16.7% in September, missing forecasts despite an increase in chip shipments. South Korea’s exports jumped 65.9% in early October, powered by a more than 220% semiconductor surge. BBG

Leaders of Ukraine, Finland and Norway hailed progress in talks in Oslo on Tuesday about how to end Russia’s war in Ukraine, but they did not announce any breakthroughs. “I think we made genuine progress today,” said Finnish President Alexander Stubb, who co-hosted the talks with Norwegian Prime Minister Jonas Gahr Støre at the request of Ukraine. FT

Elon Musk ordered a slowdown of Ukraine's military-grade Starlink service, and Musk and Trump discussed the decision in a subsequent call. WSJ

The US is increasingly reliant on price-sensitive private investors to fund its debt as traditional buyers retreat. Hedge funds and other private investors now own about 70% of Treasuries, helping drive yields higher. BBG

US President Trump posted that he is watching data centres closely

US and Mexican negotiators hit an impasse over tariffs on steel and aluminum, dashing earlier optimism. BBG

National Democrats sued Trump and the US Justice Department over what they say is a coordinated effort to erode confidence in the midterms. BBG

JPM's Mark Schilsky puts buyside consensus for Meta's 2027 opex plus capex at $435-475 billion, and says a majority of investors still expect an equity raise post-Q3. JPM

Goldman estimates global crude freight rates are above $20/bbl, about 7x a year ago, with the Hormuz war-risk premium alone accounting for about $7/bbl. GS

Over the past two weeks, HFs aggressively net sold global Info Tech stocks at the fastest pace in the past decade (-3.3 SDs), driven by long-and-short sales. Net allocation to Global AI stocks now sits in the 38th percentile while aggregate long/short ratio is in the 6th percentile vs. the past year. GS(Historical earnings: For 2026Q3 (period ended 2026-04-03), Sandisk reported basic EPS of 30.82, diluted EPS of 29.42, and net income of USD 4.530 billion, versus prior-year 2025Q3 basic and diluted EPS of -11.16 and net income of USD -1.618 billion. 2026Q2 (period ended 2026-01-02) basic EPS was 6.27 and diluted EPS was 6.02. Consensus expectations: For the upcoming period (event date 2026-10-29), consensus EPS is 46.2722 and revenue is USD 10.677 billion.)