What’s News in Markets: Meta’s AI Bill, IBM’s Comeback, Musk Explores Merger

Investors are growing wary of massive AI capital spending even as revenue grows, pressuring Meta and chip stocks despite Anthropic's blockbuster growth.

• Anthropic IPO draft: WSJ reports a draft filing shows revenue up nearly 15x year-over-year, with planned compute spending of up to $750 billion over coming years.
• Meta's AI spend spooks investors: Shares fell 9.4% after disclosing $825 billion in future leases/contracts (up from $700B in July) and its first negative free cash flow since the 2012 IPO, despite $64.6B in quarterly revenue.

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