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Nvidia's worst nightmare may be lurking inside Anthropic's IPO filing

27 October 2026 at 19:31
Co-founder, President and CEO of US technology company Nvidia, Jensen Huang, looks on during a press briefing in Paris on October 13, 2026.
Nvidia CEO Jensen Huang.

Joel Saget / AFP via Getty Images

  • Anthropic is touting its ability to use different AI chips in its initial public offering filing.
  • Analysts say a multichip strategy could weaken Nvidia's pricing power.
  • Switching chips is hard and expensive, putting it out of reach for smaller players.

Anthropic is hedging its bets by using multiple chips to handle its AI work — a strategy that could eventually erode Nvidia's dominance.

The AI lab says it manages compute "as a single, fungible pool from multiple strategic partners" — with software that can direct its work to different chips depending on where they're most productive, according to Anthropic's S-1 filing, which came out Monday as the company prepares to go public.

Anthropic says it uses hardware from four chip families: Amazon Trainium, Google TPUs, Nvidia GPUs, and AMD GPUs.

That flexibility, which Anthropic said "took years and significant investment to build," could make major AI companies less dependent on Nvidia over time and give them more negotiating leverage, analysts said.

"The real exposure could be Nvidia's pricing power," said Patrick Moorhead, founder and CEO of Moor Insights & Strategy, "because a customer that can shift work across four platforms negotiates very differently than one that can't."

Ashish Nadkarni, an analyst at IDC, added that a multichip approach also makes Anthropic less vulnerable to fluctuations in Nvidia's chip supply.

Breaking Nvidia's grip isn't easy

Although Anthropic's chip mix isn't new, the company is now pitching it as a core advantage to investors, Moorhead said.

The threat has its limits. Switching between chips is still difficult — especially when it comes to training AI models as opposed to running them, Moorhead said — and only the biggest AI companies have the resources to do it.

Anthropic also continues to spend billions on Nvidia compute, Moorhead said.

Gil Luria, head of technology research at D.A. Davidson, said that while other major companies like OpenAI likely take a multichip approach, it may not be worth the effort and investment for smaller players.

Brad Gastwirth, global head of research and market intelligence at Circular Technology, said Anthropic's strategy doesn't represent a major near-term threat. Having more chip options doesn't erase Nvidia's advantages in performance, networking, and software, he said.

There's a broader risk for Nvidia if AI compute becomes more of a commodity.

Citadel CEO Ken Griffin has warned that if supply overtakes demand, it could drive down rental prices.

"GPUs, like airlines, have a very low marginal cost to run," he told Bloomberg last week. "The moment you have overcapacity, pricing goes into freefall."

Nvidia did not immediately respond to a request for comment from Business Insider.

Have a tip? Contact this reporter via email at gweiss@businessinsider.com or Signal at @geoffweiss.25. Use a personal email address, a non-work WiFi network, and a non-work device; here's our guide to sharing information securely.

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Closing Bell: Saudi stock market continues rising, gaining 2.3%

27 October 2026 at 13:59
The Saudi stock market continued its upward trend, with the Tadawul All Share Index increasing by 2.3% to close at 9,986.45 points, supported by strong trading activity totaling over SR7.16 billion. BinDawood Holding Co. led the gainers, soaring 10%, while National Co. for Learning and Education experienced the largest decline, dropping 6.48%.

AfD Data Leak Exposes Questions Over Alice Weidel’s Campaign Funding and Party’s Internal Divisions

27 October 2026 at 13:45

More than 420,000 leaked emails have reopened a controversy over illegal donations to Germany’s Alternative for Germany party, while newly examined correspondence reveals previously undisclosed disagreements within its leadership. The revelations could also influence the continuing debate over the party’s constitutional status.

Germany’s Alternative for Germany (AfD) is facing renewed scrutiny after hackers published a substantial archive of internal correspondence, exposing details of party finances, political strategy and disputes among senior officials.

The material, released on 19 October 2026, comprises approximately 421,000 emails and nearly 50,000 accompanying documents, amounting to some 281 gigabytes of data. The files cover more than a decade of party activity, including correspondence involving co-leader Alice Weidel, former chairman Alexander Gauland and other senior figures.

The AfD confirmed that its hosting provider had suffered a cyberattack in September. According to the party, the attackers obtained information from a limited number of email accounts, many of which had not been actively used for several years.

The identity of those responsible remains unknown.

The documents are being examined by several investigative teams, including ZDF, Der Spiegel and Austria’s Der Standard, with technical assistance from the Organised Crime and Corruption Reporting Project (OCCRP).

The Swiss donations controversy returns

The most consequential findings so far concern Weidel’s knowledge of illegal campaign donations received during Germany’s 2017 federal election.

At the time, approximately €132,000 was transferred through Swiss companies into accounts belonging to the AfD’s Bodensee district organisation. The payments were designated for Weidel’s election campaign, particularly its social media activities.

When the transactions became public in 2018, Weidel maintained that she had not known about the money until September 2017 and described the donations as unsolicited.

However, correspondence examined by German investigators and journalists raises questions about that account.

In an email dated 10 July 2017, attributed to Weidel, she told her district treasurer that campaign donations had been promised and requested that the party’s bank account be checked twice weekly.

She also asked to receive confirmation of incoming payments so that campaign expenditure could be planned.

Four days later, the first payment arrived from Switzerland.

Further correspondence indicates that Weidel arranged a separate campaign account and obtained authority to direct expenditure from donations earmarked for her election activities.

The latest investigation, published on 26 October, provides additional details about the account’s management and how the party handled the ensuing controversy.

The leaked correspondence also reportedly includes invoices relating to the purchase of approximately 25,000 Facebook followers for Weidel’s campaign. The extent to which those accounts were automated, and their influence on voters, has not been established.

The AfD was previously ordered to pay approximately €396,000 for accepting the unlawful donations. Criminal proceedings involving Weidel and other district officials were discontinued in September 2021 because prosecutors found insufficient evidence of criminal wrongdoing.

Weidel’s spokesman has rejected suggestions that she misrepresented events. He maintains that she had discussed possible contributions with several potential supporters but had neither anticipated specific amounts nor expected the payments from the Swiss companies concerned.

The new material does not establish that Weidel knew the identity of the ultimate donor or participated in concealing the source of the funds.

Emails reveal divisions over the party’s radical wing

Another development concerns Weidel’s earlier relationship with Björn Höcke, the influential leader of the AfD’s Thuringia organisation.

According to correspondence examined by WELT, Weidel expressed serious reservations between 2015 and 2017 about the influence of nationalist and extremist elements within the party.

She warned colleagues that associations with the anti-Islam Pegida movement and the far-right National Democratic Party risked alienating mainstream conservative voters, particularly in western Germany.

Her private concerns contrast with her subsequent accommodation of Höcke’s influence within the AfD.

The correspondence provides evidence of the internal disagreements that accompanied the party’s transformation from an initially Eurosceptic political movement into one centred increasingly on immigration, national identity and opposition to Germany’s established parties.

The revelations are particularly relevant because Weidel now promotes proposals for substantial changes to Germany’s relationship with the European Union.

As EU Today previously reported, she has advocated withdrawing Germany from the euro and the Schengen passport-free travel area.

Could the material influence an AfD ban?

The leak arrives amid continuing legal and political arguments over whether the AfD threatens Germany’s constitutional democratic order.

In May 2025, the Federal Office for the Protection of the Constitution classified the party as a confirmed right-wing extremist organisation. However, a Cologne court issued an injunction in February 2026, preventing that classification from taking effect pending a final judicial decision.

The court acknowledged evidence of anti-constitutional tendencies within the AfD but found that the material presented was insufficient at that stage to establish that they characterised the party as a whole.

The leaked emails could potentially become relevant to future assessments.

Germany’s Interior Ministry has confirmed that domestic intelligence authorities can, in principle, consider available information when evaluating possible threats to the constitutional order.

Nevertheless, whether unlawfully obtained correspondence could be admitted as evidence, and what weight it would carry, would require separate legal examination.

A party ban can be imposed only by the Federal Constitutional Court. The present disclosures do not themselves establish the legal conditions necessary for such a decision.

Questions over authenticity and data protection

The scale of the archive introduces further complications.

The material reportedly contains bank statements, membership records, personal correspondence and other confidential information involving thousands of individuals.

Journalists have verified portions of the correspondence by comparing messages with independently retained originals. Handelsblatt’s examination, for example, identified previously exchanged emails whose contents matched records held by its own reporters.

However, verification of individual communications does not establish the authenticity of every document in the archive. Fabricated messages have also circulated online.

In an official statement on 21 October, the AfD described the breach as criminal data theft and said it would not authenticate individual documents for journalists.

The party has also reported the incident to the authorities.

For Germany’s political institutions, the affair now presents several distinct questions: whether historical campaign finance arrangements were accurately disclosed, what the correspondence reveals about the party’s internal decision-making, and whether any of the documents provide evidence relevant to ongoing constitutional scrutiny.

Those questions remain open as investigators and journalists continue examining the archive.

'Big Short' investor Michael Burry says Anthropic's IPO filing shows the AI industry is 'catastrophically vulnerable'

28 October 2026 at 12:41
Michael Burry of "The Big Short" fame.
Michael Burry, the investor of "The Big Short" fame.

Bloomberg/Getty Images

  • "The Big Short" investor Michael Burry says Anthropic's IPO filing has fueled his worries about AI.
  • Burry said a dense web of AI deals has made the industry "catastrophically vulnerable."
  • Writing on Substack, Burry described AI financing arrangements as "garish and audacious."

Michael Burry says Anthropic's IPO filing this week has reinforced his concerns that the entire AI ecosystem is at risk of disaster.

The investor of "The Big Short" fame wrote in a Substack post on Tuesday that the first in-depth look at Claude's parent company, ahead of what could be the biggest IPO in history, threw up a bunch of red flags.

Burry pointed to Anthropic's huge spending commitments, slowing revenue, and tangled ties.

He said that Anthropic has struck deals to buy about $537 billion of compute from the likes of Amazon, Alphabet, and Microsoft, and reached preliminary agreements worth hundreds of billions more with others such as SpaceXAI, putting its total commitments at about 12 times its current annual run-rate revenue.

"This is not stated clearly in the S-1, and in my view it is the most deserved headline from it," Burry wrote in a Tuesday Substack post.

He underscored how hyperscalers like Amazon and Alphabet act as Anthropic's "lenders, vendors, channel providers, and shareholders." He also outlined its deal with Broadcom, which involves Apollo and Blackstone and includes convertible notes and structured credit tranches.

"Just remember, the reason this is so complex is because too much debt is needed, and it must be unloaded from the balance sheets of those involved," Burry wrote.

"While some may see all the circularity and connectedness as security on the way up, and that is not wrong, it does leave the entire organism catastrophically vulnerable either on a pause or on the way down," he added.

He also described financing arrangements in the AI space as "garish and audacious," and said hyperscalers aren't generating enough cash to fund the AI buildout so they're resorting to "Byzantine" deals.

Burry said it was a "very similar" situation with vendor financing during the dot-com bubble, saying "people keep making the same mistakes with every new thing."

Burry's worries

In its filing, Anthropic said its revenue surpassed $16 billion for the first six months of this year, a 14-fold increase from the first half of 2025. Its operating loss narrowed by about two-thirds to below $700 million, and it generated nearly $4 billion in operating cash flow.

Burry initially commented on Anthropic's filing in a Substack chat thread on Monday.

He said that revenue was "slowing," citing Anthropic's claim that third-quarter revenue was 86 times the $197 million it generated in the fourth quarter of 2024, or about $16.9 billion.

That would mean Anthropic's revenue grew by about 46% between the second and third quarters of this year, after soaring 144% between the first and second quarters.

"Overall slowing of growth is not attributed to a decline in tokenmaxxing, but I did not expect that to be mentioned," Burry wrote.

A Substack comment by Michael Burry on Anthropic.
Michael Burry raised concerns about Anthropic's growth in a Substack comment.

Substack/Cassandra Unchained

Burry was referring to the trend of maximizing AI token consumption, which has fallen out of favor in recent months given its costs.

In another comment, Burry wrote that large language models (LLMs) like Claude are "improving" and "already being used more efficiently and that trend will continue, to the detriment of their growth rate."

Burry said he's focused on the complexity and fragility of the debt financing many AI deals, hurdles to installing new graphics chips shoring up demand for older chips, a potential crash in memory chip prices once the shortage eases, compression and small language models (SLMs) reducing the need for computing power, and the "fundamentals behind not just companies but the deals they are doing."

Michael Burry laid out his chief concerns about LLMs.
Michael Burry laid out his chief concerns about LLMs.

Substack/Cassandra Unchained

Responding to a subscriber who said that Big Tech companies are shifting from Anthropic's AI models to their own, and that tokens are rapidly being commoditized, Burry wrote: "Yes, that is what I hear."

Anthropic did not immediately respond to a request for comment on Burry's posts.

The contrarian investor shot to fame after his massive wager against the mid-2000s housing bubble was chronicled in the book and movie "The Big Short." He pivoted from running a hedge fund to writing about his personal investments on Substack last winter.

A recurring theme of his work since then has been deep skepticism of the AI boom. He's flagged slowing growth, overinvestment in microchips and data centers, aggressive accounting, hidden liabilities, and circular financing deals.

Read the original article on Business Insider

AI is making scams against older Americans more convincing. Experts share how to spot the new red flags.

27 October 2026 at 09:00
Craig Newmark, Don Grant, Amy Nofziger
Craig Newmark, Don Grant, Amy Nofziger (left to right) shared their perspectives on how older Americans can best prevent getting scammed.

Craig Newmark/Sabre Wealth/AARP

  • Cybersecurity experts found severe PHP bugs that could allow attackers to hijack web servers.
  • AI is being used to exploit vulnerabilities, making Americans more susceptible to scams.
  • Experts stressed basic cyber hygiene and scam awareness, especially for older Americans.

In just two days, AI exposed critical flaws in a programming language behind 70% of all websites. That may have opened the door for a rush of scams — especially those targeted to vulnerable populations like older Americans.

Last week, cybersecurity researchers uncovered two severe bugs in the PHP programming language. Attackers could hijack web servers and execute remote code. This prompted the PHP Foundation to release emergency patches to prevent widespread hacks, and governments, cybersecurity agencies, and businesses quickly moved to do damage control.

Though some experts said there could have been more problems had these flaws not been immediately addressed, such a crisis can happen again. As AI becomes more advanced and widespread, Americans are becoming more exposed and susceptible to scams.

Scams have been pervasive for decades, starting with physical mail and landline telemarketing. But they've gotten significantly more complex and deceptive, now integrating AI in ways that even tech whizzes may not spot. Older Americans are often the main targets of fraud, losing billions in fraud. An AARP survey from April found that 4 in 10 older Americans have lost money to fraud.

With attackers pouncing on any vulnerability to steal personal details or get money, five experts told Business Insider that now is the time to get ahead on scam prevention. Their quotes have been lightly edited for length and clarity.

Craig Newmark, founder of Craigslist, who founded the cybersecurity awareness campaign Take9
Craig Newmark
Craig Newmark advises families to take 9 seconds to pause before clicking on unknown texts.

Craig Newmark

What are some of the most common scams targeting older Americans?

Hackers are using AI to ditch the typos and make scams harder to spot. AI also makes it easier to produce large numbers of targeted scams. This includes AI voice cloning and scans of social accounts for personal details. These scams are on the rise and hurting real people, including older folks like me.

How should families react to all the recent headlines about system vulnerabilities?

Don't panic, but don't ignore them either. It shouldn't be up to regular folks to outsmart scammers. The best thing for families to focus on is basic cyber hygiene.

Organizations like Google and Apple are working hard to block scams, particularly on phones. It's just as important that we prepare loved ones with the tools to protect themselves as scammers become more sophisticated.

What are ways in which you work to make people more cautious about scams?

I've been fighting scams for 25 years. I take them personally. That's why I founded Take9 in 2024 to help people understand how to protect themselves and stay safe online.

Scams are overwhelming, and people often don't know where to begin. My advice is to start with the basics: Take 9 seconds to pause before clicking on unknown texts or links.

Once they've got that down, try multi-factor authentication, password managers, passkeys, and single sign-on. Family codes are an effective method to keep your loved ones safe, too.

Don Grant, certified financial planner at Sabre Wealth and CFP Board Ambassador
Don Grant
Don Grant advises that having open conversations about financial fraud is one of the most effective ways to educate older Americans.

Sabre Wealth

What are some of the most common scams targeting older Americans?

Scams often involve impersonation of an institution or government agency like the IRS, Medicare, or Social Security. Fake technical support scammers contact you with claims of a breach at your bank or financial institution.

A good friend and client is in his mid-60s, is a single Notre Dame graduate, and is a retired university English professor. He talked incessantly about his gorgeous, accomplished girlfriend. She has sent him photos, but he had never met her in person, nor via video chat.

Fast forward to earlier this year. They are no longer an item. He reluctantly admitted that she was attempting to scam him. He did send her about $1,200 to help get her 9-year-old daughter into a music school. When she hit him up about 10 times so she could move, he figured it out and cut the ties. From what we pieced together, this was an AI-assisted romance scam.

How should families react to all the recent headlines about system vulnerabilities?

A security breach at an institution doesn't automatically mean that your accounts have been hacked. However, it does mean it's time to change your login credentials.

Set up account notifications for withdrawals, transfers, password changes, and anything to do with your accounts. Never respond to an unsolicited email from a site or financial institution with which you do business. Don't call the number provided in the communication or click the provided link. Take the time to log into a verifiable site and call a verifiable number with questions.

What are ways in which you work to make people more cautious about scams?

Communication and education are critical. I have open conversations about financial fraud, anonymously citing actual situations where a scammer attempted to separate them from their money. Recounting others' experiences seems to really drive the point home. We also insist that all clients designate a trusted contact we can reach if we notice unusual activity or have concerns about possible financial exploitation.

Removing the stigma that they are "stupid" if they are scammed is paramount. Many victims are embarrassed to admit they've been deceived, and that embarrassment can prevent them from seeking help.

Alex Jacquez, Groundwork Collaborative's senior vice president of policy, advocacy, and research
Alex Jacquez
Alex Jacquez notes that companies should better protect consumer data to avoid putting the onus entirely on families.

Groundwork Collaborative

What are some of the most common scams targeting older Americans?

The FTC recently released its Protecting Older Consumers report, describing fraud in 2025. The top fraud types by incident report numbers for older people include online shopping, business impostors, government impostors, and investment scams. These, plus romance scams, are the top fraud types by total dollars lost for older people.

Scammers use AI to create deepfakes, clone voices, and send phishing messages. These types of fraud are not new, but AI makes them increasingly convincing and enables them to be carried out on a larger scale. Scammers also use AI in predictive targeting to find the most susceptible individuals.

In March 2026, Interpol warned that "AI-enhanced fraud is 4.5 times more profitable than traditional methods" because AI agents can complete the fraud on behalf of the scammers.

How should families react to all the recent headlines about system vulnerabilities?

Families should see the recent headlines about system vulnerabilities as part of a larger problem. Companies collect lots of information on users and fail to protect it. Now, consumers are exposed to data breaches and sophisticated scams.

What are ways in which you work to make people more cautious about scams?

We put out material for consumers and policymakers highlighting how companies are using more sophisticated techniques and technologies to rip them off.

While there are best practices people can follow to remain alert and vigilant against common scams, especially in the AI age, we believe that any real fix must be systematic and undertaken by policymakers. We need companies to better protect consumer data, stop collecting irrelevant data, and stop using it to squeeze consumers for every last dime.

Amy Nofziger, senior director of victim support, AARP Fraud Watch Network
Amy Nofziger
Amy Nofziger said the goal of fraud education isn't to live in fear.

AARP

What are some of the most common scams targeting older Americans?

Impostor scams remain the number one category reported to the AARP Fraud Watch Network Helpline. They will say there is a problem with your account and need to remotely access it, or they will say they are with the courthouse and you missed jury duty and demand payment to avoid being arrested.

AI hasn't changed human nature, but it has changed the scale, speed, and sophistication of scams. Criminals are still exploiting the same emotions they always have: fear, trust, loneliness, hope, curiosity, and urgency. We used to tell people to look for red flags like misspellings and poor grammar in emails, but with today's AI tools, those clues are often gone.

How should families react to all the recent headlines about system vulnerabilities?

It's understandable to be concerned by headlines about system vulnerabilities and data breaches, but the key is to focus on what you can control. The goal isn't to live in fear. It's to stay informed, slow down when something feels off, and ask for help. We don't have to do this alone.

What are ways in which you work to make people more cautious about scams?

AARP Fraud Watch Network helps individuals and families protect themselves from scams. It's a free resource available to everyone. We provide fraud prevention information, online tools, the award-winning Perfect Scam podcast, and a Fraud Watch Network Helpline that receives more than 100,000 calls each year.

Ali Tager, vice president of external affairs, National Cryptocurrency Association
Ali Tager
Ali Tager advises that people look for small errors in grammar or spelling.

National Cryptocurrency Association

What are some of the most common scams targeting older Americans?

Some of the most common online finance scams are relationship scams and impersonation. Giveaway scams are when scammers impersonate public figures, promising "free" money or crypto if users start by sending a small amount first. In phishing scams, fraudsters pose as a friend or a crypto exchange and ask victims to click links or share login details to steal private information.

Pump and dump scams occur when groups inflate the price of lesser-known crypto coins via online hype. When enough people join and spike the price, fraudsters quickly sell off their holdings for a profit, leaving others in the dust.

How should families react to all the recent headlines about system vulnerabilities?

Stay alert, not alarmed. Whether it's your bank, your Venmo account, or your crypto account, security should always be top of mind. Protecting yourself starts with recognizing common scams and practicing smart online habits.

For crypto holders, guard your private key or recovery phrase like you would your bank account number and password. No legitimate company will ever ask for it, so never share it, and keep physical backups in secure locations. Watch for small clues like odd sender addresses or sloppy spelling, and remember that deepfakes and fake websites can look real at first glance.

What are ways in which you work to make people more cautious about scams?

A scammer's greatest weakness is an informed community. The NCA is dedicated to helping everyday Americans understand and use crypto with confidence. Research shows that 72% of crypto holders cite scams and security as a concern. However, 76% of crypto holders say it has positively impacted their lives overall, while just 3% report negative impacts. Of those, about one-third are scam/fraud-related.

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The feds made $627 million selling Anthropic stock from SBF's friends — but could have made billions

27 October 2026 at 17:01
sam bankman-fried sdny
Sam Bankman-Fried and two of his co-conspirators held investments in Anthropic, the AI company that has since soared in value.

Bloomberg/Getty Images

  • The feds seized Anthropic shares last year from Sam Bankman-Fried's associates.
  • Several months later, the government sold them for $627 million.
  • If Anthropic IPO'd in November at $1.5 trillion, those shares would be worth nearly $4 billion.

Last year, the federal government made a windfall of $627 million when it sold Anthropic shares it had seized from associates of crypto fraudster Sam Bankman-Fried.

If it had held on to that stake, its windfall could have been a lot bigger.

The federal government last year sold shares of Anthropic that had belonged to Caroline Ellison and Nishad Singh, two co-conspirators in the FTX fraud case. The proceeds went to compensate victims of the fraud, a Justice Department spokesperson told Business Insider.

Anthropic's S-1 filing on Monday revealed how much the federal government made from the sale of those shares. The prospectus doesn't name Ellison and Singh specifically. It says the government in October 2025 sold 4,453,900 Series B shares of Anthropic that "had been forfeited by former holders in legal proceedings to which we were not a party."

The figure matches up exactly with the combined $50 million in shares that Singh and Ellison purchased for $11.2261 each in Anthropic's 2022 fundraising round, and later forfeited to the government.

The shares represent about a quarter of a percent of Anthropic today. But given the company's explosive growth, they are still worth a fortune.

Anthropic hasn't yet announced the stock price for its expected November initial public offering. At a $1.5 trillion valuation, the shares would be worth a total of about $3.94 billion. That would be six times as much as the government sold the shares for a year ago.

"One of the Justice Department's top priorities is returning forfeited funds to victims through the asset forfeiture program whenever the law allows," the DOJ spokesperson said.

The feds' stake in Anthropic

How the federal government came to own a chunk of Anthropic in the first place is a story involving a notorious fraudster and a complicated criminal forfeiture process.

Bankman-Fried participated in Anthropic's 2022 Series B fundraising round with Singh and Ellison. Singh purchased $40 million of the Series B shares, and Ellison acquired $10 million.

Singh and Ellison later pleaded guilty to crimes related to their work with Bankman-Fried and testified against him at his Manhattan federal criminal trial. The jury found Bankman-Fried guilty, and a judge sentenced him to 25 years in prison. The federal government took ownership of Singh's and Ellison's Anthropic shares by April 2025.

The US Marshals Service sold Singh's and Ellison's shares, rather than hold on to the red-hot Anthropic stock, Business Insider previously reported. The US Marshals Service Complex Assets Unit is typically tasked with dispensing shares of private companies acquired through criminal forfeiture.

Now we know that Anthropic purchased the stock from the feds in October 2025 at the price of $140.9676 per share, which is the same price Anthropic set for its Series F-1 stock in a fundraising round a month earlier.

Anthropic resold the shares to nine investors at the same $627 million total price it paid to purchase them from the federal government, so it didn't make a profit from the sale, according to the S-1 filing. It's not clear which nine investors purchased the shares originally owned by Singh and Ellison. Representatives for the US Marshals Service didn't immediately respond to a request for comment.

The Anthropic shares owned by Ellison and Singh took a different path than the $500 million in Series B shares owned by Bankman-Fried himself. His shares ended up as part of FTX's bankruptcy estate, which sold them in 2024 to a few dozen buyers for a total of $1.3 billion.

The federal government sent the proceeds from the sale of Ellison's and Singh's shares to the FTX bankruptcy estate, the Justice Department spokesperson said. Bankruptcy court filings show that the Justice Department transferred $638 million to the bankruptcy estate in late 2025.

The money has gone to repaying creditors, including FTX customers and investors who were scammed by the former crypto wunderkind.

Update: October 26, 2026 — This story has been updated to include a comment from the Justice Department.

Correction: October 27, 2026 — The federal government transferred the proceeds of the sale of Caroline Ellison's and Nishad Singh's Anthropic shares to the FTX bankruptcy estate, according to a DOJ spokesperson. An earlier version of this story misstated whether the funds had been transferred.

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Why one VC firm is mentioned more than 50 times in Anthropic's S-1

26 October 2026 at 18:05
Anthropic logo displayed on a laptop screen and Claude on App Store displayed on a phone screen are seen in this illustration photo taken in Krakow, Poland on October 16, 2026. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

Jakub Porzycki/NurPhoto via Getty Images

  • Spark Capital is mentioned more than 50 times in Anthropic's S-1 filing, released Monday.
  • The reason Spark gets the most mentions is because partner Yasmin Razavi has a board seat.
  • Spark led the $450 million Series C round at a $4.5 billion valuation in May 2023.

Spark Capital's Yasmin Razavi has a reputation for refusing to make gut calls. Her methodical decision to invest in Anthropic is now set to generate one of the biggest fortunes in Silicon Valley history, as Anthropic prepares to IPO.

Many venture firms, including Lightspeed and Menlo Ventures, are major Anthropic investors, but Spark is the only traditional VC firm named in the filing. And it's not just a few mentions. Spark is named more than 50 times.

The reason Spark gets the most ink is because Yasmin Razavi has a board seat after being the first institutional investor in the company, leading the $450 million Series C at a $4.5 billion valuation in May 2023.

This was just six months after ChatGPT was released to the public, and the jury was out on whether a rival like Anthropic could catch up. Many balked at the price, calling it too expensive.

"It was a big leap of faith, but this was the team that built GPT-3," Razavi told Forbes.

The filing says that Spark has invested $777 million in Anthropic across six financings since then, including $75 million in the first pivotal round at $11.22 per share.

Spark was already known for making early bets on Postmates and Discord, but it was the Anthropic investment that transformed the firm's Silicon Valley reputation from a good venture firm to a great one.

Razavi said she has been continuously wowed by CEO Dario Amodei.

"Every year, he puts out outrageous numbers, but somehow they magically become true," Razavi told Forbes. "Dario never misses."

Soon, Amodei will face a greater test: the public markets.

Please send along your tips. Email Ben or Katie anytime or contact them on Signal at benbergman.11 and kroof.26. Sign up for Business Insider's weekly VC Insider newsletter here.

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Unleash the Export-Import Bank to outcompete China

Sen. Kevin Cramer is calling on Congress to reauthorize and modernize the Export-Import Bank by Dec. 31 to prevent China from dominating global energy markets and to protect over 45,000 U.S. jobs.

New Book Says Jared Kushner Funneled Money to Middle East Mercenaries. Kushner Denies It.

26 October 2026 at 15:57
Cover of 'Princes and Thieves' with Jared Kushner (on the left) and Mohamed bin Zayed (on the right) | Illustration: Princes and Thieves/Matthew Cole/Atria/One Signal Publishers/

Princes and Thieves, a new book by investigative journalist Matthew Cole, may open a rabbit hole into financial connections between Middle Eastern dictators and President Donald Trump's family. Cole accuses Emirati monarch Mohamed bin Zayed (MBZ) of sending billions of dollars to various mercenaries and political operators, including Jared Kushner, son-in-law to President Donald Trump. Cole's reporting combines well-documented connections with secondhand accounts from anonymous sources.

On Thursday, Vanity Fair published an excerpt from the book, reporting that Dutch military intelligence hacked into Kushner's phone in 2018 and discovered hundreds of millions of dollars in bank transfers connected to MBZ. Also on Thursday, Kushner published a letter from his lawyers to Cole categorically denying the "incredible and false" allegations in the book. "Mr. Kushner never accessed foreign accounts and always followed all rules and regulations and only pursued goals that were in the best interest of the United States as directed by the President of the United States," they wrote.

Cole had originally written on his blog that the book was scheduled for release on October 27, but the publication date was pushed forward over the weekend.

The book purports to tie Kushner to a vast web of Emirati influence operations around the world. In Cole's telling, which matches other journalists' accounts, MBZ wants to reshape the Middle East and eastern Africa into an alliance of U.S.-backed dictatorships, where "tolerance" is enforced through high-tech surveillance and "democracy" is a synonym for terrorism. MBZ's use of mercenaries in pursuit of these goals is well-documented. So is Kushner's personal affinity with the Emirati monarch and his business ties with the Arab monarchies.

Soon after Trump won the 2016 election, MBZ held a widely reported meeting with Kushner. According to the book—and according to much of that earlier reporting—the monarch complained about the Obama administration's failure to back Arab regimes against popular revolutions, its decision to end the Iraq War, and its diplomacy with Iran.

Going much further than past reporting, Cole now claims Kushner was personally involved in MBZ's mercenary operations. MBZ and Saudi Crown Prince Mohammad bin Salman put a collective $2 billion into Emirati and Israeli bank accounts which were managed (but not technically owned) by Kushner, according to Cole's sources. Those same sources claim that parts of this secret "slush fund" went to Libyan warlord Khalifa Haftar, American military contractor Erik Prince, and Cuban hitman Felipe Vidal.

Haftar, a former CIA asset, became a general in Libya's 2011 revolution and then attempted to overthrow the new government with Emirati backing in 2014. Despite a 2020 ceasefire, his forces continue to control much of Libya. Prince, founder of the military contractor formerly known as Blackwater, moved to the UAE and helped build a secret army of Colombian mercenaries. He sued Cole for defamation after Cole reported on Prince's role in helping Haftar, but a judge threw out the case. Cole's sources claimed that Vidal, a self-described "hit man," helped the United Arab Emirates (UAE) fake an Iranian attack on oil tankers in May 2019, meant to provoke Trump into war.

Kushner's lawyers have denied any relationship with any of those three men, apart from a single meeting with Prince after the 2016 election. (According to Cole, both Vidal and Prince refused to comment for the book.) The position of the U.S. government is that the May 2019 incident was a genuine Iranian attack, not an Emirati false flag.

After the Vanity Fair article was published last week, Israeli negotiator Gershon Baskin pointed out in The Jerusalem Post that the Central Bank of Israel "does not offer private banking services to individuals," which would make it impossible for Kushner's money to be deposited in the Central Bank of Israel, as Cole claimed. The book addresses that argument, claiming that the money was deposited "in what would appear to be a government account," with Kushner and Israeli Prime Minister Benjamin Netanyahu jointly authorizing transactions.

The Abraham Accords, which include an alliance between Israel and the UAE, have often been touted as a way for the U.S. to "spend less time and less resources in the Middle East," in the words of Vice President J.D. Vance. But Cole argues that the UAE actually used its alliance to entangle American interests in a future conflict. The book states that Kushner set up "a rainy-day defense fund" for war with Iran, using Emirati money deposited in a separate Central Bank of Israel account.

Cole also claims to have evidence that Kushner was on the take from the UAE's regional frenemy Qatar. In 2017, the UAE and Saudi Arabia issued an ultimatum for Qatar to rein in its foreign policy and blockaded the small nation. The Intercept later reported that Kushner's father had sought a Qatari bailout for the family real estate business just before the crisis, and the Qatari-linked company Brookfield ended up providing the needed investment in August 2018, leading to a congressional investigation into the deal.

Democrats are still digging for information on Kushner's business ties to Qatar, but three sources told Cole that the Qatari royal family authorized and paid for the Brookfield deal. The Qatari government "asked the White House how to resolve the blockade. And the Kushners kept saying, 'We have this great property that needs investment.' Eventually, the Qataris realized the only way to settle the blockade was to buy the building," a former U.S. intelligence officer said.

Kushner's lawyers write that they have "no evidence that Qatar impacted the investment decision. Any suggestion of his involvement in the transaction or any allegation of quid pro quo with the Qatari government is false and defamatory."

Other parts of the book are better-documented. Cole obtained a draft of Prince's autobiography, text messages from one of Prince's colleagues, and emails from Emirati government adviser George Nader, who was convicted of fraudulently funneling money into Hillary Clinton's 2016 presidential campaign. If nothing else, the book is a comprehensive account of the UAE's unofficial empire and its American ties. But the most explosive claims about Kushner's involvement in those activities rest on anonymous sources, making it a matter of Cole's word against Kushner's.

"I considered the responses from Kushner's attorneys carefully and consulted multiple sources about them. During the five years I have spent working on this book, I have tried to keep an open mind, and I am confident that my reporting is accurate. Kushner's lawyers' responses did not change that conclusion," Cole writes in the book's epilogue.

The post New Book Says Jared Kushner Funneled Money to Middle East Mercenaries. Kushner Denies It. appeared first on Reason Magazine.

Il Pallone d’Oro costa fino a 600.000 euro, ma quanto vale davvero? Il triplo di un Oscar

26 October 2026 at 15:54

Lunedì 26 ottobre, al London Palladium, viene assegnato il Pallone d’Oro 2026, il premio individuale più prestigioso del calcio, giunto alla sua 70ª edizione. Il trofeo ha un peso simbolico molto importante, ma il suo valore materiale è decisamente minore.

Il pallone dorato, realizzato a Parigi dalla Maison Mellerio fin dalla prima edizione del 1956, non è d’oro massiccio e non dà diritto ad alcun premio in denaro. Ciò non ha però impedito una valutazione stratosferica nel corso di un’asta divenuta ormai storica. In quel caso, infatti, il valore finale è salito di centinaia di volte rispetto al costo di realizzazione.

Di cosa è fatto il Pallone d’Oro

Il cuore del trofeo è in ottone pieno, modellato a mano dagli artigiani di Mellerio. Questa storica maison orafa di origine italiana, attiva in Francia dal 1515, firma anche altri trofei sportivi, tra cui quelli del Roland Garros dal 1981. Sopra l’ottone viene poi applicato un sottile strato d’oro. Ecco, quindi, come il pallone ottiene il suo colore caratteristico.

Quanto vale il trofeo

Secondo svariate stime, l’effettivo valore del trofeo, considerando materiali e lavorazione, si aggira intorno ai 3.000 euro. Spiccioli, se si pensa agli stipendi dei calciatori destinati a portare l’oggetto a casa. La cifra può variare con il prezzo dell’oro, ovviamente, ma resta contenuta proprio perché il metallo prezioso è presente solo in superficie.

France Football, che dal 2024 organizza la cerimonia insieme alla Uefa, non riconosce al vincitore alcuna somma in denaro. Il vero ritorno economico arriva dopo, tra bonus contrattuali, sponsorizzazioni e potere negoziale. Voci che pesano sugli ingaggi molto più del trofeo e che spiegano quanto guadagnano i calciatori di vertice.

Il Pallone d’Oro si può vendere?

A differenza di altri premi, il Pallone d’Oro resta di proprietà del vincitore, che può decidere di cederlo. I casi documentati sono però pochissimi e il più noto riguarda Cristiano Ronaldo.

Nel 2017 il portoghese ha ceduto il Pallone d’Oro vinto nel 2013 al miliardario israeliano Idan Ofer per circa 600.000 euro. Una somma in seguito interamente devoluti alla fondazione Make-A-Wish, che sostiene bambini con gravi malattie. La vicenda è però emersa solo nel 2023, grazie al Mirror. Le ricostruzioni in merito non coincidono, con alcune testate che ritengono sia stata venduta una replica del trofeo, mentre altre ribadiscono come la copia sia in realtà quella esposta nel museo di Madeira. Considerando la cifra record, il trofeo è stato pagato circa 200 volte il suo valore materiale.

Pallone d’Oro e Oscar a confronto

Il Pallone d’Oro è da molti considerando, a buona ragione, “l’Oscar del calcio”. È dunque interessante fare un confronto tra i due ambiti trofei. L’Oscar, prodotto dalla fonderia Polich Tallix nello Stato di New York, è in bronzo pieno placcato in oro a 24 carati. È alto 34,3 centimetri e pesa circa 3,85 chili. Il costo di produzione è stimato tra 400 e 1.000 dollari, a seconda del prezzo dell’oro.

Pallone d’Oro Oscar
Produttore Mellerio (Parigi) Polich Tallix (New York)
Materiale Ottone con sottile strato d’oro Bronzo placcato oro 24 carati
Costo stimato Circa 3.000 euro 400-1.000 dollari
Rivendita Libera Bloccata per i premi assegnati dal 1950

La differenza più grande riguarda proprio la rivendita. Dal 1950 chi vince un Oscar deve offrire la statuetta all’Academy per 1 dollaro prima di poterla cedere. Una regola che di fatto annulla il potenziale mercato. Possono circolare liberamente solo le statuette assegnate prima di quella data.

Ed è su quei pezzi che si concentrano le cifre più alte. Nel 1999 Michael Jackson acquistò l’Oscar per il miglior film assegnato a Via col vento per circa 1,5 milioni di dollari, mentre nel 2011 quello vinto da Orson Welles per la sceneggiatura di Quarto potere è stato venduto per circa 860.000 dollari. Valori ben superiori a quelli noti per il Pallone d’Oro.

AI helped me automate some of my wealth advisor job. Here's why I'm not worried about it stealing my edge.

26 October 2026 at 09:52
Rick Nott, Senior Managing Director at Angeles Investments
Rick Nott, Senior Managing Director at Angeles Investments

Angeles Investments

  • Rick Nott has used AI to save himself a lot of tedious work as a wealth advisor.
  • He said new AI products may help other advisors save time too, but they won't replace humans.
  • Nott spoke to Business Insider about how he uses the technology to save him time now.

Rick Nott is a senior managing director and private wealth advisor at Santa Monica, California-based Angeles Wealth Management. He spoke to Business Insider about how he uses AI, and why he's excited and afraid when looking at AI-native financial planning platforms. The conversation has been edited for length and clarity.

When Claude first rolled out its solution for financial advisors, I felt fear and excitement. How complicated will it be? How will it work?

I'm not a software developer, but I have some basic tech skills. LLMs have allowed me to dig into coding, which I'd been avoiding learning because it's a lot of work. I know enough to know what I want, how it should look, and how to check the outputs, and now I can automate more of my process. AI has become the glue between the various systems we use and the different workflows we have.

I've shown some colleagues how I operate. One told me that I basically have another full-time employee's worth of output through the technology, by automating data collection processes and making it easier to analyze my clients' portfolios.

What AI unlocks

I started my career while still in college in the late 2000s doing data reporting work for a wealth firm. Between all of the software advisors use, there's a lot of manual work, typically done in Excel, to connect it together.

Previously, I could only provide balance sheet reporting for clients with more than $100 million because it took so much manual work. Now I can do it with someone with significantly less.

As a family's net worth grows, so does complexity. For many, understanding their overall financial system is their biggest pain point.

Banks and brokerage accounts are the easy part, but trusts, business ownership structures, and private investments, which all report differently and require cash on hand to make capital calls, can take huge amounts of manual work to analyze.

Imagine a wealth advisory business serving 30 families, each holding about 10 private investments. Each investment generates about 10 documents a year, including quarterly reports, capital calls, distribution notices, and tax documents. Each of these 3,000 documents takes a skilled analyst 15 to 30 minutes to analyze and distill into our reports.

That's 750 to 1,500 hours a year, most of it crammed into the few weeks after each quarter closes. With AI, that data is extracted and mapped as it arrives, and one analyst reviews the work instead of a team racing against a deadline.

Our goal is to create a one-page document or report on their phone that's as close to real-time as possible.

There's a lot you can do with all of your data in one place. For example, a two- or three-sentence prompt could expand into a full email to a client, with all relevant and accurate information already populated. You can then personalize that to fit the right tone for your client.

How AI changes the job

AI tools like Claude for financial advisors will be disruptive, and others will gain access to the same connectivity I've built.

I think of it as part of a dynamic that's been going on for years in my industry. Vanguard, ETFs, lower costs, and robo-advisors have all put a squeeze on financial advisors.

But if you believe a lawyer's only job is writing contracts, or a financial advisor's only job is putting together a portfolio, there's a fundamental kind of misunderstanding of what the actual job is.

As long as investing involves human judgment, financial advisors will have a job. AI doesn't improve investment decisions or results.

I tell my clients that my role is to be the architect of their financial operating system, and, as with an actual operating system, a centralized source of data is essential.

When you have a big-picture view of what your family's mission is, you can avoid getting distracted by market noise and news. From there, you can go a layer down to make strategic plans and ask if we're moving in the right direction, and what opportunities we may have. Another layer down, we work with a CPA to save money on taxes.

A full picture of a balance sheet makes it possible to actually know what liquidity you have available. Now I can spend more time developing relationships, the thing that runs our business. I get to know anything and everything about the clients I'm working with and those I'd like to work with.

The future of financial advisors and AI

I have a natural excitement around tech, and watching the Anthropic webinar was incredible. My main concern is that it's not a subscription-based plan; it's token-based, which could lead to surprise bills for users who don't yet know how to manage their token usage.

At small RIAs without the expertise, people will be uploading 100-page PDF documents just to ask basic questions, like the ages of kids in a trust. That will rip through tokens.

We priced it out internally, and we would have to pay significantly more for a token-based plan instead of the subscription-based licenses we have now. Maybe eventually everyone will have to pay for tokens that way, and the cost of tokens is going down.

We learn to do things faster and at lower cost, but in this industry, we do that for a particular reason: to spend more time with the people we serve.

The primary way that our clients give us information is still by talking. There's a significant amount of nuance. You may be able to understand something and infer what's really being said. But note-taking software is still wrong all the time. You have to review it.

Money is emotional, and I seriously question whether AI can replace our need to connect with another human being.

Do I see someone sitting across the table from AI on a speakerphone? Probably not.

Read the original article on Business Insider

Quanto guadagnano i piloti di Formula 1 nel 2026: gli stipendi di tutti i campioni

25 October 2026 at 17:00

Chi sono i piloti di Formula 1 più ricchi? Nel 2026, secondo le stime pubblicate da RacingNews365, Max Verstappen e Lewis Hamilton occupano le prime posizioni della classifica degli ingaggi in Formula 1, Charles Leclerc, George Russell e Lando Norris si collocano nella fascia alta del mercato. In fondo alla classifica Colapinto e Lidlblad.

Ecco quali sono i guadagni dei piloti di Formula 1 nel 2026, elaborati sulla base di informazioni raccolte nel paddock, indiscrezioni sui contratti e altre fonti del settore.

Chi sono i piloti di Formula 1 più ricchi

Secondo le stime pubblicate da RacingNews365, gli ingaggi annuali dei 22 piloti del mondiale 2026 vanno da circa 500.000 dollari a 70 milioni di dollari. Nella classifica viene considerato lo stipendio base stimato, senza aggiungere i bonus e gli introiti derivanti dagli sponsor personali.

Ecco la classifica:

  • Max Verstappen (Red Bull): 62,5 milioni di euro all’anno
  • Lewis Hamilton (Ferrari): 53,6 milioni di euro all’anno
  • Charles Leclerc (Ferrari): 30,4 milioni di euro all’anno
  • George Russell (Mercedes): 30,4 milioni di euro all’anno
  • Lando Norris (McLaren): 26,8 milioni di euro all’anno
  • Fernando Alonso (Aston Martin): 17,9 milioni di euro all’anno
  • Carlos Sainz (Williams): 11,6 milioni di euro all’anno
  • Oscar Piastri (McLaren): 11,6 milioni di euro all’anno
  • Pierre Gasly (Alpine): 10,7 milioni di euro all’anno
  • Alexander Albon (Williams): 10,7 milioni di euro all’anno
  • Lance Stroll (Aston Martin): 10,7 milioni di euro all’anno
  • Sergio Pérez (Cadillac): 7,1 milioni di euro all’anno
  • Nico Hülkenberg (Audi): 6,2 milioni di euro all’anno
  • Esteban Ocon (Haas): 6,2 milioni di euro all’anno
  • Isack Hadjar (Red Bull): 4,5 milioni di euro all’anno
  • Valtteri Bottas (Cadillac): 4,5 milioni di euro all’anno
  • Gabriel Bortoleto (Audi): 1,8 milioni di euro all’anno
  • Kimi Antonelli (Mercedes): 1,8 milioni di euro all’anno
  • Oliver Bearman (Haas): 893.000 euro all’anno
  • Franco Colapinto (Alpine): tra 446.000 e 893.000 euro all’anno
  • Arvid Lindblad (Racing Bulls): tra 446.000 e 893.000 euro all’anno

Bonus, sponsor e risultati sportivi: come si compone lo stipendio

Per comprendere le differenze tra i compensi dei piloti è necessario considerare che lo stipendio base rappresenta soltanto una parte della remunerazione. Nei contratti possono essere previsti premi per le vittorie nei Gran Premi, piazzamenti, punti conquistati ed eventuali successi nella classifica costruttori. Inoltre a queste somme possono aggiungersi i contratti pubblicitari personali, le collaborazioni commerciali e le attività legate all’immagine del pilota. Non tutti gli accordi sono però liberamente negoziabili: le scuderie hanno sponsor ufficiali e possono prevedere vincoli per evitare conflitti tra marchi concorrenti.

Il reddito complessivo può quindi essere molto diverso da quello che emerge osservando soltanto l’ingaggio garantito. Anche per questo le classifiche degli stipendi e quelle degli atleti più pagati non coincidono necessariamente.

Formula 1: perché i piloti guadagnano così tanto?

Gli stipendi elevati sono legati al valore economico del campionato, alla competizione tra le scuderie e alla capacità dei piloti più affermati di generare risultati sportivi, visibilità e ricavi commerciali. Per un team, assicurarsi un campione può rappresentare un investimento strategico: le prestazioni in pista contribuiscono ai risultati della squadra, mentre la notorietà del pilota può rafforzare le relazioni con gli sponsor.

Un elemento importante riguarda il budget cap, il tetto alle spese introdotto per contenere i costi della competizione. Gli stipendi dei piloti sono esclusi dal calcolo del limite di spesa applicabile alle scuderie. Questo consente ai team di negoziare ingaggi anche molto elevati senza imputarli alla stessa voce di costo soggetta al tetto regolamentare.  La differenza tra i compensi dei campioni e quelli dei debuttanti riflette infine il valore dell’esperienza, i risultati ottenuti e il potere contrattuale. Arrivare in Formula 1 non significa automaticamente guadagnare decine di milioni: gli stipendi più alti sono riservati a una cerchia ristretta di piloti, mentre per i giovani la crescita dei compensi dipende anche dalla capacità di dimostrare il proprio valore in pista.

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