Consensus — OpenAI's annualized revenue is reportedly near $50B, about $20B below the figure widely cited in late September, which pressures the funding math behind the AI build-out just as the long end sells off. The 10Y hit 5.34%, its highest since 2002, and the 30-year auction cleared at 5.618%, the highest since 2000. Positioning is turning defensive into the November 3 midterms, with rates, not geopolitics, as the dominant risk.
Sentiment: Bearish | Conviction: Medium
Actionable
- ORCL — Underweight into bounces — Shares face their biggest one-day drop in 12 weeks, and the revenue reset hits the circular-financing thesis behind its data center build. *(via @mayaz