ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

Anthropic generated nearly $4.6 billion in revenue in 2025 and posted an $8.06 billion operating loss, according to an IPO prospectus reviewed by Reuters. The filing also discloses $518 billion in cloud, computing and infrastructure obligations over the coming years. Anthropic says its seven co-founders plan to control 50.1% of voting power through a Founder LLC. Separately, Micron Technology reported quarterly revenue of $54.23 billion and guided for $61.5 billion, plus or minus $1.5 billion, in the next quarter.

A leaked Anthropic IPO prospectus shows the company posted a net loss of $42 billion in 2025, even as revenue grew 12-fold to nearly $4.6 billion. Operating loss topped $8 billion, with compute spending rising to $7.33 billion, or 58% of $12.65 billion in operating expenses. The filing also lists $518 billion in planned spending obligations for cloud, computing and infrastructure, while cash stood at $20.3 billion as of Dec. 31, 2025, according to Reuters.

Wheat futures were volatile, with hard red winter wheat rising as much as 2.7% to $7.505 a bushel. Soft red winter wheat could see a larger move if prices hold above $7 a bushel. Ukraine warned that its agricultural exports for the 2026-27 season could be halved due to Russian attacks. A UN-tracked global food price index climbed to a three-year high in July.

Western Union confirmed on its Q2 2026 earnings call that U.S.-to-Mexico remittance transaction volume fell more than 3% year over year due to the Trump administration’s tighter U.S.-Mexico border policies, according to the call transcript. It also said that corridor’s remittances declined by nearly 5% for full-year 2025. The company has relied on lobbying to defend market share and charges fees of up to 40% on some cross-border transfers. After the disclosure, the stock fell 15% in a single session.

Apple reported earnings that beat expectations on overall revenue and EPS, but iPad revenue fell 5.9% year over year and came in below forecasts. iPhone revenue rose 22%, helping lift products revenue, while services revenue increased 12% but missed estimates. The market’s focus shifted to softer-than-expected performance in Greater China and a services shortfall, raising questions about the durability of Apple’s growth trajectory.

Tesla reported 2026 second-quarter EPS of 33 cents, down 18% year over year and well below expectations of 51 cents, even as revenue rose 28% to $28.2 billion and topped forecasts. Automotive gross margin came in at 16.3% and declined from the prior quarter. The company’s capital spending pace was not tracking its full-year target, and the stock fell sharply in after-hours trading, testing a three-month low.

The US-Iran conflict intensified after CENTCOM said it completed a new wave of strikes, while President Trump warned the US could expand attacks to include bridges and power plants. WTI settled up USD 0.26 at 79.60/bbl and Brent rose USD 0.22 to USD 84.95/bbl. ASML posted results that beat expectations, but its EUV equipment sales outlook came in slightly below consensus, weighing on semiconductor shares. US June PPI fell 0.3% month-on-month, far below expectations, reinforcing signs of easing inflation.

Veteran natural resource investor Rick Rule said surging demand from AI, data centers, electric vehicles and defense is colliding with a slow-moving copper supply pipeline, as new mines can take about 18 years to reach production. He cited the U.S. Resolution Copper project, which has spent more than a decade in permitting, as an example of how delays can constrain supply. International forecasts cited in the report point to a potential 10 million metric-ton copper shortfall by 2040, requiring about $325 billion in additional investment. Copper prices have climbed from $3.23 per pound in July 2022 to $6.20 per pound as of June 28.