Anthropic is adding another $50 billion dollars to its AI compute bill, announcing a new plan to build massive data centers across the US, starting in Texas and New York. They're partnering with a UK-based firm called Fluidst Stack that is the same NeoCloud provider powering GPU clusters for Meta, Mistral, and Midjourney. The first sites are coming online in 2026 and it adds to an 11 billion campus that Amazon just built for Anthropic in Indiana and a new expansion with Google Cloud worth tens of billions o ...

The buildout of AI infrastructure in the Asia-Pacific is in high gear. Masayoshi Son and Mukesh Ambani are among the region's wealthiest taking the lead.Read more: https://t.co/tszLuJ6xJl https://t.co/IYr8Z258JN ...

Market Trends & Industry Dynamics - Creditors are demanding extra yield to fund the AI infrastructure buildout [1] - This demand for extra yield is considered a positive indicator [1]

LATEST: ⚡️ Bitcoin slipped below $104K today after briefly topping $107K, while crypto mining stocks tumbled as AI infrastructure hype cooled off amid weak earnings reports and SoftBank's $5.8B exit from Nvidia. https://t.co/AXqMD4rZsc ...

The buildout of AI infrastructure in the Asia-Pacific is in high gear. Masayoshi Son and Mukesh Ambani are among the region's wealthiest taking the lead.Read more: https://t.co/tszLuJ6xJl https://t.co/jZiBSrl5gi ...

Core Insights - The current market environment shows signs of asset bubbles, with stocks significantly outpacing earnings and high valuations in various asset classes, including gold and junk bonds [1][2] - The S&P 500 index has reached 6,700, nearly double its value from five years ago, largely driven by major tech companies that represent about 40% of the index [1] - Gold prices are nearing record highs, which is unusual in a rising stock market, indicating a potential market hedging against risks [5] Stock Market Dynamics - The S&P 500's growth is heavily influenced by the "Magnificent 7" tech companies, which are making substantial investments in AI, suggesting a transformative impact on the market [1] - Despite an inverted yield curve from June 2022 to August 2024, which typically signals an impending recession, the market has experienced a strong rally, attributed to AI investments [4] Asset Class Performance - Gold and coffee prices are at or near record highs, while Bitcoin has surged over 130% since being included in exchange-traded funds in January 2024, reflecting a risk-on sentiment among investors [2] - Junk bonds are trading at high valuations, indicating a lack of perceived risk in the market, which may not align with underlying economic indicators [2] Economic Indicators - Historical patterns suggest that bubbles form through a cycle of optimism and credit expansion, leading to eventual market corrections [3] - The current market sentiment may be influenced by a mix of optimism in tech and underlying fears, as indicated by the simultaneous rise in gold prices [5]

[Music] Hey, Morgan. Open AAI is asking the Trump administration to help lower the cost of AI infrastructure according to a letter obtained by Bloomberg. The startup wants the White House to expand a Key Chips Act tax credit to cover AI data centers and related components like transformers.Now, this comes just one day after OpenAI faced blowback over a comment made by its CFO implying that it would look for a government backs stop for its $1.4% trillion in comput deals. They have since been walking that bac ...

Government Policy & Industry Support - OpenAI requests Trump administration to revamp Chips Act tax credit to lower AI infrastructure costs [1] - OpenAI explores ways the US can support an industrywide data center build-out for AI [1]

Economic Growth & Resilience - US economy defies tariff doomsday predictions, showing continued growth [1] - AI infrastructure is contributing to economic growth [1] - Corporate balance sheets are healthy, providing resilience and investment power [1] - American companies' investments are powering economic growth [1] Potential Risks & Softening - Potential risks include labor market drops, tariffs passed to consumers, and asset valuation adjustments [2] - Expectation of a period of economic softening [2] Overall Outlook - Reasonably positive outlook for the economy, expecting around 26 (likely referring to a specific economic indicator, but without context, the unit is unclear) [2] - US economy demonstrates resilience and strength compared to other regions [2]

Core Insights - Brookfield Infrastructure Partners reported strong financial results for Q3 2025, with a 9% increase in funds from operations (FFO) per unit to $0.83, driven by organic growth and inflationary benefits [2][6][47] - The company achieved over $3 billion in asset sales year-to-date, with a realized internal rate of return (IRR) exceeding 20% and a 4x multiple on capital [3][12] - The company is well-positioned for growth entering 2026, with significant investments in AI infrastructure and new acquisitions [2][7] Financial Performance - Net income for Q3 2025 was $440 million, a substantial increase from a net loss of $52 million in the same period last year [5][40] - FFO for the nine months ended September 30, 2025, reached $1.938 billion, up from $1.822 billion in 2024 [5][6] - Revenues for Q3 2025 were $5.975 billion, compared to $5.270 billion in Q3 2024, reflecting strong operational performance [40] Strategic Initiatives - The company secured six new investments totaling over $1.5 billion, including a $140 million project with Bloom Energy for AI data centers [7][8] - Two utility acquisitions in Asia-Pacific were announced, including a $270 million natural gas infrastructure business in New Zealand and a $500 million industrial gas business in South Korea [9][10] - The acquisition of Colonial Enterprises, the largest refined products pipeline in the U.S., was completed in July 2025 [11] Capital Recycling - Brookfield Infrastructure generated over $3 billion in proceeds from asset sales and is on track to achieve an additional $3 billion over the next 12 to 18 months [12][13] - Significant recent sales include a 26% interest in an Australian export terminal, generating $350 million in proceeds, and a 28% interest in a North American gas storage platform, raising approximately $230 million [13][14] Segment Performance - The utilities segment generated FFO of $190 million, slightly up from $188 million in the prior year, benefiting from inflation indexation [17] - The transport segment reported FFO of $286 million, down from $308 million, primarily due to asset sales [18] - The data segment saw a 62% increase in FFO to $138 million, driven by strong organic growth and contributions from acquisitions [20] Balance Sheet and Liquidity - Total liquidity at the end of Q3 2025 was $5.5 billion, including $2.5 billion at the corporate level [22] - The company executed financings to enhance liquidity and support growth initiatives, including a corporate issuance of medium-term notes totaling C$700 million [21] Distribution and Dividend Declaration - The Board declared a quarterly distribution of $0.43 per unit, representing a 6% increase compared to the prior year [23] - The distribution is payable on December 31, 2025, to unitholders of record as of November 28, 2025 [23] Unit Repurchases and ATM Program - Brookfield Infrastructure Partners plans to increase repurchases of its outstanding limited partnership units under its normal course issuer bid program [24] - The company is exploring the establishment of an at-the-market (ATM) equity program to issue additional shares when market conditions are favorable [25]