October 14, 2026: Global Stock Rout Deepens, Anthropic Revenue Hits $16.8B, More

0:01 News when you want it with Bloomberg News Now, I'm Matt Piper. Asian stocks are falling, tracking Wall Street's sell-off after hotter-than-expected U.S. inflation fueled bets on more aggressive Fed reserve rate hikes. U.S. consumer prices advanced in September at the fastest pace in five months, driven by a surge in fuel costs. Tech shares bore the brunt of the sell-off as concerns mounted over higher interest rates. Timothy Moe is chief APAC regional equity strategist at Goldman Sachs.

0:30 You have seen that the approximate causes for that are concerns about higher interest rates, but also about excess supply, some of that coming from some China news, and then also concerns about whether the demand side will be as strong as people have been previously expecting in terms of CapEx build and also funding of the CapEx by the hyperscalers.

0:51 So I think that's sort of the mark to market.

0:53 That was Timothy Moe from Goldman Sachs. Anthropic tells prospective investors its third quarter revenue hit $ 16. 8 billion. The firm achieved profitability in the quarter on an adjusted basis in a presentation at its San Francisco headquarters. It's set to begin formally marketing for its initial public offering as soon as the week of November 9th. Investors indicate a fair valuation for the company is in the $ 1. 8 trillion to $ 2 trillion range. Ukrainian drones have lost some of their fighting capacity after new restrictions were suddenly imposed on their use of satellite communications. Starlink is a vital tool for Kyiv, helping guide drones toward Russian targets and defend its own skies.

1:35 Ukrainian President Volodymyr Zelensky is accusing President Trump and Elon Musk of restraining Kyiv's military access to SpaceX's satellite technology. Later in a post, Musk said any disruptions reported by Ukraine involving Starshield, the military-grade sister service to Starlink, would be the responsibility of the U.S. government, not his company.

1:55 Former Defense Secretary Mark Esper.

1:57 Starshield is provided through a Pentagon contract provided by the United States. And so SpaceX turns Starshield on or off, slows it up or down based on what comes out of the White House or out of the And that's true for any defense contractor, right, in this case. So my view would be let's find out what's going on at the White House and track it back there because even if SpaceX was doing it, the White House could say, nope, turn it back on full speed ahead because the challenge is, The Ukrainians are having a hard time now with the slowdown speeds provided through Starshield to conduct long-range missile strikes against things like refineries.

2:33 That's former Defense Secretary Mark Esper. Meantime, Axios is reporting that a senior U.S. official says the Trump administration had nothing to do with the alleged Starlink service constraints, but Ukrainian officials remain suspicious. Apple is planning to launch Apple Intelligence in mainland China in December as part of an upcoming iOS 27.3 update. The launch will include AI features first rolled out in the U.S. two years ago, but will exclude the new Siri AI Assistant and other features announced this year. The company had to make concessions to get Apple Intelligence approved, including developing guardrails with China's Alibaba Group.

3:10 The judge in Apple's trade secret theft case against OpenAI says he's highly likely to grant Apple an injunction barring use of its proprietary information by former employees now at OpenAI. The injunction would require OpenAI to immediately stop using allegedly stolen trade secrets, which Apple accused OpenAI of using to bolster its work on competing future devices. Meantime, OpenAI has denied those allegations, arguing that Apple's lawsuit is an effort to restrain employees from leaving for a competitor. The OpenAI employee who was arrested and charged with allegedly using a hidden recording device in one of the chat GPT maker's San Francisco offices had a one-way ticket to Saudi Arabia booked for this past Monday, according to a court filing.

3:53 Staffers at OpenAI discovered an audio recording device planted behind a TV in an executive conference room. The man is currently in federal custody and is next scheduled to appear in court next Monday, with his attorney saying they look forward to presenting all appropriate defenses in court. NVIDIA CEO Jensen Huang says he would cut off customers who build unsafe AI. His remarks come after AI executives, including Anthropic CEO Dario Amadei, proposed an industry-wide slowdown to address safety concerns.

4:24 Even so, Huang tells Bloomberg that the current level of concern about AI technology is not warranted.

4:30 Safety is paramount. And in order for us to realize the incredible potentials and the optimistic future that we all hope for and and believe in, we have to develop the technology safely and responsibly. I believe we have agency in how this technology advances.

4:51 That was NVIDIA CEO Jensen Wang speaking to Bloomberg. NVIDIA is donating $ 250 million over five years toward UK research into AI safety. Bank of America is seeing its worst earnings day in more than a decade. The bank has already been the worst performer among the six biggest U.S. banks in the past five years. It's also a black eye for CEO Brian Moynihan, who has led the bank for nearly two decades. Bank of America's stock and fixed income traders missed estimates. The company says its results were hurt by regulatory penalties related to money laundering and sanctions violations, resulting in a $ 1. 2 billion charge. Moynihan, speaking to Bloomberg.

5:31 News, There was a debate a bit about what exactly we had to do. That's resolved. It's behind us. The billion two is going through. We've been expending the money in the run rate already to do the remediation because a few months ago, we started picking up the cost structure and putting it in. So we will get it done.

5:49 We take it seriously. And I think as time goes by, people understand it better.

5:54 Bank of America CEO Brian Moynihan speaking to Bloomberg. Cornell University President Michael Kotlikoff is acknowledging that he did not follow up on a gang rape allegation reported by a student in 2024. In an interview with The New York Times, he says he did not know until recently that the woman at the center of a case that's made headlines had dropped out of Cornell or that students had been expelled or suspended over the alleged incident. The admission comes as Cornell's faculty Senate debates a no-confidence resolution in Kotlikoff's administration.

6:25 Some faculty members are calling for him to resign over the university's handling of sexual assault reports. And that's news when you want it with Bloomberg News Now. I'm Matt Piper and this is Bloomberg.