Thematic

This Week in AI (Oct 18-24): Anthropic's draft S-1; Kimi K3.1 Pro and MiniMax M3.1 Flash

24 Oct 2026 By Ke Yan, CFA, FRM
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Abstract: Anthropic's draft IPO prospectus reportedly shows first-half revenue of USD 16.3bn and a net loss of USD 80.7bn, mostly from a non-cash charge on financing instruments. Moonshot launched Kimi K3.1 Pro, MiniMax opened M3.1 Flash weights, Anthropic previewed Claude Duet, and Meta's capex exceeded its operating cash flow. OpenAI reportedly lowered the target valuation for its new round, Salesforce agreed to buy Braze, and the US ordered DeepSeek out of federal civilian systems.

Z.AI (2513 HK) MINIMAX (100 HK) TENCENT (700 HK) BABA (9988 HK) Alphabet Inc. Class A Common Stock (GOOGL US) Microsoft (MSFT US) Nvidia (NVDA US) Meta Platforms, Inc. Class A Common Stock (META US) CITIC SECURITIES (600030 CH) Amazon.Com (AMZN US) SPCX US (SPCX US) Tesla, Inc. Common Stock (TSLA US) SoftBank (9984 JP) Nextdc (NXT AU) GDS Holdings Limited ADS (GDS US) 0158S0 KS (0158S0 KS) Super Micro Computer, Inc. Common Stock (SMCI US) ABBN SW (ABBN SW) Mitsubishi Electric (6503 JP) Amkor Technology (AMKR US) ASE Industrial (3711 TT) TSMC (2330 TT) CAMBRICON (688256 CH) SK Hynix (000660 KS) Texas Instruments (TXN US) Salesforce (CRM US) Braze, Inc. Class A Common Stock (BRZE US) JPMorgan Chase (JPM US) Bristol-Myers Squibb (BMY US)

Highlighted Stocks

Z.AI, MINIMAX, TENCENT, BABA, Alphabet Inc. Class A Common Stock, Microsoft, Nvidia, Meta Platforms, Inc. Class A Common Stock, CITIC SECURITIES, Amazon.Com, SPCX US, Tesla, Inc. Common Stock, SoftBank, Nextdc, GDS Holdings Limited ADS, 0158S0 KS, Super Micro Computer, Inc. Common Stock, ABBN SW, Mitsubishi Electric, Amkor Technology, ASE Industrial, TSMC, CAMBRICON, SK Hynix, Texas Instruments, Salesforce, Braze, Inc. Class A Common Stock, JPMorgan Chase, Bristol-Myers Squibb

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