THE PORTFOLIO
OUR WEEKLY PORTFOLIO ROUNDUP
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Hi, hope your week felt a lot calmer than AI-related headlines. Between Anthropic’s bold $50 billion data-center plans, Microsoft pouring fresh billions into AI infrastructure, and Washington finally ending the record shutdown, it was truly just one of those interesting weeks. And while King Charles celebrated his 77th birthday, Walmart’s CEO Doug McMillon announced his retirement. |
| Markets just closed for the week, and our portfolio stands at $65,924.60, up to +$516.34 (+0.79% WTD), while the S&P 500 is up to +0.29% WTD. This week's modest winner was Microsoft Corporation (MSFT), while the biggest laggard was Asana Inc. (ASAN). The week's headlines were mostly about AI companies, some takeovers, and, of course, shutdown chatter, while the Fed odds brought some sentiment around. |
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STORY OF THE WEEK
ANTHROPIC’S BOLD PLAY: $50 BILLION, TWO STATES, ONE AI GIANT
Anthropic announced a $50 billion investment to establish new data centers in the United States. The company will construct custom facilities with infrastructure provider Fluidstack in Texas and New York, with more to be added later. These data centers are designed to support the rising demand for Anthropic’s Claude AI models and other products. According to Anthropic, the project is expected to create about 800 permanent jobs and 2,400 construction positions across the country as the first sites start operating around 2026.
This level of spending from a relatively young AI firm shows how quickly the sector has moved into very large, capital-intensive
infrastructure. The facilities will need vast amounts of electricity and cooling capacity that will be impactful on local power grids, energy costs, and environmental planning. For those engaged in making chips, servers, networking equipment, and construction services, the commitment points to strong expected demand, even as banks and equity analysts warn that industry-wide AI infrastructure spending could exceed realistic long-term profit growth.
The bold decision by Anthropic, viewed alongside other big technology projects, points to a core industrial focus of AI data centers for this decade. Local and national policymakers will weigh jobs and tax revenue against land use, water needs, and power demand. In other words, these decisions will shape where these sites pop up and how fast. For the wider economy, such large projects can support growth in manufacturing and services, but increase corporate borrowing and the risk of losses if the adoption of AI or its revenue growth slows.
QUICK HITS
THIS WEEK’S EYE-CATCHING STORIES
Shutdown ends, data still missing: The record-long United States government shutdown officially ended on November 12 when President Trump signed a funding bill; however, according to officials, the October jobs and inflation data may never be published.
Dow above 48,000: The Dow Jones Industrial Average closed above 48,000 for the first time on November 12 after hopes for a shutdown deal lifted cyclical shares and pointed to stronger risk appetite.
Trump ready to lift tariffs on select food products: United States Trade Representative Jamieson Greer said President Trump is now set to grant tariff exemptions on some food and other goods not produced domestically, including coffee, cocoa, and bananas, following recent trade deals with four Latin American countries.
Fed’s Hammack signals rates should stay high: Cleveland Fed President Beth Hammack said monetary policy should remain restrictive to keep inflation in check, suggesting the central bank is unlikely to cut interest rates again soon despite a softening job market.
US 10-year yields set for modest rise: United States 10-year Treasury yields are expected to climb slightly in the coming months, with markets pricing in no major inflation surprises, while short-term yields may fall on bets of future rate cuts, according to a Reuters poll.
United States cuts Swiss tariffs: The United States will lower tariffs on Swiss goods from 39% to 15%, while Swiss companies commit to investing $200 billion in the United States by 2028, leveling trade with the European Union and boosting United States manufacturing, especially in pharma and life sciences.
Central-bank caution from Susan Collins: Boston Federal Reserve President Susan Collins said on November 12 that there is a high bar for further rate cuts and signaled she favours keeping policy steady for some time.
Rachel Reeves drops income-tax rise: United Kingdom government-bond yields jumped this week on reports of a possible income-tax increase and then stayed uneasy after Chancellor Rachel Reeves scrapped the idea on November 14, but left open which other taxes will fill the budget gap.
Mohamed El-Erian’s “rational bubble” warning: Around Nov. 13, Mohamed El-Erian referred to the boom in AI as a "rational bubble" rooted in genuine innovation but warned that some investors are taking on more risk than they can handle if the trade reverses.
John Williams flags a return to bond buying: In comments on November 12, New York Federal Reserve President John Williams said the central bank could soon need to stop shrinking its balance sheet and restart net bond purchases to keep bank reserves sufficient.
Amazon’s streaming advertising reach jumps: At the company’s unBoxed event on Nov. 11, Amazon said the ad-supported version of Prime Video now reaches more than 315 million monthly viewers worldwide, compared to about 200 million in April 2024, underlining advertising as a key growth engine.
China’s rare-earth export filter: Reports on November 10-11 said Beijing is drafting a “validated end-user” export system that would block rare-earth magnet shipments to United States military contractors while speeding deliveries to civilian buyers, in a further tightening of a crucial supply-chain chokepoint.
Pfizer’s $10-billion-dollar obesity bet: Between November 10 and 13, Pfizer agreed to buy obesity-drug developer Metsera in a deal worth as much as about $10 billion, beating out Novo Nordisk and signalling how aggressively it wants to re-enter the weight-loss market.
Merck makes $9.2B flu-drug bet: On Nov. 14, Merck announced it would buy Cidara Therapeutics in a $9.2 billion deal, adding Cidara's potential universal flu-prevention drug as it prepares for Keytruda's patent expiry. Shares of Cidara more than doubled on the news. At the same time, shares of Merck slipped slightly.
Walmart CEO to retire in 2025: Walmart on Nov. 14 said that Doug McMillon, who has led the retailer's tech-driven transformation for a decade, will retire early next year. He will be succeeded by John Furner, head of its United States division and a company veteran of 30 years.
Nebius–Meta AI cloud deal: Amsterdam-based cloud provider Nebius said it had landed a roughly $3 billion, five-year deal to supply Meta with high-performance infrastructure, and reported third-quarter revenue more than three and a half times higher than a year earlier, on November 11–12.
IBM’s “Loon” and “Nighthawk” quantum chips: IBM said on November 12 that the company's experimental Loon quantum processor points towards practical fault-tolerant machines by about 2029, while its new Nighthawk chip will try to demonstrate quantum advantage on specific tasks as early as next year.
Other interesting reads:
Texas Court Weighs Paxton’s Bid to Halt Kenvue Dividend: A Texas judge will decide whether Attorney General Ken Paxton can block Kenvue’s $398 million dividend and restrict Tylenol marketing, despite medical authorities affirming the drug’s safety in pregnancy. Kenvue and Johnson & Johnson argue that his claims are politically driven and warn that granting the injunction would undermine FDA guidance and create legal turmoil. (The Dividend War)
Tensions Rise as UK Picks Wales for First Mini Nuclear Plant: Britain selected Wylfa in North Wales for its first small modular reactor, frustrating Washington, which had pushed for a larger United States-led project. United Kingdom officials say the homegrown design will strengthen energy security and create jobs, while the United States warns it could slow progress and keep power costs elevated. (The Washington Warning)
OpenAI Invests in Startup Aiming to Stop AI-driven Biothreats: OpenAI is leading a $15 million investment in Red Queen Bio, a new startup that builds defenses to stop AI tools from being used to create bioweapons. The company intends to use advanced models in addition to lab research to identify emerging risks as part of OpenAI's broader push to boost biosecurity as AI capabilities accelerate. (The True Hero)
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UP & DOWN
THIS WEEK’S WINNERS & LOSERS
🟩 Up this week
Cisco (CSCO) +10.33% WTD: The company raised its annual revenue forecast, lifting expectations for enterprise spending and helping steady parts of the tech complex. (The Unexpected Results)
Rivian (RIVN) +1.90% WTD: Rivian stock has surged this week as traders responded to stronger delivery numbers, new optimism about its path to profitability, and relief that recent cost-cut plans reduce the risk of another large capital raise. (The New Optimism)
Acme Corp (ACME) +5.42% WTD: The stock rallied this week after the company posted better-than-expected earnings, raised its full-year outlook, and eased investor fears about margin pressure. (The Reassuring Outlook)
Scholar Rock Holding Corp (SRRK) +29.22% WTD: Scholar Rock Holding Corporation stock climbed after the company reported Q3 results and held a key meeting with the United States Food and Drug Administration concerning its spinal muscular atrophy treatment. (The FDA Meeting)
🟥 Down this week
Disney (DIS) -4.18% WTD: Disney came under pressure following results that beat profit forecasts yet missed on the top line, leaving markets uncertain about the quarter’s overall performance. (The Missed Line)
Tesla (TSLA) -5.98% WTD: Including Friday’s additional drop, Tesla shares are down for the week as a broader technology and artificial-intelligence selloff compounds worries about recalls, executive turnover, and softer sales in China. (The Brutal Selloff)
Applied Digital (APLD) -20.63% WTD Applied Digital stock is down this week as a tech selloff, a $2.35B notes offering, and spillover from CoreWeave’s guidance cut stock worries about funding costs and AI data-center demand. (The Problematic Guidance)
Circle Internet Group (CRCL) -27.16% WTD: The stocks have fallen over the past week as traders digest the company’s big post-IPO run-up and fret over how much of the company's earnings still hinge on interest income from reserves in a falling-rate environment. (The Concerning Reserves)
That’s the wrap for this week’s market movements. We’ll be back next week with more updates on our live portfolio.
Until then, happy investing!
— The
Investogy Team, Kätlin & Siimon
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