3 stocks tied to a possible $2 trillion listing 

$2 trillion.

According to the Financial Times, that's the number investors are attaching to Anthropic's expected October listing — a figure that, if it holds up, would hand Anthropic the record for the largest public debut ever, ahead of SpaceX.

Underwriting on the deal already sits with Goldman Sachs, Morgan Stanley, and JPMorgan.

Here's the part that actually affects you: outside a narrow circle of Silicon Valley insiders, pre-IPO shares in this company simply aren't on the table.

See the 3 tickers tied to Anthropic

🏦 The Banks Are Quietly Crashing While Everything Else Hits Records

Here's a divergence that should make you sit up. While the S&P 500 and Nasdaq are busy printing fresh all-time highs, America's biggest banks are quietly falling apart. The whole group has slipped into what Wall Street calls "correction territory," meaning a drop of more than 10% from their recent peak. And some of these names are down a lot more than that.

Let's look at the damage from the August highs. Goldman Sachs is off about 24%. Capital One has tumbled around 25%. Bank of America is down roughly 19%, Morgan Stanley about 19%, and Wells Fargo around 18.5%. Even mighty JPMorgan, the strongest of the bunch, has slipped about 11%. All told, the five largest banks have shed roughly $270 billion in combined market value since summer. The KBW Bank Index, which tracks 24 big lenders, is down about 14% from its August peak.

The timing is wild, because this is all happening right as bank earnings season kicks off. JPMorgan, Goldman Sachs, Citigroup, and Wells Fargo all report today, with Bank of America and Morgan Stanley following tomorrow. On top of that, the big September inflation report drops tomorrow too. So we're about to find out very quickly whether this selloff was justified or overblown.

So why are banks getting hit while everything else soars? It comes down to a few things.

• 📈 Rising rates are the main villain: Those sky-high Treasury yields we keep writing about make investors nervous that borrowing slows down, loans go bad, and banks' costs climb. The market is basically pricing in the fear of more rate hikes ahead.

• 🤖 The AI party left banks off the guest list: As one strategist put it, there's an AI boom and only a few sectors got invited. Money has been flooding into tech while boring old banks get ignored.

• ⚠️ Banks are a historical warning sign: Here's the slightly scary part. In the last three major market breakdowns, bank stocks peaked roughly six months before the broader market did. When the banks start struggling while everything else looks fine, it sometimes means they're seeing trouble the rest of the market hasn't noticed yet.

Now here's the other side, because we never sell you only the scary story. A lot of Wall Street actually sees this selloff as a buying opportunity, not a red alert. The key detail: earnings estimates for these banks have actually been revised upward, which is unusual for a group falling this hard. In most bad years for banks, analysts are slashing their forecasts. This time they're raising them, which suggests the underlying businesses are still healthy.

• 💰 Beats are the norm, not the exception: Goldman has topped earnings estimates for twelve straight quarters. JPMorgan beats about 82% of the time. These are well-run machines.

• 🏛️ Higher rates cut both ways: While rates spook investors, banks also earn more interest income as older, lower-yielding loans roll over into new higher-rate ones, which can actually boost revenue.

• 📊 The valuations got cheaper: After a 20%-plus drop, these stocks are trading at far more reasonable prices than they were in August.

The Munch Take: This is genuinely one of the more interesting setups in the market right now, a classic "who's right" showdown. The bears point to history and say the banks are the canary in the coal mine, quietly signaling that higher rates will eventually bite the economy. The bulls say this is a gift, a chance to buy quality, cash-gushing businesses at a 20% discount while everyone's distracted chasing AI stocks. Our honest read? There's truth on both sides, which is exactly why this week's earnings matter so much. If the banks report strong numbers and confident outlooks, this dip probably was the buying opportunity. If management starts warning about bad loans or a slowing consumer, then the banks really were trying to tell us something. We're not catching this falling knife before we see the actual numbers. But we're watching closely, because beaten-down quality is exactly our kind of hunting ground, and few businesses are more quality than a JPMorgan trading on sale. Here's the one thing we'll say for certain: when the banks and the broader market are telling two completely different stories, pay very close attention to which one blinks first. Today and tomorrow, we get our first real clue.

5 Stocks Hiding Behind the Robot Revolution

The first AI wave created enormous excitement around software, chips, and chatbots.

But the next chapter may be much bigger—and far more physical.

AI is beginning to operate robots, automate factories, power intelligent vehicles, and control machines that can see, learn, and act.

Five companies may be especially well-positioned as this transformation moves into the mainstream.

We’ve put them together in a new, complementary report:

👉️ Get your copy while it remains available—and reveal the five stocks now.

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