Corporate America: November 10, 2026 — Anthropic’s $64 Billion Roadshow Meets a Hot Inflation Print

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Corporate America spent Tuesday caught between two prices: the price of money and the price of artificial intelligence. The Bureau of Labor Statistics reported that consumer prices rose 0.4% in October, down from 0.6% in September but a tenth of a point above the 0.3% economists expected, while core prices rose 0.3% for a third straight month against a 0.2% forecast. Shelter rose 0.3% and accounted for more than 30% of the increase, and the bureau published no annual rate, because it never collected October 2025 prices during last year’s lapse in appropriations. Stocks closed lower but well above their session lows, with the S&P 500 down 0.4%, the Dow Jones Industrial Average down 0.3% and the Nasdaq Composite down 0.7%, and the 10-year Treasury yield rose to 4.98% from 4.90% at Monday’s close as the report strengthened expectations of another Federal Reserve rate increase at the December 8–9 meeting.

The day’s trading, tracked throughout on our Corporate America desk, split cleanly between companies with clean numbers and companies carrying a question. Nvidia fell 5.47% to $168.89, its second straight decline and the heaviest weight on the S&P 500, as the board’s investigation involving Chief Executive Jensen Huang entered a second day. AAON rose 19.31% to $75.01, Take-Two Interactive rose 8.31% to $224.64 and Broadcom rose 3.91% to $331.98, while Skydance fell 7.59% to $8.04. It was the pattern our Earnings Season Playbook keeps producing late in a season: the market prices the story attached to the numbers as much as the numbers themselves.

Earnings: Records, Beats and a Media Giant’s First Test

AAON delivered the day’s cleanest beat. Adjusted earnings reached $0.83 a share against $0.57 expected, on record net sales of $707.4 million, up 84.1% from a year earlier, as sales at its BASX data-center cooling business surged 218% to $397.2 million. The company raised its full-year 2026 sales growth outlook to 72% to 75%, from 55% to 60%, implying sales of $2.48 billion to $2.524 billion. AAON also restated its first-half results and disclosed a material weakness in its reporting controls. TransDigm closed its fiscal year with adjusted earnings of $12.44 a share, ahead of the $12.21 consensus, on net sales of $2.988 billion, up 23%. Fiscal 2027 guidance called for revenue of $11.95 billion to $12.15 billion. Sea Limited grew into a miss: revenue rose 43.4% to $8.6 billion, net income rose 34.0% to $502.5 million and adjusted EBITDA rose 28.9% to $931.3 million, but earnings of $0.78 a share fell short of the $1.04 consensus, and the shares closed down 1.49% at $76.80.

Skydance faced the market’s verdict on a different kind of report. In its first earnings release since the $110 billion Warner Bros. Discovery merger closed on October 6, the company reported a standalone Paramount quarter with revenue up 5% to $7.03 billion, net income of $73 million, adjusted earnings of $0.45 a share against $0.18 expected and adjusted EBITDA of about $1 billion. Paramount+ revenue grew 21% to $2.13 billion as subscribers reached 82.2 million. Investors sold the outlook instead: management warned that the Warner Bros. film slate would create a $200 million adjusted EBITDA headwind in the fourth quarter. Take-Two moved the other way, rising 8.31% on Monday’s report as pre-orders for the November 19 launch of Grand Theft Auto VI were described as unprecedented.

Deals, Capital and the Anthropic Offering

The day’s largest transaction was not an acquisition but an arrival. Anthropic launched the roadshow for its initial public offering on Tuesday, offering 825 million Class A shares at an expected $70.00 to $78.00 a share, for gross proceeds of $57.75 billion to $64.35 billion before fees, with a listing planned on Nasdaq under the symbol ANT. The registration statement is not yet effective, so no shares can yet be sold. Its amended filing also outlined a conditional $26 billion private placement immediately after the offering, with purchasers including Google, Nvidia, Advanced Micro Devices, Broadcom, Micron Technology, Microsoft and TSMC Partners, and showed revenue of $33.2 billion for the first nine months of 2026. TransDigm repurchased $943 million of stock in the quarter and $2.8 billion across the fiscal year, weeks after completing its roughly $1.07 billion acquisition of Prince & Izant. Sea’s board added $1.0 billion to its share repurchase authorization, without expiration.

Jobs, Footprint and the Cost-Cut Ledger

The restructuring ledger grew on both sides of the economy. PepsiCo told employees in a Monday letter from Ram Krishnan, its North America chief executive, that it will cut around 1,000 jobs across North America over the coming week as it simplifies how it operates, a month after lowering its full-year outlook on weakness in its home market. Boeing will cut about 5% of the workforce in its commercial airplanes division through layoffs and attrition, the division’s chief, Stephanie Pope, told staff on Monday; the unit employed about 50,500 people at the end of 2025, and the cuts follow a slower 737 ramp, with 47 aircraft a month now expected in early 2027 rather than the summer of 2026. Skydance put its own number on the same theme, targeting at least $6 billion of annual cost savings within three years, with 30% expected in the first year.

After the close, CoreWeave supplied the day’s most debated numbers. Revenue reached $3.66 billion, ahead of the $3.54 billion expected and up 168% from a year earlier, and adjusted operating income rose 75% to $379 million, although its margin narrowed to 10% from 16%. Interest expense of $846 million, up from $310 million a year earlier, more than consumed that operating profit, while the backlog grew to $133 billion from $104 billion and debt and lease liabilities rose $14.6 billion in the quarter to $66 billion. Chief Executive Michael Intrator said the company is abandoning unsecured public debt in favor of delayed-draw facilities collateralized by customer contracts, and it raised its full-year revenue guidance. The shares, which closed down 0.51% at $48.73, edged higher in after-hours trading.

The one to watch is Thursday, November 12. Cisco Systems and Applied Materials report after the close, the week’s two largest remaining prints, and Nebius reports before the open, extending the neocloud test CoreWeave began. Producer prices follow on Friday, Nvidia reports on November 17, Anthropic’s offering is expected to price next week, and Grand Theft Auto VI reaches players on November 19. Wednesday is Veterans Day, when stock markets stay open and bond markets close.

This is not investment advice. Corporate America is AI-assisted research produced with automated data checks; figures are verified against the cited sources at publication time.