AI Markets: SK hynix, Anthropic’s IPO, Oracle and SpaceX

SK hynix’s memory chips are smashing every record, and Anthropic is preparing its share sale to retail investors. Oracle opens the door to Google’s chips, and SpaceX’s debt is costing more than expected.

SK hynix: an 80% margin on AI memory

The Korean memory maker posted off-the-charts quarterly results. It also announced a massive shareholder return plan. That number says a lot about the AI value chain: memory has become a very profitable bottleneck.

Key points:

  • Q3 revenue: 104.6 trillion won, above 100 trillion for the first time (+32% quarter over quarter).
  • Operating profit: 83.3 trillion won, an 80% margin, versus roughly 76.7 trillion expected by the market, according to press reports.
  • Planned shareholder return for 2026: about 100 trillion won, split between dividends (30 trillion or more) and share buybacks (60 trillion or more).
  • In after-hours trading, the stock was up about 8% (U.S. ADSs).

Why memory is making so much money

AI chips need HBM memory, stacked right next to the processor. According to management, HBM4 entered mass production in Q3 and should overtake HBM3E in both volume and revenue in Q4. Long-term contracts with 14 customers cover more than half of 2027-2028 capacity, according to the transcript published by Investing.com. The company says DRAM and HBM volumes through 2029 are practically sold out, counting those still under discussion. That’s a management claim, not a verified fact.

Net income (39.8 trillion won) carries less weight than operating profit: foreign exchange losses and investment valuation losses ate into it.

The market angle, from Europe

SK hynix listed in the United States in July: 17.79 million ADSs (each representing one tenth of a share) at $149, raising about $26.5 billion according to Reuters, with its primary listing remaining in Seoul. For a European saver, neither the Korean shares nor these ADSs are eligible for the PEA: access goes through a standard brokerage account or through UCITS ETFs with exposure to semiconductors or Korea.

These results also fuel a debate. An 80% margin attracts new investment and competitors. Management is in fact announcing a “significant” increase in capital spending in 2027. This is neither a signal nor a price forecast: it’s the context analysts will be watching over the coming quarters.

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Anthropic: the retail slice and the numbers in the filing

Anthropic’s public filing came out Monday. What’s changed since our last edition: we now know how retail investors might get in, and the compute commitments are now spelled out.

Key points:

  • According to Bloomberg, JPMorgan would lead the sale to U.S. retail investors. Anthropic is considering setting aside about 15% to 20% of the shares for them, with no final decision made.
  • Citigroup would coordinate the retail offering outside the United States, including in certain European Economic Area countries.
  • Cash: $112.4 billion at the end of June, out of about $141 billion raised in total (NBC News).
  • The company acknowledges it “may need to seek financing sooner than expected.”

What the filing says about compute

We’ve already covered the results ($16.3 billion in revenue in the first half, a net loss of $80.7 billion, mostly on paper). The new detail, reported by NBC News, concerns commitments to suppliers: at least $110 billion with Amazon through April 2036, $120 billion with SpaceX through 2029, $115 billion with Google and $45 billion with Microsoft through 2033. These figures differ from those Reuters had cited for Google ($111.1 billion) and Microsoft ($31.4 billion). We weren’t able to reconcile them in the text of the filing. The SpaceX figure, which until now was backed by a single source, now shows up in a second outlet.

Why this matters for a European investor

The price, the number of shares and the valuation are still blank: they’ll be set after the roadshow. The press is pointing to a listing in mid-November, under the ticker ANT on the Nasdaq, at a valuation around $2 trillion. These are press estimates.

For Europeans, two things to watch: whether there’s an international tranche for retail investors, with the countries involved not specified, and tax eligibility. A U.S. company is not eligible for the PEA. The SpaceX precedent is a reminder that demand can outstrip supply: JPMorgan ran the retail sale for the $86 billion IPO and collected more than $100 billion in orders, with partial allocations.

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Oracle adds Google’s TPU chips to its cloud

Oracle announced Tuesday, at its Las Vegas event, that it will offer Google’s TPU chips in its cloud. It’s a diversification signal: Nvidia remains central, but big customers are looking for alternatives.

Key points:

  • TPUs will be available on Oracle Cloud Infrastructure in 2027, with a ramp-up over several years.
  • Oracle bills itself as the first major cloud, other than Google, to offer them directly.
  • The number of TPUs hasn’t been disclosed.
  • Nvidia Vera Rubin NVL72 is already available at Oracle.

What’s been announced, and what hasn’t

According to The Register, Oracle executive Mahesh Thiagarajan explains the choice this way: “Different AI workloads have different compute needs.” Customers will be able to use Google’s chips without going through Google Cloud. Nothing ships today: this is a commitment for 2027.

Oracle stock was up about 5% during the session, around $132, but was still down about 31% year to date (24/7 Wall St.). As a reminder, we’ve already covered how shaky the financing for Oracle’s data centers is, notably the Stargate site in New Mexico.

The market angle

For Alphabet, it’s a new sales channel for its chips, beyond its own cloud. For Nvidia, it’s a reminder that customers want multiple suppliers, especially for inference (running a model that’s already been trained). Neither effect has been quantified at this stage. The Register also notes that a lot of AI spending remains “circular” among players in the sector, and cites an Apollo study that sees little economic return outside tech.

For European savers, Alphabet, Nvidia and Oracle are U.S. stocks, not eligible for the PEA. Access goes through a standard brokerage account or through UCITS ETFs.

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SpaceX: a $40 billion debt deal that’s costing more than expected

The $40 billion financing to buy Nvidia chips is taking shape. The cost, meanwhile, is climbing. What’s changed since our last edition: we now know the target rates.

Key points:

  • According to Semafor (October 22), the tranche secured by chips would price around 7.75%, more than a percentage point above what SpaceX’s existing bonds yield.
  • The lowest-rated tranche would target about 8.3%.
  • Apollo and Goldman Sachs are leading the deal, which was expected to close the following week.
  • Default insurance (CDS) on SpaceX has widened, a sign of greater caution.

Why rates are rising

Semafor cites two causes: solid results overshadowed by very heavy spending and worries about debt, then a tenser climate for AI-related lending after CoreWeave’s bonds tumbled. We’ve already covered these strains among the neoclouds. The outlet calls it a “sign of growing nervousness in the AI world.”

Watch the versions: Elon Musk announced on X on October 25 that this financing was done. The final terms may differ from those Semafor reported before signing, and the official details haven’t been published yet.

The market angle

More expensive debt weighs on the future margins of a group that plans more than $35 billion in capital spending per quarter. On the flip side, a loan secured by chips shows lenders still accept that kind of collateral. For European investors, SPCX remains outside the PEA: only a standard brokerage account gives direct access. These are financing facts, not a judgment on the stock.

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Edition prepared by our monitoring agent (data and sources as of Wednesday, October 28, 2026), reviewed in line with our editorial policy. General information, not investment advice: investing carries a risk of capital loss.