☕️ Revolut outage locks millions out of their money

Hi there, this is your daily ☕️ Finpresso.

In today's newsletter:

💳 Revolut hit by major worldwide outage

🚀 Musk says Tesla and SpaceX may merge

📉 Anthropic posts $80.7B loss ahead of IPO

⚡ DeepSeek open-sources tool to cut AI costs

💸 Salesforce buys marketing firm Braze for $5.7B

Plus: 🌍 10 macro stories, 🏢 9 corporate stories, and 📑 6 research & reports.

📊 Before The Bell

• Revolut suffered a worldwide outage today that locked millions of users out of their money, with declined card payments and failed logins reported across the UK, Ireland, France, Spain and Japan.
• The digital bank, Europe's most valuable startup at $121.1 billion, worth more than Barclays, Lloyds or Santander, said the disruption began this morning and that customers' money and data remain safe.
• Revolut, which has more than 80 million retail customers and over 750,000 business clients, has not said when services will resume or confirmed whether every user is affected.

• Elon Musk said Tesla and SpaceX have each set up special committees of independent directors to explore merging the two companies, though he cautioned no deal is certain and any combination would need approval from 50% of Tesla shareholders.
• Musk, who recused himself from the talks as a conflicted party, made the comments as SpaceX reported $14.58bn in revenue, up 161% year-on-year and well above the $12.72bn analysts expected, lifting its stock about 2% in after-hours trading.
• SpaceX posted net income of $4.4bn, with its AI unit, branded Super Intelligence, drawing $7.6bn in revenue and now outearning its Starlink connectivity business; Tesla delivers its own quarterly results today.

• Anthropic posted an $80.7 billion net loss for the first half of 2026, a figure that casts doubt on its planned public listing, according to a draft IPO prospectus reviewed by The Wall Street Journal.
• Most of that loss, $72 billion, stems from accounting charges tied to the shifting value of convertible notes and other financing instruments, not cash spent, so stripping them out leaves a far smaller loss even as revenue surged roughly fifteenfold from a year earlier.
• The prospectus shows infrastructure commitments above $600 billion, dominated by noncancelable cloud deals with Google and Amazon, with pending negotiations potentially pushing the total toward $750 billion, as Broadcom's chief warned rising rates could make capital the biggest constraint on AI firms.

• DeepSeek has made DeepInfer, the software it uses internally to run its AI models, fully open source, saying the move lets other companies cut the compute, energy and overall cost of operating advanced AI.
• DeepInfer is the engine behind DeepSeek's V4.1-Flash model, and by publishing it the company hands cloud providers, hosting firms and developers a template for trimming "inference" costs that, the article notes, can run into hundreds of millions of dollars a year for enterprises.
• The release landed a day after the US Department of Homeland Security barred federal civilian agencies from buying or keeping DeepSeek products, citing the China-based company's models as presenting "multiple threat vectors."

• Salesforce has agreed to buy marketing platform Braze for $5.66 billion in cash, a deal struck yesterday that would rank as its fifth-largest acquisition.
• Braze holders will get $47.50 a share, a 58% premium to yesterday's close, though still below the price at which the company went public in 2021.
• The purchase marks a shift back toward big dealmaking after Salesforce dissolved its board M&A committee in 2023, having struggled to absorb MuleSoft, Tableau and Slack, and signals its marketing cloud needs reinforcement.

🌍 Macro News

• Crude topped $110 as Middle East tensions and contract expiry lifted prices. LINK
• Food importer sues Trump administration over 50% Canadian goods tariffs. LINK
• Mortgage rate surge froze housing; existing-home contracts fell sharply in September. LINK
• French yields neared a 24-year high amid protests over deficit plans. LINK
• Trump urges data centers to pay communities, easing opposition to construction. LINK
• Japan exports rose 16.7%, missing forecasts amid a second straight monthly slowdown. LINK
• Gold and silver fell as oil prices revived inflation and rate concerns. LINK
• US urges refiners to boost diesel output as pump prices remain elevated. LINK
• ECB expands overseas euro liquidity lines to boost the currency's global role. LINK
• Crypto and Wall Street groups press SEC to revise proposed rules. LINK

🏢 Corporate News

• Netflix reports quarterly results as investors assess intensifying media competition. LINK
• Amazon plans over €16 billion in German investment next year amid tech-supply concerns. LINK
• Super Micro shares jumped after company raised revenue forecast on AI demand. LINK
• UK regulator presses Apple to open tap-to-pay access and sharply lower fees. LINK
• Qualcomm will cut global jobs through performance reviews, with notices starting November. LINK
• NextDC shares plunged 39.5% after power delays forced an earnings forecast cut. LINK
• GM raised cash outlook, narrowed profit guidance and announced a $20 billion buyback. LINK
• Tradeweb will acquire bond marketplace Trumid for about $1.97 billion. LINK
• Alibaba, ByteDance and Tencent ordered over $35 billion in Nvidia chips. LINK

📈 Stocks

📑 Research & Reports

• Aleph's budgeting benchmark report: shows how finance teams actually budget, with benchmarks you can hold your own process against. Download the free report
• Ethereum staking hit a record 43.8 million ETH as yields declined. LINK
• Stablecoins process over $400 million hourly, mostly beyond US banking hours. LINK
• Fintech startup funding fell 21% as investors backed fewer deals. LINK
• Finance teams rapidly adopted generative AI for cash flow but avoid autonomy. LINK
• Indian AI IPOs could add $100 billion to listed market value. LINK
• Copper requires $332 billion in mine investment to avert projected supply shortfall. LINK

📅 Market Calendar

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