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💰 Anthropic's unavoidable IPO Photo illustration: Sarah Grillo/Axios. Photo: Jason Henry/Bloomberg via Getty Images Anthropic's impending IPO will test a jittery Wall Street, but investors say the timing isn't optional, Axios AI+ co-author Madison Mills writes. The reason is simple math: The AI giant has grown too big for private fundraising. Why it matters: Top AI companies like Anthropic and OpenAI are racking up 12-figure spending commitments, straining the financial system's ability to keep up with a buildout that rivals America's railroads or interstate highways. Anthropic's computing commitments could reach $750 billion in the coming years, according to a draft IPO prospectus seen by The Wall Street Journal. 🔭 Zoom in: Investors say only public markets can raise money at that scale. OpenAI's most recent round, the biggest in history, took months to secure more than $120 billion — a feat unlikely to be repeated in this market. 🔮 What's next: Anthropic is expected to go public before Thanksgiving. A strong debut could help reset investor angst about the AI boom.

📺 "To Catch a Predator" midterm ad wars Screenshot: People Over Politics Action Fund Republicans and Democrats are flooding the midterm airwaves with explosive TV ads accusing their opponents of protecting pedophiles and child sexual abusers, Axios' Alex Isenstadt writes. Why it matters: The advertising blitz underscores the lingering power of the Jeffrey Epstein scandal, which has fueled distrust of powerful figures and pushed allegations of child sexual abuse to the forefront of national politics. The controversy over the Trump administration's handling of the Epstein files — including allegations that officials sought to protect powerful figures by not releasing all of the files — has kept the issue in the headlines. The midterm ads that have followed have been bipartisan and are playing out in state and federal races. 🧮 By the numbers: Since Sept. 1, candidates and outside groups have aired at least $70 million in TV ads mentioning pedophilia, Epstein and allegations related to child sexual abuse, according to AdImpact. Of the 118 ads identified, 63 were sponsored by Democrats, 52 by Republicans and three by independents. Keep reading. Ohio Republican gubernatorial candidate Vivek Ramaswamy speaks at a campaign event in Greenville, Ohio, on Sunday. Photo: Michael M. Santiago/Getty Images Vivek Ramaswamy's campaign for Ohio governor is pouring $4 million into a bombshell ad in which his opponent's estranged mother attacks her daughter — doubling down on the message despite fierce bipartisan backlash. Amy Acton has said her mom sided with her stepfather after he sexually assaulted Acton when she was 12. After the ad began appearing yesterday on social media, many fellow Republicans urged Ramaswamy to distance his campaign from it. Go deeper.

Nvidia's global power play Illustration: Aïda Amer/Axios. Stock: Getty Images Nvidia CEO Jensen Huang is crisscrossing Europe with a multibillion-dollar checkbook and a grand ambition: Make his company the indispensable backbone of the global AI economy, Axios' Zachary Basu writes. Why it matters: As fears of an AI bubble rattle Wall Street, Huang is working to spread the boom beyond the U.S. and China — courting governments, bankrolling startups and cultivating massive new markets for Nvidia's chips. 🖼️ The big picture: The godfather of AI is trying to single-handedly build a new market for Nvidia chips, betting that governments and institutions around the world will want their own, highly customized data centers running open models. If it works, it could shore up demand for Nvidia chips just as another big customer group — neoclouds — appears financially shaky. Part showman, part salesman, Huang has spent the past week preaching the gospel of AI across Europe ahead of a keynote this morning at Nvidia's flagship conference in Berlin. In France, Huang announced investments in four startups and joked, whisky glass in hand, that he's "the biggest VC in Europe." President Emmanuel Macron welcomed him to Paris, while France's economy minister compared the AI revolution to the Gold Rush. In Britain, Huang channeled Oprah Winfrey while announcing stakes in five startups. "I am giving you money! And I am giving you money! And I am giving you money!" he shouted from the stage of a converted London church. In Sweden, Huang unveiled a supercomputer backed by the country's industrial elite, likening Nvidia's technology to a "time machine" capable of compressing years of scientific research into days. In Germany, Huang challenged Chancellor Friedrich Merz to loosen Europe's regulatory instincts. "There's nothing to regulate if the industry doesn't thrive," he warned Monday. "Give Germany a chance. Give this industry a chance." 🔬 Zoom in: At the heart of Huang's global strategy is "sovereign AI" — the idea that every nation should build and control its own AI infrastructure, data and models, rather than depend on U.S. or Chinese tech giants. For Huang, the prize is a vast new class of customers, including entire countries that see AI infrastructure as an economic and national security imperative. 👀 What to watch: Huang has emerged as the AI industry's chief cheerleader during periods of market turmoil, countering predictions of a bubble with assurances that demand is still accelerating. His Berlin keynote offers another chance to calm investors by arguing that the next wave of AI spending will come from governments treating the technology as a national necessity, not a speculative bet.

> Italy deploys 500 troops to Milan amid unrest and looting over rising fuel prices, cost of living (More) | See footage, including clashes with police (More via YouTube) | ... and France expands curfew to more cities, parts of Paris and Lyon (More) > The UK will deploy fighter jets to Saudi Arabia to help protect cities and critical infrastructure from attacks by Houthi rebels (More) | Elon Musk personally ordered last week's Starlink slowdown in Ukraine, new report finds (More) > President Donald Trump's special envoy Steve Witkoff flies to Russia after meeting with Ukrainian President Volodymyr Zelenskyy in Norway in revamped effort to pursue Russia-Ukraine ceasefire (More)

> US stock markets close mixed (S&P 500 +0.3%, Dow +1.0%, Nasdaq -0.0%) on strong earnings reports for Hasbro, Equifax, and 3M (More) | Brent crude futures decline 0.7% after earlier gains pushed prices over $111 per barrel (More) > Pending-home sales drop to lowest level since 2001 due to 7.3% decline in September, per new monthly data; sales fell 11.3% on a year-over-year basis as 30-year mortgage rate climbed to 7.5% this month (More) > Braze shares soar 51.7% following Salesforce's announcement that it agreed to acquire the marketing software company in an all-cash deal valued at nearly $5.7B (More)

> Doctors develop AI tool that predicts cancer patients' survival odds from a single selfie; those who looked five or more years older than their actual age had a 21% higher risk of death over a four-year follow-up period (More) > Scientists revive pig kidneys after up to one year in ultracold storage and successfully transplant them into test pigs, according to new research; breakthrough could enable long-term organ banking and expand transplant access (More) > Marsquake—the Martian equivalent of an earthquake—originated beneath the largest canyon system in our solar system in 2021, suggesting ancient faults may still be shaping Mars' landscape (More) | See photo of Mars' Grand Canyon (More)

Sudanese Strikes Spill Over Drones struck an outdoor market in the disputed region between Sudan and South Sudan Monday, killing at least 153 people, local officials say. See footage of the aftermath (via YouTube, warning—sensitive). Local officials have blamed the Sudanese army and are raising concerns of spillover from Sudan’s more than three-year-long civil war. Drones reportedly hit a fuel depot in the market that was used by the Rapid Support Forces paramilitary in its conflict with the Sudanese army. The market is located in Abyei, an oil-rich region jointly administered by Sudan and South Sudan since 2011 (what is it like there?). Sudan's civil war stems from fallout between two generals. The conflict has killed an estimated 150,000 people and displaced more than 13 million others—over one-fifth of the country’s population. See the countries reportedly backing each general here. … and curious about the world’s most neglected displacement crises? See one organization’s annual ranking (w/map).

Spoken as a fabulous Muslim. Sahih al-Bukhari 1462 - Obligatory Charity Tax (Zakat) - كتاب الزكاة - Sunnah.com - Sayings and Teachings of Prophet Muhammad (صلى الله عليه و سلم)

The Wright Brothers only flew together once. They promised their father that they would never do it again in order to avoid a double tragedy if they crashed. The 1910 Exception: With their father's permission, they broke the rule just once on May 25, 1910; later that same day, Orville also took their 82-year-old father up for his first and only flight. James

Two Paths Diverged (Illustration by The Atlantic. Sources: Chip Somodevilla / Getty; Alex Brandon / AP.)   View in browser Many people are understandably focused on the question of how AI will transform our civilization. Will it cure cancer? Will it end world hunger? Will it hack everyone’s bank accounts and incubate the next pandemic? But those who are already profiting from this technological revolution also have a more immediate concern. Their problem is—to paraphrase one of my favorite lines from Scarface—what to do with all the cash. Over the past few days, two of America’s most prominent AI leaders have offered proposals for returning some of the spoils of the AI boom to the public. On Sunday, Anthropic announced that it would set aside 5 percent of the company’s stock in a new LLC—the Anthropic Public Benefit Fund—to be spent on causes it deems to be in the public’s interest. More stock may be added as the company becomes more valuable. If the company goes public at its current projected valuation of $1.5 trillion, the fund could hold $75 billion, making it one of the largest charities on the planet. (For context, the Gates Foundation Trust had about $89 billion in it at the end of last year.) Elon Musk, a centibillionaire and a longtime skeptic of traditional philanthropy, criticized the move and tried to one-up it, writing on X that he’d be giving one share of SpaceX to “every kid in America.” According to The New York Times’ back-of-the-napkin math, this could end up being a donation of more than $10 billion. What AI’s biggest winners decide to do with their money could have profound consequences for how Americans live their lives. The birth of modern AI may turn out to be the biggest wealth-creation event in human history, yet most Americans are feeling those effects indirectly. AI is making some people’s jobs easier and driving innovation, but it isn’t hitting everyone’s personal finances equally, and almost half of U.S. adults think the technology will widen the gap between the rich and the poor. Musk and Anthropic are now laying out two different visions for AI-driven philanthropy—raising thorny questions about the level of control that the investor class will exert over our shared future. The first and most obvious question for Anthropic: What if the company’s understanding of the “public good” doesn’t line up with the public’s wants or needs? Anthropic’s leaders, Dario and Daniela Amodei, have already committed to giving away most of their own personal wealth, and Dario has written on his blog about the kinds of philanthropy he admires. The Gates Foundation and PEPFAR, President George W. Bush’s public initiative for global AIDS relief, are both on his list. But how the firm’s leaders will actually decide to apportion these gifts remains somewhat nebulous. A press release for Anthropic’s fund lists “large donations to traditional nonprofits” and “direct distributions to specific populations” as examples of possible projects. Another stated goal is to remediate the effects of a massive, AI-driven labor-market transformation—an ironic instance of a company trying to solve a problem it helped create. As many politicians and even AI corporations themselves have argued, this tech is powerful enough, and potentially such an important part of the global economy, that the wealth it creates may merit some degree of public control. Last October, as one possible plan for reckoning with the economic consequences of AI, Anthropic floated the idea of using “sovereign wealth funds to give citizens stakes in AI revenues.” (OpenAI’s leaders have also reportedly considered giving 5 percent of the company to the government.) At least for now, though, the Anthropic Public Benefit Fund isn’t giving anyone outside of the company a stake. And the fact that it won’t be a 501(c)(3), like the Gates Foundation, means that it won’t have to deal with the kinds of mandatory financial disclosures that are meant to keep charitable organizations maximally transparent. A democratic way to approach this project would be for the government to aggressively tax the company and decide for itself how to spend the money. Not every American agrees with their government representatives’ approach to resource allocation, but at least in the public sector, the people have a voice. Although Musk’s path is also billionaire-led, it gives Americans a much more direct stake. Donald Trump clarified yesterday that Musk’s donation, if it happens, would use the country’s new child-savings accounts (known as “Trump Accounts”) as a vehicle. Rather than earmarking shares for a self-sustaining charitable foundation, Musk would be effectively cutting out the middleman, giving American children a piece of the company that houses his biggest AI bets. It would likely be a smaller total donation than Anthropic’s; one share per child may not turn out to be all that much money in the long run. And Trump Accounts aren’t a perfect dispersal mechanism; parents can’t reject donated shares, and they can’t immediately sell them. Once account holders turn 18, though, they can spend Musk’s gift on whatever they want. Musk, like other tech billionaires, has questioned traditional modes of philanthropy. He knows that the public knows that giving can be an expression of power and control—a way to rehabilitate a donor’s image or provide political insulation for the donor and his enterprises. Musk may be getting something out of this too. If more people own a little chunk of the AI economy, will they start to become more receptive to data centers and other Big Tech interventions? The donation could also give recipients a reason to be less critical of Musk and his businesses; people with a stake in the company might be more inclined to tolerate unscrupulous behavior. Still, if he can follow through on his approach (and especially if he continues to donate AI stock, as he hinted in his post yesterday), his gift could have a real impact. When SpaceX was about to go public earlier this year, my colleague Matteo Wong observed that “by weaving itself into the finances of most businesses and households in America, the AI industry is quickly making itself too big to fail.” AI is already deeply embedded in our life: in the businesses we interact with, in the pension funds and 401(k)s around which we plan our future. These massive donations, which represent a deviation from tech-industry norms, could reshape society for the better. But if the public comes to rely on Anthropic’s investments or on direct payouts from SpaceX, it’ll need to start caring even more about how well these companies perform. Public welfare needn’t be contingent on the whims of a few powerful firms; so much else already is. Related: Choose your overload—Musk vs. Bezos. Elon Musk is dropping a boulder in a kiddie pool.

🌾 Parting shot: Windswept wonder Photo: Marcia Kneisel Reader Marcia Kneisel of Littleton, N.C., captured this morning scene along North Carolina's Outer Banks — in the town of Kill Devil Hills during a brief fall getaway.

‼️ Tough choices time Illustration: Aïda Amer/Axios House Democrats' main super PAC is scaling back in three Republican-leaning races it once hoped national tailwinds could put in play, according to AdImpact and a source familiar with the matter. Why it matters: Democrats' huge ambitions are running into the reality of finite resources. The big picture: The DCCC and its corresponding super PAC, House Majority PAC, have struggled to keep pace with their GOP counterparts' monster fundraising this cycle. Republicans have the bonus advantage of a network of cash-rich outside groups, namely President Trump's MAGA Inc. and Elon Musk's America PAC. Driving the news: House Majority PAC is pulling back in ... TN-05: Democrats were bullish about their star recruit, Columbia Mayor Chaz Molder, until redistricting made the district redder and embattled Rep. Andy Ogles (R-Tenn.) lost his primary to former state Agriculture Commissioner Charlie Hatcher. CO-03: A top target for Democrats when Rep. Lauren Boebert (R-Colo.) represented it, the seat has become a heavier lift for the party since she abandoned it and Rep. Jeff Hurd (R-Colo.) took office last year. FL-07: Facing a situation similar to Tennessee, Democrats had liked their odds of unseating scandal-tarred Rep. Cory Mills (R-Fla.), who lost his primary to former local news anchor Ryan Elijah. Democratic candidate Bale Dalton, a former NASA chief of staff, was a top DCCC recruit and is part of the committee's coveted "Red to Blue" program. What they're saying: Phil Gardner, a senior adviser for Blue Dog Action — a centrist group backing Dalton — told us of the cuts in Florida: "I'm not sure what HMP was thinking here." "The rest of the party is not triaging this seat," he said, citing the DCCC's poll and House Minority Whip Katherine Clark's (D-Mass.) plans to campaign there tomorrow. Gardner called it "bonkers" that HMP is spending in districts like Maine's 2nd District. The other side: "We're focused on taking back the House," CJ Warnke, a spokesperson for HMP, told us in response to Gardner's criticism. Between the lines: HMP has also made partial cuts — what it calls "shaves" — in Arizona's 2nd District and Texas' 23rd District, where Democrats have struggled to gain traction but still see a glimmer of hope. Yes, but: Some HMP triages are in districts where they feel confident the Democratic candidate will prevail. That includes Reps. Greg Landsman (D-Ohio) and Kristen McDonald Rivet (D-Mich.), both of whose races are rated "likely Democratic" by Cook. The PAC has pulled back in the districts of retiring Reps. Darrell Issa (R-Calif.) and Don Bacon (R-Neb.), which Democrats are increasingly bullish about flipping. — Andrew Solender

💰 Exclusive... GOP's tiny lead House Republicans are entering the final two weeks of the midterms with a rare but razor-thin fundraising advantage over House Democrats. 💰 Why it matters: Democrats outraised Republicans by $84 million in 2024 and $74 million in 2022. The GOP has eliminated that gap. The National Republican Congressional Committee out-raised the Democratic Congressional Campaign Committee by $1 million ($250 million to $249 million) so far this cycle, we have learned. "The NRCC spent this cycle building a war chest to amplify Republican wins and make Democrats answer for their failures," NRCC Chair Richard Hudson (R-N.C.) told us in a statement. By the numbers: The NRCC raised $28.5 million in September, including a $14 million transfer from the Republican National Committee, compared to $26.3 million raised by the DCCC. The NRCC raised $50 million in Q3 and entered October with $61 million cash on hand. The DCCC raised $50.5 million in Q3, and entered October with $55.7 million cash on hand. Between the lines: Hudson's fundraising success comes as Speaker Mike Johnson has also built a formidable fundraising operation of his own. Johnson has raised more than $220 million for House Republicans since becoming speaker in October 2023, a turnaround from early concerns about whether he could fill the void left by former Speaker Kevin McCarthy. — Kate Santaliz

Pompeii's grandest house gets a $1.6 million restoration funded by private sponsor An ancient residence believed to be the grandest in the Pompeii archaeological site is being restored with the entire 1.4 million euros ($1.6 million) cost being covered by a private sponsor, officials announced Tuesday. Read More.

Libya approves contentious Turkey deal over Mediterranean waters Libya’s parliament unanimously approved a contested maritime agreement with Turkey on Tuesday, reversing years of opposition and reviving a dispute with Egypt, Greece and Cyprus over rights in the eastern Mediterranean. Read More.

A new Beatles attraction is coming to Liverpool as interest in the Fab Four surges The birthplace of The Beatles is about to get even more of the Fab Four. Read More.

Romanian lawmakers back a minority government to end monthslong stalemate Romanian lawmakers sought Tuesday to end a monthslong political impasse by voting for a minority government led by an independent diplomat, who now faces the challenge of securing support in a fragmented Parliament while tackling a large budget deficit. Read More.

France announces nightly curfews 'for as long as necessary' in Paris and other big cities Fresh curfews were being imposed across the city centers of Paris and Lyon on Tuesday after the first quiet night since France’s most destructive rioting in years, as Prime Minister Sébastien Lecornu said a “massive” security operation was planned for new protests Saturday. Read More.

Ahead of massive IPOs, AI companies are sketching plans to share their wealth As they steam toward massive public offerings on Wall Street, the companies at the forefront of artificial intelligence have begun sketching plans to share their wealth with the public — a commitment they say is imperative to address disruptions the technology could bring to the workforce and people’s livelihoods. Read More.

FAA clears the way for airlines to put Boeing's long-delayed 737 Max 10 into service Boeing’s 737 Max 10 airliner has been approved for passenger service after years of delays, the Federal Aviation Administration announced Tuesday. Read More.

Express yourself One local curator calls Shanghai “China’s most dressed-up city.” CNN’s Stephy Chung went to see what some of its most exciting designers are creating.

A misdiagnosis Christina Applegate was diagnosed with multiple sclerosis in 2021. Five years later, her doctors say she never had it. Her symptoms haven’t gone away, and she’s “back at square one.”

Running dry Shrinking reservoirs aren’t the only water problem in the Colorado River Basin. Another crisis is unfolding underground, largely out of sight.

🏀 1 sports thing: NBA tips off Cover: Mark Ulriksen for The New Yorker "Make It Two," by artist Mark Ulriksen, is the cover of this week's issue of The New Yorker. The painting shows the joyous starting lineup of the New York Knicks, last season's champions. The 2026-27 NBA season tipped off this afternoon, with the Boston Celtics visiting the Detroit Pistons starting at 3 p.m. ET. ESPN's ball-knowers favor the Oklahoma City Thunder and San Antonio Spurs. 🏆 Knicks fans, still riding high on last year's historic championship run, are hoping for a repeat. That hasn't happened since the Golden State Warriors did it in 2017 and 2018. Previews and predictions.

🇺🇦 Secretary of State Marco Rubio told Ukrainian President Volodymyr Zelensky in a phone call today that President Trump hasn't issued any kind of order to harm Ukraine. The call was an effort to push back on Ukrainian accusations that Trump is trying to coerce Zelensky into making concessions to Russia. More from Barak Ravid. Cheap flights In Europe, you can fly to another country for less than $30. So why is that so hard to replicate in the US? Part of the answer is the airports. ps:Greed!! And by the way we already had that in the U.S.!!!! Thom Tillis, unfiltered As he prepares to leave Congress, the GOP senator gets candid with Jake Tapper about his opposition to President Donald Trump, his nickname for Defense Secretary Pete Hegseth — and why he thinks “it’s gonna be rough” for his party after the midterms.