Key points
- The Nasdaq 100 posted its worst day in six years and 16 US-listed chipmakers lost about €1.3tn after the Democrats' midterm win.
- Anthropic's IPO wobbles as buyers discuss a $1.2–1.3tn valuation, down from $1.4–1.5tn, with the roadshow start uncertain.
- OpenAI's downsized $11bn raise at a $1.25tn valuation is seen as a bad signal for Anthropic's IPO.
AI selloff wipes €1.3tn from chip stocks
Funding and deals
- Anthropic. Buyers now discuss a $1.2tn to $1.3tn valuation, some only $1.1tn, down from $1.4tn to $1.5tn, and Reuters says the roadshow may slip.
- OpenAI. Raised $11bn at a $1.25tn valuation, far below the $30bn it sought at $1.4tn, with up to $20bn more expected in coming weeks.
- Zipline. Drone delivery startup raised $1.5bn at a $21.5bn valuation, nearly triple its January mark, as Walmart plans 300 new Zipline sites.
- Uber. Offers €41.50 a share for Delivery Hero and holds over 70 percent, with a second acceptance period running from 11 to 24 November.
Guest interviews
- Sebastian Schuon, Munich serial entrepreneur and accelerator founder. Takes only a few teams into his small Munich accelerator, puts sales before product and says AI is changing how founders build. He wants Munich and Europe to produce the best startups again.
News
- AI selloff erases €1.3tn in chip value. Two days after the Democrats' midterm win, the S&P 500 fell 4.4 percent and the Nasdaq 100 had its worst day in six years. The 16 biggest US-listed chipmakers lost about €1.3tn, and resistance to new data centers is blamed.
- Tesla to end Cybertruck production by 2027. Musk says output at the Texas Gigafactory will wind down around mid-2027, and the freed capacity goes to the Cybercab robotaxi. Tesla keeps shifting its focus toward autonomous driving.
- OpenAI vows to keep building US data centers. CFO Sarah Friar says OpenAI will keep expanding its US data centers despite new congressional majorities that want to restrict them, paired with promises of local community benefits.
- Gropyus opens insolvency proceedings in Austria. The Wels court opened proceedings on 5 November with 16 staff and €3.265m in liabilities, and German subsidiaries also filed. Gropyus blames a missed investor payment despite raising over €400m, most recently €100m in March. Vonovia holds 25.1 percent.
- Leclanché has three weeks to secure funding. The Swiss battery maker needs financing clarity by the end of November, CEO Pierre Blanc says, with investors demanding control and two German subsidiaries already insolvent.
- German data center water use may double. Cooling water use was about 13bn litres in 2025 and could reach 27bn litres by 2030, according to an Öko-Institut study for Greenpeace.