Anthropic's existential $2T IPO, and the RBA's AI inflation shock

The narrative of a return to cheap money is fracturing as the Reserve Bank of Australia explicitly ties its latest rate hike to the massive physical demands of the AI boom. Meanwhile, Anthropic's historic $2 trillion IPO filing reveals that frontier AI is no longer a high-margin software play, but a capital-intensive heavy industry carrying unprecedented existential risks.
• RBA's AI Inflation Reality Check: Australia unexpectedly hikes its cash rate to 4.60%, citing AI infrastructure demand and war-driven energy costs as primary drivers of sticky capital goods inflation.
• US-Canada Trade Fractures: A severe $1 billion US import ban on Canadian goods takes effect overnight, moving beyond tariffs to outright logistics-severing product exclusions.
• Anthropic's Historic S-1: The AI giant files for a $2 trillion IPO, disclosing an astonishing $518 billion in long-term compute commitments and embedding civilization-scale risk warnings directly into its prospectus.
• Boeing's Max 10 Bottleneck: The FAA delays certification of the 737 Max 10 over a software bug, threatening airline capacity growth and further solidifying Airbus's structural monopoly with the A321neo.
• Market & Global Pulse: 10-year Treasury yields sit at a multi-decade high of 5.27%, while French high schoolers clash with police over PM Sébastien Lecornu's draft austerity budget.
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