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Wednesday, October 28, 2026Oct 28, 2026 · morning edition

Top story

SpaceX closes $40 billion in debt for Nvidia chips

Elon Musk said SpaceX has closed $40 billion in debt financing to buy Nvidia GPUs, calling the company "investment-grade" thanks to Starlink and rocket-launch revenue, while warning that AI "neocloud" firms without outside revenue face a wave of consolidation.

Signal feed

4 moves
Elon MuskInvestmentAerospaceSPCXAI read · — Warning sign

SpaceX closes $40 billion in debt for Nvidia chips

The move

Musk said on X that SpaceX has closed $40 billion in debt financing to buy Nvidia GPUs, calling SpaceX "investment-grade" because of its Starlink and rocket-launch revenue. He said the debt is mostly callable financing for GPUs arriving in the first and second quarters of 2027 and is "not a major factor this quarter." SpaceX's AI compute business brought in $7.6 billion in the third quarter, more than half of the company's $14.6 billion total revenue and more than its Starlink and rocket businesses combined.

Why it matters

It is one of the clearest public signals yet of how much debt is being used across the industry to buy AI chips, at a time Musk himself says credit markets are tightening.

The bear case

Musk framed SpaceX as unusually safe because it has large non-AI revenue from Starlink and launches; most AI infrastructure borrowers cannot make that claim.

What to watch

Whether the GPUs financed by this debt arrive on schedule in the first half of 2027 and how SpaceX's AI compute revenue holds up.

Source · Crypto BriefingRead original ↗Report an error
Mukesh AmbaniIPO / MarketsOtherNSE, BSEAI read · ▲ Strong debut

Jio Platforms lists at a 21% premium in India's biggest IPO

The move

Jio Platforms, the telecom and digital-services arm of Mukesh Ambani's Reliance Industries, opened at 1,358 rupees a share on the BSE and NSE, 21.36% above its 1,119-rupee issue price. The 30,213-crore-rupee ($3.6 billion) offer, India's largest ever, had been subscribed 22.19 times, with institutional investors bidding for more than 70 times their allotted shares. The listing values Jio Platforms at about 12.5 lakh crore rupees, making it India's second most valuable company and its largest telecom firm.

Why it matters

It is the biggest test yet of Indian retail and institutional appetite for a mega IPO, and it hands Ambani a newly public, separately valued flagship alongside Reliance's other businesses.

The bear case

Foreign institutional investors had been net sellers through October, a headwind some analysts flagged ahead of the debut.

What to watch

How Jio Platforms shares trade in the sessions after the debut, once the opening-day premium is tested by regular trading.

Source · The TribuneRead original ↗Report an error
Robin ZengEarningsAutos300750.SZ · 3750.HKAI read · ▼ Miss

CATL's profit growth cools sharply, shares tumble

The move

CATL, the world's largest battery maker, reported third-quarter net profit of 21.25 billion yuan ($3.16 billion), up 14.5% from a year earlier but down 5.8% from the prior quarter, well short of the roughly 41% growth analysts had expected. Revenue rose 58.6% to 165.2 billion yuan. Gross margin narrowed to 20.69%, its second straight quarterly decline. CATL said a reinstated consumption tax on lithium-ion batteries and a cut to export tax rebates both weighed on profit per unit. Shares fell more than 12% in both Shenzhen and Hong Kong the day after the results, with the Hong Kong stock hitting its lowest level since July 2025. Founder Robin Zeng has lost an estimated $14.9 billion since March as the stock has fallen.

Why it matters

It shows that even the dominant player in EV batteries, with revenue still growing fast, cannot fully offset new taxes and a smaller export rebate at the margin line.

The bear case

Nine-month profit is still up nearly 32% year over year, and CATL's market share and revenue growth remain far ahead of rivals.

What to watch

Whether the lithium-battery consumption tax and lower export rebates continue to compress margins in the fourth quarter.

Source · CnEVPostRead original ↗Report an error
Thomas Frist Jr & familyEarningsHealthHCAAI read · — Mixed

HCA Healthcare's revenue rises, but uninsured patients cut into profit

The move

HCA Healthcare, the hospital chain co-founded by the Frist family, reported third-quarter revenue of $19.849 billion, up 3.6% from $19.161 billion a year earlier. Net income attributable to HCA fell 3.9% to $1.579 billion, while diluted earnings per share rose 4.5% to $7.27. The company said a shift toward uninsured patients, mainly people who lost exchange coverage, cut an estimated $400 million from pre-tax income. HCA bought back $2.970 billion of stock in the quarter and said it now expects full-year results in the upper half of the guidance it issued in July. CEO Sam Hazen said HCA is "positioned to end the year positively."

Why it matters

It is an early, concrete look at how the loss of ACA exchange subsidies and coverage is showing up in a major hospital operator's results.

The bear case

Per-share earnings and full-year guidance both improved despite the coverage-related hit, and the company kept buying back stock at scale.

What to watch

Whether the uninsured-patient mix keeps worsening as more people lose exchange coverage heading into 2027.

Source · SEC filing (HCA Healthcare 8-K)Read original ↗Report an error

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