The Kobeissi Letter

BREAKING: Elon Musk's xAI announces it has raised $20 billion in a Series E round, exceeding expectations of $15 billion. Nvidia is listed as "strategic investor" to support "buildout of the largest GPU clusters in the world." We are still early.

BREAKING: Anthropic is preparing to go public by as soon as 2026 in what is expected to be one of the biggest IPOs in history, per FT. Anthropic is currently in talks for a funding round valuing the company at over $300 billion.

BREAKING: Elon Musk’s net worth surges to a record $749 billion after Delaware’s Supreme Court reinstates his 2018 pay package. He is now worth 3 TIMES the second richest person in the world.

US hiring is slowing at an alarming rate: US-based employers have announced plans to add 497,151 jobs year-to-date, the weakest total since 2010 when 392,033 hires were planned in the first 11 months of the year. This also marks a -35% decline from the 761,954 announced during the same period in 2024. Hiring is now on track for its 5th consecutive annual decline. In November, companies announced just 9,074 hiring plans, the 2nd-lowest for this month since at least 2016. Meanwhile, seasonal hiring intentions fell to 372,520, the lowest on record since data collection began in 2012, with no new announcements in November. US hiring demand is at crisis levels.