margin

On November 10, AI company Anthropic disclosed in its IPO roadshow video that the company believes it can achieve an adjusted operating profit margin of 35% or more in the long term, up from 15% in the third quarter of 2026, but did not provide a specific timeline for achieving this. Chief Financial Officer Krishna Rao stated that the company plans to improve its long-term cost structure by enhancing computing efficiency, increasing the proportion of directly leased chips and data centers, and expanding the share of its inference business. The ratio of computing and infrastructure expenses to revenue aims to decrease from 58% in the third quarter to 45% to 50%; the proportion of sales, marketing, and partnership expenses is expected to drop from 14% to 7% to 10%, and adjusted personnel and other operating expenses are expected to decrease from 13% to 7% to 10%.As of the end of September, there were over 11,900 enterprise customers that contributed more than $100,000 in revenue to Anthropic over the past 12 months, including over 1,900 customers contributing more than $1 million and about 250 customers contributing over $10 million. The net revenue retention rate for enterprise customers is approximately 900%, with more than half of the enterprise customers using both the Claude Platform and at least one Anthropic proprietary application. The roadshow also showcased application cases from clients such as Eli Lilly, Rakuten, Salesforce, and Walmart. The company measures computing efficiency by the ratio of revenue to computing and infrastructure expenses, which increased from 0.40 times in the first quarter of 2025 to 1.72 times in the third quarter of 2026, approximately 4.3 times higher than before, but lower than the second quarter's 2.08 times. The company stated that it used about $5 billion in short-term computing in the third quarter, with costs significantly higher than those for computing procured under multi-year agreements.In terms of actual performance, Anthropic reported third-quarter revenue of $16.956 billion, adjusted operating profit of $2.463 billion, and an adjusted operating profit margin of 15%, down from 19% in the second quarter. Under GAAP standards, the company still recorded an operating loss of $567 million in the third quarter. The adjusted metrics exclude expenses such as equity incentives and non-cash charitable donations and cannot be equated to GAAP earnings. As of the end of October, the company's annualized revenue run rate was approximately $81 billion, not the actual revenue achieved for the full year. Additionally, Anthropic disclosed long-term commitments for computing and infrastructure of about $90 billion, of which approximately $45.16 billion is expected to occur by the end of 2030, with related commitments maturing in the next 12 months amounting to about $7.07 billion. As of the end of the third quarter, the company held approximately $96 billion in cash and cash equivalents and about $36 billion in short-term investments.

The Solana ecosystem meme coin issuance platform Pump.fun announced that its perpetual contract product built on Hyperliquid has added a cross margin feature, along with the launch of TWAP execution and manual margin adjustments.Previously, Pump.fun launched its perpetual contract service on October 28 using an isolated margin model, and this update adds a cross margin option based on the original isolated model.

According to on-chain analyst Yu Jin's monitoring, the well-known rolling trader AguilaTrades has just deposited 450,000 USDC as margin and opened a BTC short position worth 9.35 million dollars on Hyperliquid, with an opening price of 77,429 dollars and a liquidation price of 81,464 dollars.Data shows that since June of last year, AguilaTrades has accumulated losses of approximately 38.2 million dollars in rolling trading on Hyperliquid.

The liquidity service provider Quote Markets team member filo published a review of the XPL flash crash event on Hyperliquid. During the flash crash of XPL on Hyperliquid, 16 wallets associated with funds and trading activities withdrew approximately $2,038,600 in margin before the price plummeted, leading to HLP taking over a large number of XPL long positions.HLP ultimately took over about 160 million XPL and completed the sale within approximately 75 minutes, incurring a loss of about $555,787, equivalent to 55.6% of the clearing vault's own funds. Investigations showed that 14 of the 16 wallets had connections in terms of funding sources or trading activities, with 12 wallets withdrawing funds in advance, contributing to 90.7% of the positions taken over by HLP. However, the investigation did not find direct evidence that these wallets caused the XPL crash, nor could it confirm whether they hedged on other trading platforms.It is worth noting that these 16 wallets did not profit from this event on Hyperliquid, collectively incurring a loss of about $711,000. Additionally, XPL had already dropped about 6% before the first liquidation occurred on Hyperliquid, so the liquidation was not the starting point of this crash, and the initial active selling volume of Binance perpetual contracts was also significantly larger.

According to on-chain data monitoring, the flash crash of XPL price caused Hyperliquid's HLP treasury to incur a loss of approximately $556,000.Previously, 16 wallets funded through centralized exchanges had been continuously building long positions in XPL since October 29, holding a total of about 269 million XPL, with a nominal exposure of approximately $23 million. Among them, the funds of 14 wallets were transferred from Binance about two months ago, with 12 wallets withdrawing approximately 2.02 million USDC before the price drop to reduce margin exposure.As XPL rapidly fell from $0.086431 to $0.069429, it triggered a chain liquidation of long positions. After the liquidation, the HLP treasury passively took over approximately 160.39 million XPL long positions, with an average holding cost of $0.07592, and a nominal value of about $12.18 million. The HLP treasury ultimately closed at $0.0725, recording a loss of approximately $556,000.

Unified Margin Trading Exchange Nado announced the launch of the on-chain OTC trading venue PRIME, scheduled to go live in the fourth quarter, aimed at connecting institutional market maker liquidity. Institutional liquidity providers will continuously quote and inject tiered liquidity into the dedicated PRIME liquidity pool, while the pricing engine aggregates the total depth from all connected market makers into a single executable streaming price, which is then pushed to traders after adjusting for real-time volatility and inventory. This price can be executed on demand without the need for a quote, with the interaction method closely resembling Nado's existing central limit order book.PRIME operates in parallel with the Nado order book, rather than replacing it. If the same market exists in both venues simultaneously, positions can be interchanged, allowing traders to open BTC perpetual contracts through PRIME and close them on the order book, or vice versa. Below the displayed price, smart order routing executes trades at the optimal prices from the connected market makers at that time; when a single market maker's depth is insufficient, the routing will prioritize merging liquidity from multiple providers based on price. Nado stated that the trading fee for transactions executed through PRIME is 0. The new market will first onboard market makers rather than accumulating orders on the order book.The first batch of participants includes Hyperliquid, Variational, Lighter, Extended, and leading traders from Nado, with more information to be announced in the coming weeks. Initially, PRIME will cover crypto assets and perpetual contracts with good liquidity, with the new market going live on PRIME first, and will open to the order book after sustained demand is validated. Future goals include exotic perpetuals, spot, and options. Nado offers spot, perpetual, and currency markets, using unified margin, developed and deployed by the Kraken-related team on the Ink network, which stated on October 26 that its historical cumulative trading volume has reached $10 billion.

During the third quarter earnings call of Pop Mart (09992.HK), the company's management stated that the group's gross profit margin for the second half of the year is expected to decline compared to the first half, with a decrease of no more than two percentage points.The management mentioned that the reasons include a projected decrease in the proportion of overseas revenue compared to the first half, as well as the company's proactive adjustment of pricing for certain products in some overseas markets to enhance competitiveness. In terms of expenses, the group plans to open a significant number of new stores in core overseas markets in the second half, leading to an increase in fixed costs such as labor, rent, property, and renovation amortization, with an overall expense ratio expected to be higher than in the first half.

The chief economist of the American asset management firm Apollo, Torsten Sløk, released five charts, believing that AI has not yet brought significant financial returns to large American companies outside of the tech giants. The per capita revenue and profit margins of the seven tech giants continue to rise; excluding them, the 493 companies in the S&P have seen these two metrics remain basically stagnant, and the data on total factor productivity in the U.S. has not shown significant signs of AI-driven growth.Apollo cited data from the corporate payment platform Ramp, stating that among its clients, the top 10% of companies by spending contributed 99.5% of the model hosting and inference costs. Among the top 1% of companies with the highest AI spending, about 80% have venture capital backgrounds; for companies at the median spending level, this ratio is only 13%. A large amount of AI computing power consumption is concentrated in a few companies, many of which rely on venture capital support.Previous statistics from Apollo indicated that during the second quarter earnings season of 2026, 69% of S&P 500 companies had disclosed that they were actually using AI, but only 2% reported metrics for ongoing tracking of effectiveness. Another NBER study updated in October this year surveyed nearly 9,000 corporate executives from seven countries, with respondents estimating that over the past three years, AI has only improved the annual growth rate of labor productivity in companies by about 0.2 percentage points.

Tesla (TSLA.O) Chief Financial Officer stated that the gross margin of the energy business increased from 20.4% to 33.1%, mainly due to tariff refunds and warranty cost adjustments.

According to Bloomberg, the prediction market platform Kalshi has reached a new arrangement with the cryptocurrency custody institution BitGo, which will allow certain clients to borrow against their custodied cryptocurrency assets and use the loan funds as margin for leveraged perpetual futures trading on the Kalshi exchange.This arrangement is aimed at clients of Kalshi Prime, a futures brokerage registered in the United States under Kalshi, and employs a tri-party collateral management structure. Loans are provided by its affiliated lending company Kalshi Katalyst, with the collateral assets held at BitGo Bank & Trust. Eligible collateral assets include Bitcoin, Ethereum, and stablecoins deemed compliant with the GENIUS Act, with plans to integrate additional custody institutions in the future.Kalshi Prime CEO Jeff Bandman stated that this arrangement aims to allow clients to participate in trading without having to exit their cryptocurrency holdings, potentially attracting crypto-native trading firms and whales holding large amounts of digital assets.

According to Bloomberg, the prediction market platform Kalshi has reached a new agreement with the cryptocurrency custody institution BitGo, which will allow certain clients to borrow against their custody-held cryptocurrency assets and use the loan funds as margin for leveraged perpetual futures trading on the Kalshi exchange.This arrangement is aimed at clients of Kalshi's U.S.-registered futures commission merchant Kalshi Prime and employs a tri-party collateral management structure. Loans are provided by its affiliated lending company Kalshi Katalyst, with the collateral assets held at BitGo Bank & Trust. Eligible collateral assets include Bitcoin, Ethereum, and stablecoins deemed compliant with the GENIUS Act, with plans to integrate additional custodians in the future.Kalshi Prime CEO Jeff Bandman stated that this arrangement is designed to allow clients to participate in trading without having to exit their cryptocurrency holdings, potentially attracting crypto-native trading firms and whales holding large amounts of digital assets.

According to market news, the cryptocurrency exchange under the Lotte Group, Lotte Wallet, launched a new version of its Android app on October 14, integrating spot and margin trading, with the iOS version to be released later.The two existing independent applications are scheduled to cease operations in early 2027. The new version only supports Passkey login, includes an AI virtual assistant that can answer market information and operational questions, and supports the use of regular Lotte points to purchase cryptocurrencies.

Mike Selig, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated in an interview with CNBC that there will be no "race to the bottom" on the leverage issue. The CFTC will apply the mature margin models and risk control measures that have long been used in the derivatives market to maintain market integrity in the cryptocurrency market.

Alon, co-founder of Pump.fun, stated that two months after the launch of the platform's $15 million Callout reward program, it was found that the initial mechanism inadvertently incentivized undesirable behavior, leading to a flood of low-quality content and weakening users' willingness to continuously create high-quality content.Pump.fun subsequently adjusted the reward algorithm to place greater emphasis on content quality rather than the quantity of posts. According to the new mechanism, the more Callouts a user posts each day, the lower the marginal returns from the new content. Alon mentioned that the reward mechanism is still undergoing iterations, but there is still a lot of work to be done to ensure that a large number of users can sustainably produce high-quality content over the long term.He also stated that the rewards currently cover both top accounts and accounts with fewer than 10 followers, with no favoritism or preferential treatment. Alon suggested that users focus on recommending quality tokens, building trader trust through content, and earning rewards based on the trading volume generated by their Callouts. He emphasized that simply flooding the platform with Callouts or dumping tokens to followers will not yield sustainable returns.

The leverage for cryptocurrency security warehouse, unified account model, and unified account professional version will add 7 types of bStocks tokens on September 30 at 20:00---PDD Holdings (PDDB), Forward Industries (FWDIB), SharonAI (SHAZB), Wendy's (WENB), Adobe (ADBEB), Hewlett Packard (HPEB), and Zoom (ZMB)---as eligible collateral assets. Eligible users can use these tokens as margin collateral.