Top stories today:

1. Claude legal plugin launch sparks $285B rout across stocks
2. NVIDIA said to near $20B OpenAI investment in $100B funding round
3. Novo shares -15% as 2026 sales seen -13%
4. AMD Q4 revenue +34% YoY to $10.3B, net income +213%
5. U.S. shutdown ends as Trump signs funding deal with Democrats
6. PayPal taps HP CEO Lores as CEO as Q4 revenue misses estimates

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. Claude legal plugin launch sparks $285B rout across software, financial stocks

Software stocks have tumbled in recent months on AI-related disruption fears:

• Anthropic’s new Claude Cowork legal plugin sparked market disruption on Tue.

• The selloff started before the U.S. market opened, with traders pointing to Anthropic’s release.

• Thomson Reuters and LegalZoom led losses as the tech-software ETF fell 4.6% for a 6th straight day.

The tech-heavy Nasdaq Composite fell 1.4% on Tue., while the S&P 500 slipped 0.8%

• Selling was not broad-based, with 5 of the S&P 500’s 11 sectors closing higher.

Relatedly, Anthropic is said to be planning an employee tender offer at a $350B+ pre-money valuation

• Capital for the secondary deal is reportedly being lined up from investors.

• Employee participation will determine the deal’s final size.

2. NVIDIA said to near $20B OpenAI investment in $100B funding round

OpenAI is reportedly raising the new round at an $830B post-money valuation:

• NVIDIA’s contribution is reportedly close to being finalized.

• The deal is not final, and its terms could still change.

4. Novo shares -15% as 2026 sales seen -13%