Wednesday 28 October 2026
Top stories today:
Fed seen holding rates despite hot inflation, with Dec. hike in focus
Anthropic reports early drug development gains with 6 partners
SK Hynix +11% as Q3 revenue +328% YoY, operating profit +632%
Google DeepMindās Genie 4 debuts for interactive AI simulations
Physical Intelligence seeks $1B+ at ~$20B valuation
0. Data & Calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations)
1. Fed seen holding rates despite hot inflation, with Dec. hike in focus
Markets expect the Fed to hold rates at 3.75%-4.00%, though Fed Chair Warsh could face pressure to explain the decision.
Sep.: policymakers unanimously voted to raise rates to curb rising inflation.
2 PM ET: FOMC rate decision.
2:30 PM ET: Warsh speaks at a post-meeting press conference.
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3. Anthropic reports early drug development gains with 6 partners, acquires Mithril
One-person startup Mithril for two rare forms of muscular dystrophy.
Generate Biomedicines used Claude Code to redesign CAR T-cell therapies for cancer treatment.
Claude helped Divergence Labs generate ~35K antibody designs in a month for food allergy research.
Enveda used Claude to review 1,061 manufacturing pages, cutting review time by 89% and flagging 7 missed issues.
Separately, Anthropicās S-1 has implied a $40T+ annual TAM, topping SpaceXās $28.5T estimate
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5. SK Hynix +11% as Q3 revenue +328% YoY, operating profit +632%, both beat estimates
ā©104.6T (~$78.4B) in Q3 revenue, vs. ā©98.34T (~$73.7B) estimated.
SK Hynix plans ~$75B in 2026 shareholder returns, including $22B+ in dividends and $45B+ in buybacks.
Memory shortages will persist through 2030, SK Hynix predicted.
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7. Google DeepMindās Genie 4 debuts for interactive AI simulations
Powered by Gemini 3.8 Flash, Genie 4 can generate interactive experiences lasting ~2 minutes, vs. 1 minute for Genie 3.
Limited to trusted testers initially.
The model is pitched as a tool for film previsualization, game prototyping, and creating robot training scenarios.
Genie 4 is coming soon to Google AI Ultra subscribers, with a waitlist open for access through Project Genie.
