Dear Trader,

Anthropic wants a $1.4 trillion valuation for a company that brought in $33.2 billion over the first nine months of the year.

That’s about 42 times what it’s made so far this year, and it’s also on the hook for roughly $895 billion in committed spending, mostly on computing power.

Somebody’s going to pay that price, and Mark has thoughts on whether it should be you.

Then there’s Jensen Huang. Nvidia’s CEO admitted to an affair with a woman who allegedly spied on him for China, and now his own board is investigating. Dan Ives thinks Nvidia’s worth up to 30% less without him.

Funny enough, Nvidia’s also one of the tech giants writing Anthropic a $26 billion side check at the IPO price.

So how far does this mess spread?

Mark tackles both live today at 10 AM ET, along with the dollar story below and whatever else breaks before he’s on air.

And bring your stocks, because he’s bringing Licia Leslie for a new Tuesday segment called Licia Charts It All.

Drop a ticker in the chat, and she’ll pull up the chart live and tell you what she’s seeing.

Click this link to jump to the State of the Market live room.

This link adds State of the Market to your calendar.

The Daily News Breakdown

SNEAKER: Dollar sellers took their hands off the keyboard ahead of the October CPI report. The greenback got shoved around Monday as oil slid and stocks rallied. The euro jumped 0.7% to $1.1220, and the Aussie dollar climbed nearly 1%.

Then everybody stopped to wait on inflation. Friday’s jobs report showed hiring at more than double the forecast, and markets now price an 85% chance of a Fed hike next month. Economists polled by Reuters expect headline inflation of 3.9% and core of 2.8%, and anything hotter piles onto the hike bets and probably lifts the dollar.

Japan, meanwhile, spent $97 billion in reserves defending the yen in late July and August, and the yen still trades around 158 to the dollar.

SIREN: Dan Ives says Nvidia (NVDA) loses 25% to 30% of its value if Jensen Huang gets shown the door. Huang admitted to an affair in a Sunday email to employees, and the board opened an independent investigation into reports that the woman allegedly spied on him for the Chinese government. You can’t make this stuff up.

The stock dropped 4.27% on Monday to $178.67. Ives calls Jensen the core DNA of the company and says nobody on the management bench can step in without a hitch. That’s key man risk, and the AI trade carries a whole lot of it on one guy in a leather jacket.

SIGN: Anthropic wants a valuation of roughly $1.4 trillion when it lists on the Nasdaq under the ticker ANT. The updated filing puts 825 million shares on the table at $70 to $78 apiece, good for up to $64.35 billion at the top of the range. That’s well above the $965 billion valuation from its May funding round, though it falls short of the $2 trillion some Wall Street estimates floated in early October.

Nvidia, Microsoft, Google, TSMC, Broadcom, AMD and Micron are also kicking in another $26 billion at the IPO price. Since it’s a private deal, they skip the six-month lockup that keeps most insiders from selling. Nobody’s ever offered me that deal.