Alon Lemel

*APPLE KICKS OFF SEVEN-PART US DOLLAR HIGH-GRADE BOND SALE And another

*META EYES AT LEAST $20B IN POTENTIAL US DOLLAR, EURO BOND SALE

ORACLE SHARES FALL 4.9% AFTER CO ANNOUNCES PLANS TO RAISE $20 BLN THROUGH BOND AND STOCK SALES

Here is what META is selling: $22.5 billion of Class A common stock, sold through forward sale agreements with Morgan Stanley and Goldman (plus a $3.375 billion greenshoe). Meta gets no cash up front, and can settle any time on or before November 19, 2027, in Class A or the new non-voting Class C shares. $12.5 billion of mandatory convertible preferred: 250 million depositary shares, each a 1/20th interest in a $1,000 preferred share, converting into common around August 15, 2029 and listing under "METAM" (with another 37.5 million depositary shares in the greenshoe). A $60 billion "at-the-market" program of non-voting Class C shares, to start in Q1 2027 once the Class C stock begins trading (the new share class becomes effective January 19). Then there is the cherry on top: Nvidia, AMD and Broadcom, three of Meta's biggest chip suppliers, "indicated an interest" in buying up to $5 billion of the common stock at the offering price. That indication is non-binding, as the prospectus is careful to note: any of them "may determine to purchase more, fewer, or no shares." At Friday's $642.62 close, the $22.5 billion forward alone is about 35 million new shares (the prospectus has Class A outstanding rising from 2.214 billion to 2.249 billion). Do the whole $95 billion at that price and it comes to nearly 150 million shares, or roughly 6.7% of the Class A count (approximate, before greenshoes, and the converts' share count depends on the price in 2029). And for the company that spent well over $100 billion buying back its own stock between 2021 and 2024, the converts come with a twist: per the prospectus, unless the preferred dividends are paid in full, "no dividends may be declared or paid on our Class A Common Stock... and we may not repurchase our Class A Common Stock." Buybacks, meet dilution.

את מי הוא רוצה להנזיל עכשיו?

CITADEL’S KEN GRIFFIN: WE’RE ALMOST CERTAINLY IN AN AI BUBBLE Billionaire Ken Griffin warns investors are “almost certainly” in an AI bubble, as companies struggle to turn massive AI spending into measurable productivity gains. With Anthropic reportedly eyeing $750 billion in future computing expenditures, questions over AI investment returns are intensifying. But Griffin remains bullish on AI’s long-term potential.

Now this is unusual. Bending Spoons is up huge today after it announced that Berkshire Hathaway is investing another $330 million in the company. Did someone know? Seems like it. Before the news, traders bought: - Oct. 13: 1,465 December $55 calls, 49% out of the money, for $314,000, with 86% bought at the ask. Open interest was zero. - Oct. 7: 1,000 Oct. 16 $40 calls, expiring in nine days, for $231,000, with 90% bought at the ask. These traders are up millions.

Form 144 indicates that $DUOL CEO is dumping $16.3m worth of stock. that's a shit-ton in any language

BREAKING: GameStop CEO Ryan Cohen just bought another 844,130 shares of $GME. He paid between $26.75 and $27 a share, about $22.6 million total. That brings his buying since September 10 to roughly $97 million, across about 4.1 million shares.