The Big Board

The full data behind Fintech Friday. Every number we tracked this week, organized the same way as the blast: what capital costs, where it moved, what it is powering, who's checking AI's math, what crypto did, and the hardware. Levels as of Friday morning, October 9, 2026. Closes will differ slightly.

Borrowing costs hit multi-decade highs around the world this week. Here is the full picture.

Why the bond market blinked

On Wednesday the 10-year Treasury topped 5.35%, the highest since 2002. Mortgages climbed to 7.40%, up for the 7th straight week.

Then the bond market blinked. Buyers showed up big at Wednesday's 10-year auction, and the rate closed Thursday at 5.22%. Traders now see about an 18% chance of an October hike, but most Fed officials still expect one more by year-end.

It's not just us. India's central bank raised rates for the first time in nearly four years, and Indian stocks fell more than 2% in two days. UK 30-year rates hit their highest since 1998, and Japan sold 10-year bonds above 3%.

Money got more expensive everywhere at once.

🇺🇸 At home

Sources: Fed, Treasury, Freddie Mac, jobs, PCE, ISM, hike odds.

🌍 Abroad

Every capital move we tracked this week, biggest first, grouped by where the company is based. Every deal name links to its source.

The theme: the money went to the pipes

The biggest check this week was cash, not hype. Uber paid $2.3 billion in cash for ezCater, the app offices use to order catering.

The rest of the money went to the pipes. Stablecoin companies like Spiko, Noah and IMMIX raised money, and Anchorage bought Routable to pay businesses in digital dollars. Homeward and Valon, two companies fixing how people buy and pay for homes, raised $600 million between them, including debt, while mortgages sit at 7.40%.

When money is expensive, investors fund what already works.

🇺🇸 Domestic

🌍 International

👀 Reported, not done

Oil rose again, and the emergency cushion is getting thin. The full price sheet, the week's grab for AI power, and what is moving in the East.

How the world's spare tank works

Brent rose about 2% this week to around $105, even as countries keep draining their emergency reserves. A record 10 tankers were hit in the Strait of Hormuz in a single week.

About 325 million of the 400 million emergency barrels agreed in March are already gone. Think of it as a spare tank that's almost empty.

Pump prices barely moved. The hit is showing up elsewhere: heating oil bills are forecast up 21% this winter, and Delta cut its outlook after its fuel bill jumped 62%.

The real money is in moving oil. Renting a supertanker from the Middle East to Asia now costs about $1.3 million a day, up from about $30,000 in January. BWET, a fund that bets on those shipping rates, is up about 52x this year.

Oil isn't just a driver problem anymore. It's on the earnings call.

🌐 Prices

🔌 Power for AI

🌏 The East

Next up: September inflation on Oct 14, then the Fed on Oct 27 and 28.

The full story behind the main thread: why OpenAI's revenue came in $20 billion lower than reported, and why that matters more in a 5% world.

The number

Last month, reports said OpenAI was bringing in money at a $70 billion yearly pace. On Thursday the FT reported OpenAI told investors the real number is closer to $50 billion.

Why the gap

Nobody lost a sale. The $70 billion figure included money that passes through partners like Microsoft. OpenAI's own number counts only what it keeps. There's no standard rule for which is right, and The Information called the whole thing a flawed metric.

The receipts

The bigger bill

The same week, Broadcom was reportedly seeking more than $50 billion to finance OpenAI's custom chips. The AI build is running more and more on borrowed money, and borrowed money just got more expensive.

Why it matters for Anthropic

Anthropic is reportedly preparing to go public after the November midterms at a value above $2 trillion, and its leaked filing shows at least $518 billion in computing bills. In a 5% world, IPO buyers will check its revenue math line by line. Cheap money would have given it the benefit of the doubt.

Cheap money buys the story. Expensive money checks the receipts.

Prices, the sell-off, Samsung's new wallet, and the week's regulation, in one place. Prices are live quotes from Friday morning, Oct 9. Week change is vs Oct 2.

Money got expensive. Crypto paid for it.

When safe government bonds pay over 5%, investors don't need to take big risks to earn a return. So money moves out of the riskiest bets first, and crypto is near the top of that list.

That's what happened this week. As the 10-year topped 5.35%, investors pulled $487 million out of Bitcoin funds on Oct 7, the most in a single day since June. Bitcoin fell about 4% to around $82,900, Ether about 9% and Solana about 10%. Bitcoin is now about 34% below its $126,080 record, set one year ago this week.

But the building didn't stop. Starting in late October, 82 million Galaxy phones in the US can send USDC, a digital dollar, straight from Samsung Wallet. It runs on Solana and arrives in seconds.

The money left. The pipes got built anyway.

🪙 Majors

Source: CoinGecko, 15:24 UTC Oct 9.

The week in crypto

What shipped and what got built this week, from your desk to the lab.

Consumer

Enterprise

Nuclear

Research

Everything else worth knowing from Oct 3 to Oct 9, grouped by topic. Every item links to its source.

📈 Markets

💰 Deals and money

🤖 AI and tech

₿ Crypto

🎭 People and drama

🏛️ Politics and culture