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“Keep a light, hopeful heart. But expect the worst.” ― Joyce Carol Oates Among the major developers of frontier AI models, Anthropic has long stood out for what seemed to be a greater commitment to safety. In fact, it’s widely reported that this concern for safety is what led co-founder and chief executive Dario Amodei to resign from OpenAI and start Anthropic with his sister, Daniela Amodei.

Discussed in today’s video: Private Credit Stress Broadening: Apollo announced markdowns within one of its BDCs. Alternative asset manager equities, already in a downtrend since mid-August, saw renewed pressure, with Apollo down roughly 9% intraday. High-Yield Spreads Moving in the Wrong Direction: High-yield spreads have widened to new YTD highs. While spreads remain tight on an absolute basis, the rate of change matters more than the level.

This research is for the clients of FS Insight only. FSI Subscription entitles the subscriber to 1 user, research cannot be shared or redistributed. For additional information, please contact your sales representative or FS Insight at fsinsight.com. Analyst Certification (Reg AC) Mark L.

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This research is for the clients of FS Insight only. FSI Subscription entitles the subscriber to 1 user, research cannot be shared or redistributed. For additional information, please contact your sales representative or FS Insight at fsinsight.com. Conflicts of Interest This research contains the views, opinions and recommendations of FS Insight. At the time of publication of this report, FS Insight does not know of, or have reason to know of any material conflicts of interest.

This research is for the clients of FS Insight only. FSI Subscription entitles the subscriber to 1 user, research cannot be shared or redistributed. For additional information, please contact your sales representative or FS Insight at fsinsight.com. Conflicts of Interest This research contains the views, opinions and recommendations of FS Insight. At the time of publication of this report, FS Insight does not know of, or have reason to know of any material conflicts of interest.

This research is for the clients of FS Insight only. FSI Subscription entitles the subscriber to 1 user, research cannot be shared or redistributed. For additional information, please contact your sales representative or FS Insight at fsinsight.com. Conflicts of Interest This research contains the views, opinions and recommendations of FS Insight. At the time of publication of this report, FS Insight does not know of, or have reason to know of any material conflicts of interest.

This research is for the clients of FS Insight only. FSI Subscription entitles the subscriber to 1 user, research cannot be shared or redistributed. For additional information, please contact your sales representative or FS Insight at fsinsight.com.

Discussed in today’s video: OCC Proposal Increases Odds of Clarity Act Passage: The OCC released proposed rules to implement the GENIUS Act, taking a restrictive stance on stablecoin yield pass-through that aligns with the banking lobby and current Clarity Act language. While subject to a 60-day comment period, the proposal reduces regulatory uncertainty and likely increases the probability that the Clarity Act advances this year.