Anthropic’s IPO filing flags a core risk: it must commit enormous sums to data centers and computing capacity years before knowing exactly how much it will need. Its biggest infrastructure bet isn’t on AI demand. It’s on signing data center deals lasting up to 20 years while the chips inside may become obsolete far sooner.

Houston is testing whether demand for premium offices can support new development despite overall vacancy of about 19%. Modern buildings are much more tightly leased, showing that abundant space in older properties does not necessarily meet tenants’ needs. The city is marketing 611 Walker St. and 1200 Travis St. for redevelopment. The Walker site could accommodate roughly 1 million square feet of office space, but neither site is a committed tower project yet. A proposed 32-story tower at 4701 Westheimer Road would deliver more than 520,000 square feet, though no construction timeline has been disclosed. Another speculative office tower is already underway near River Oaks and Highland Village. Limited new supply: about 1.5 million square feet is under construction, a record low, with more than 85% already preleased. Market improvement is expected to remain gradual and uneven through 2027.

Two law firms, Kane Russell Coleman Logan and Jordan, Lynch & Cancienne are relocating their Houston offices from Uptown to downtown, citing proximity to clients, courthouses and the legal community

Rice University plans to break ground on The Arc, a 200K SF, laboratory and office building in Midtown’s Ion District, with an estimated cost of at least $75 million. At 4151 Main St., next to the existing Ion building. Construction slated to begin Nov. 5 and finish in March 2028.

MONDAY MARKET RECAP Stocks rose Monday as semiconductor makers rallied after Anthropic’s IPO filing revived AI trade enthusiasm. • Dow: +146.42 pts (0.28%) to 52,361.58 • S&P 500: +0.7% to 7,676.77 • Nasdaq: +0.82% to 26,169.38

Audi plans a $4 billion SUV factory near Fort Valley, Georgia, south of Macon. It would be the Volkswagen-owned automaker’s first U.S. manufacturing plant. Approximately 1,100 acres owned and developed by the state and a local economic development authority. The plant is expected to manufacture Q5 and Q9 SUVs. Construction is scheduled to begin in 2027, with completion estimated for 2028.

Houston’s 29% monthly sales jump needs a reality check: September was up just 3.2% from a year earlier, and year-to-date sales remain down 1.2%. A strong month, not proof the market has turned.

U.S. office vacancy is falling even though companies are not hiring at anything close to a normal pace.

U.S. healthcare spending is growing faster than the economy, driven by rising prices rather than a sicker population. Total spending reached $5.3 trillion in 2024, up 7.2% from the previous year.

Texas manufacturers reported slower production growth in October, yet their outlook improved. dallasfed.org/research/surve…

HealthSpan Partners, an affiliate of Bon Secours Mercy Health, has agreed to acquire Surgery Partners in a deal valued at $5.7 billion, including debt. More than 200 locations across 30 states and approximately 5,000 affiliated physicians, spanning ambulatory surgery centers, surgical hospitals and physician practices. Expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals.

Cerenome expands to 36,500 SF of purpose-built lab & office space at Levit Green (Hines’ 53-acre life sciences district next to the Texas Medical Center). The CNS oncology company (radiotherapeutics + diagnostics for brain/CNS cancers) expects its new space complete late next year.

Anthropic announced it filed an S-1 registration statement with the SEC for a proposed IPO of Class A common stock. The company intends to list on the Nasdaq Global Select Market under the ticker symbol “ANT,” with Goldman Sachs and Morgan Stanley as underwriters.

The AI boom is running into a surprisingly ordinary obstacle: electrical equipment that can take three years to arrive. bisnow.com/news/national/dat…

U.S. economic growth picked up in September 📈 Chicago Fed National Activity Index: ▫️ Headline: +0.07 vs. −0.08 in August ▫️ 3-month avg: +0.03 vs. +0.01 Production led the rebound, while consumption & housing weakened. Growth improved,but strength wasn’t broad-based.

The latest Baker Hughes U.S. rig count is 603, unchanged for the week. That’s 53 rigs higher than a year ago, an increase of 9.6%. Oil rigs: 460 versus 459 last week and 420 a year ago. Up 40 YoY. Gas rigs: 132 versus 133 last week and 121 a year ago. Up 11 YoY Miscellaneous rigs: Unchanged at 11

43% of U.S. hospitals are losing money on operations, up from roughly 33% before the pandemic, as rising costs and more unpaid care squeeze already-thin margins. The median operating margin fell to 1.8% in August 2026, down from 5.6% in June, according to Kaufman Hall data covering more than 1,300 hospitals.

Consumer sentiment held nearly unchanged this month, yet buying conditions for durables plunged 18% on higher rates and affordability worries. Year-ahead business conditions improved about 14% this month, yet they remain 16% below last October and overall sentiment is still down 10% from a year ago.