Debt Window Slams Shut: Meta Taps Shareholders For Up To $95 Billion, With Its Own Chip Suppliers Buying In zerohedge.com/markets/debt-w…

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.

猫榜Kimi K3.1 Pro 中位分数远低于GPT-6 Astra，Artificial Analysis野鸡榜Kimi K3.1 Pro则是 55分位列排行榜第四，高于GPT-6 Astra GPT-6 Astra已经是一个SOTA模型分界线 不管怎么说都是毫无争议的国产大模型第一名，或者说世界开源模型第一名 Kimi这两天节奏比较多，但是Kimi在超大参数模型和开源模型不应该商业行为掩盖 我觉得杨植麟依然是一个很纯粹有意思的程序员 但是Kimi能好好解决算力问题吧，说实在这个问题社区吐槽了几个月了

I think we’re going to see a lot of stranded compute in partially complete data centers

现在让我选一个国产模型当主力用我还是会选两个多月前发布的 K3

大A的特性就是，要么疯，要么死， 政策也几乎总是矫枉过正， 上半年，给疯牛降温，国家队撤退、约束杠杆。 7月，监管逐渐警惕大A科技股的极端泡沫，继国家队撤退、约束杠杆之后，又通过主管媒体明确放话。 10月，出台新质生产力指导文件提出：“不能脱实向虚、贪大求全、搞泡沫化...” 同月，总书记调研提到对新质生产力最担心的事： “我现在对发展新质生产力，包括对现在的几大领先产业，最担心的还是无序发展，一哄而起，最后一哄而散，那样更挫伤积极性”。 矫正极端泡沫没问题，想要慢牛也没问题， 但问题是金融市场从来都难以驯服，尤其是大A，动辄矫枉过正，要么疯、要么死， 一哄而起、一哄而散，现在已经是“更挫伤积极性”了

啊？机器人会成下个主线吗

思路也要切换

💀

今晚 10 点，全球 PHP 服务器准备迎来大逃杀。 ​两个直通核心的 RCE 漏洞被提前外泄，传闻免验证一个请求直接拿 Shell（PHP2Shell 工具图都流出来了）。 ​最惨的是 PHP 8.1 以下完全不给补丁，而全球有高达 59% 的对外主机还在跑旧版。今晚 22:00 官方一发 Patch 等于直接开战，15 分钟内全网开扫。 ​还在跑 PHP 7、PHP 5 祖传代码的公司，现在除了拔网线跟锁 WAF 真的没别招了，好自为之。

🚨🚨🚨Cyber Alert ‼️ 🇺🇸USA - 𝗙𝘂𝗹𝗰𝗿𝘂𝗺𝗦𝗲𝗰 𝗖𝗹𝗮𝗶𝗺𝘀 𝟭𝟬.𝟲 𝗧𝗕 𝗗𝗮𝘁𝗮 𝗕𝗿𝗲𝗮𝗰𝗵 𝗮𝘁 𝗣𝗶𝗻𝗴𝗖𝗔𝗣 𝗜𝗻𝗰. (𝗧𝗶𝗗𝗕 𝗖𝗹𝗼𝘂𝗱), 𝗣𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹𝗹𝘆 𝗘𝘅𝗽𝗼𝘀𝗶𝗻𝗴 𝗠𝗮𝗷𝗼𝗿 𝗚𝗹𝗼𝗯𝗮𝗹 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 The FulcrumSec hacker group claims to have breached PingCAP (TiDB Cloud), allegedly exfiltrating 10.6 TB of data comprising approximately 4.9 million files. According to the threat actor, the compromised data includes production databases, source code, customer records, credentials and API keys, potentially affecting over 180,000 organisations. Companies named in the allegedly stolen records include Booking, Shopee, CAPCOM, Colopl, TOPPAN, Catalyst Software, SB Payment Service, Mercari, PayPay, Fujitsu, SoftBank, DMM, AEON, Square Enix, Konami, BANDAI NAMCO, Delhivery, Flipkart, Quincus, Nylas, Airbnb, Pinterest, Databricks, Bitget, Pionex, DigiPlus, NFTscan, Baidu, SES-imagotag, Persona, Transsion, ZOZO, Gumi, Iret, Classmethod, Wetech, Atlassian, Cygames, SBI, LINE, Chainbase, and PatSnap. Additional companies referenced in other allegedly compromised records include Accenture, Red Bull, Klook, Tencent, Huawei, ByteDance, Mastercard, AIG, and Amazon. The group also claims to have released an initial 200 GB dataset and threatens further disclosures. Threat actor: FulcrumSec Sector: ICT Data exposure (claimed): 10.6 TB (4.9 million files) Data type: Production databases, source code, customer records, credentials and API keys Observed: Oct 19, 2026 Status: Pending verification ESIX©: 7.70 Full details and impact assessment on HackRisk.io

路透社消息称：字节跳动、阿里巴巴和腾讯已订购逾300万块英伟达RTX PRO 5500显卡，每块显卡售价约8.5万元人民币，合计订单价值超过350亿美元。 英伟达告知其他客户，由于需求远超计划产量，无法保证如期履行订单，可能只能获得所要求RTX PRO 5500数量的5%-10%。 🗒️RTX Pro 5500的性能不及英伟达H200和B300芯片，也并非专为大规模互联以及最严苛的AI训练和部署工作负载需求而设计。