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Friday charts highlight cash surge and war‑dog funding
US capital markets saw record IPOs, large capital raises and a $200 million Series A in Warhound, a startup engineering dogs for military use, valuing it at $1.2 billion. Fixed‑income yields are high (Treasurys 5.3%, mortgage bonds 7%, CCC bonds 18%) while equity multiples vary, with Nvidia at 18x earnings. Meta may pre‑emptively raise capital, and its Q3 free‑cash‑flow turned negative. Venture capital has deployed a record $600 billion YTD. AI spending is concentrated, with two‑thirds of token consumption by Chinese models but US models earning 64% of revenue. Berkshire Hathaway’s cash hoard boosted its stock as cash is deemed king again.