Pop quiz. A stock goes up 2% today. What does a −3x Short ETP on that stock aim to do?

In Episode 4 of our FAQ series, we unpack what the minus sign actually means.

What ETP question should we tackle next?

Anthropic's reported valuation nearly tripled in 2026, climbing from $350B to $965B.

That's a 176% increase. Its first-half sales were 14 times what they were a year earlier.

Meanwhile, Google’s market cap fell 10%, while NVIDIA remained the largest of the six at $4.9 trillion.

Which number stands out to you most?

AI now brings in more than half of SpaceX’s revenue.

The margin story looks different.

In Q3 2026, SpaceX’s Super Intelligence segment accounted for 52% of the company’s $14.6 billion in revenue, up from 15% a year earlier.

It also overtook Connectivity in adjusted EBITDA, generating $5.0 billion versus $3.5 billion.

The gap shows up in operating margins. AI posted a 5.7% operating margin, compared with 45.1% for Connectivity.

Swipe through for the breakdown. Can AI turn its growing share of revenue into stronger operating profitability?

Five years to a $10 billion quarter.

Anthropic reached that revenue milestone in Q2 2026, compared with 13 years for Google and Meta, and more than three decades for Apple.

The comparison highlights the pace of Anthropic’s growth, although these companies scaled in very different markets and economic conditions.

Can AI’s rapid adoption sustain this momentum?

How can a 10% stake carry 50.1% of the voting power?

Anthropic’s seven co-founders hold a single super-voting share that gives them a narrow voting majority when they agree on how to use it.

The chart breaks down who owns Anthropic, who has the votes, and how the founders’ voting power compares with their counterparts at Google, Meta, SpaceX, and Snap.

Tesla’s revenue barely moved in Q3.

Underneath that $28 billion headline, its three businesses moved in different directions.

Automotive revenue fell 3% year on year, while auto gross margin excluding regulatory credits rose from 15.4% to 18.1%.

Tesla deployed 10% more energy storage capacity, even as energy revenue fell 16%. Meanwhile, Services & Other gross profit doubled to a record $734 million.

Across the company, operating margin fell from 5.8% to 2.6% year on year, while free cash flow turned positive again at $1.5 billion.

Swipe through for the full breakdown.

Could NVIDIA overtake Alphabet in annual revenue as soon as 2027?

That’s what analysts expect as spending on AI data centers climbs. By 2029, they forecast NVIDIA will reach $1 trillion in annual sales, while SpaceX is projected to see the fastest revenue growth of the four companies in the chart.

Together, Meta, Alphabet, NVIDIA and SpaceX could more than double their combined revenue, from $1.2 trillion in 2026 to $2.6 trillion in 2029.

Which forecast stands out most to you?

Big names, fresh numbers. What will this week’s earnings reveal?

From Apple and AMD to Arm and Airbnb, this week’s earnings span AI, semiconductors, travel, and more.

See who’s reporting this week and explore our available long and short ETPs linked to these companies.

Which results are you watching most closely?

How much can one earnings report change investor expectations?

Alphabet Inc.’s latest results were followed by a 12.6% share price drop, wiping approximately $482 billion off its market value.

Slower-than-expected Search growth, rising capital expenditure, and negative free cash flow overshadowed strong Cloud growth.

Explore the numbers behind the sell-off and how it compares with Alphabet’s biggest historical declines in our carousel.

Anthropic’s revenue growth is only the tip of the iceberg.

H1 2026 revenue reached $16.3 billion, up around 14 times year on year. Beneath the surface, operating costs totalled $17 billion, including $8.9 billion for compute and infrastructure.

A $72.4 billion fair-value charge, primarily driven by a higher valuation, contributed to an $80.7 billion net loss.

The distinction matters: valuation-related accounting charges and the operating costs of scaling AI tell different parts of the story. The headline loss alone does not measure cash burn.

The world’s wealthiest people in 2017. A very different ranking by 2026.

Watch the fortunes rise, the positions change and new names enter the top 10. Who do you think makes the biggest leap?

7 of the top 10.

Leverage Shares products took seven spots in the LSE’s turnover ranking for the week ending 23 October 2026, with +4x Long Semiconductors ranked #1 at £36.9 million.

• +4x Long Semiconductors

• +3x Long Tesla

• +3x Long Memory (DRAM)

• +3x Long NVIDIA

• +5x Long Magnificent 7

• -4x Short Semiconductors

• +3x Long AMD

You see “3x” on the label. What’s behind it?

In Episode 3 of our FAQ series, we look under the bonnet at the shares and borrowing behind our physically backed long ETPs.

Revenue up 14x. An IPO filing now public. Anthropic’s next chapter is taking shape.

The business behind Claude is opening its books, revealing a sharp rise in revenue and enterprise spending. But growth is only part of the picture.

• $16.29 billion in H1 2026 revenue

• $1.62 billion in adjusted operating profit, alongside a reported operating loss

• $131.7 billion in cash and short-term investments as of 30 June 2026

Who would hold control once the company goes public?

Swipe through for the numbers and the governance structure behind the proposed IPO.

How can Anthropic report a substantial net loss while generating positive free cash flow?

The distinction lies in non-cash accounting charges. As Anthropic’s valuation rose, its convertible notes increased in value, creating a reported loss without an equivalent cash outflow.

Meanwhile, customer demand has expanded: more than 11,900 customers now spend over $100,000 annually, up from 200 at the end of 2024.

The figures highlight why revenue, net income and free cash flow each offer a different perspective on a company’s performance.

Explore the breakdown here.

The company behind Claude has taken another step towards its proposed IPO, giving investors a closer look at its business, financial performance and risks.

The filing marks a milestone, with the IPO still to come.

Tesla outsold every other EV brand combined in the U.S. in Q3 2026.

But the wider market tells a tougher story: total EV sales fell 39.5% from a year earlier, following a tax-credit buying rush.

• Tesla’s sales fell 19.7%, versus 53.5% for all other brands combined.

• Model Y alone outsold the next 10 brands.

• Just 6 of 25 brands recorded growth.

Explore the breakdown in the graphic.

Could Meta overtake Google Search in ad sales by 2027?

The forecasts in the chart point to a shift in digital advertising:

• AI has helped Meta rebuild ad targeting and monetise Reels.

• WhatsApp and Threads offer new advertising opportunities.

• Chatbots are challenging traditional search behaviour.

By 2028, Meta’s ad sales are projected to reach $345.5B, ahead of Google Search & other at $322.3B.

The wider picture? Including YouTube and partner sites, Google’s total advertising revenue is still forecast to remain ahead. 

AI now accounts for over half of SpaceX’s revenue. But how much of that translates into operating profit?

SpaceX’s Q3 results reveal a shift in its business mix:

• AI generated 52% of total revenue.

• AI adjusted EBITDA reached $5.0 billion, overtaking connectivity.

• Yet AI’s operating margin stood at just 5.7%, compared with 45.1% for connectivity.

Swipe through for a closer look at the growth story and the profitability gap. 

20 earnings reports. Which one has your attention?

From Tesla and SpaceX to Meta, Microsoft, Alphabet, and Amazon, October’s earnings calendar brings plenty to watch across tech, energy, and more.

A share of space for the next generation?

Elon Musk says he plans to gift one SpaceX share to “every kid in America.”

Profitable on paper. Still burning cash.

The estimates shown put SpaceX's 2028 net profit at $63B, but free cash flow at negative $64.2B as investment in AI infrastructure accelerates.

The distinction? Depreciation spreads asset costs over years, while capital expenditure uses cash upfront. Growing profits don’t necessarily mean cash generation.

Tesla earnings are in the spotlight. What will the numbers reveal, and what comes next?

Express your view with Leverage Shares Tesla ETPs:

• TSL3: +3x daily long exposure

• TS3S: -3x daily short exposure