IDD Week in Review: Friday, Oct 30, 2026 — AI growth lifts Big Tech, deal makers stay busy and the Fed holds

> “We’ve never succeeded in making a good deal with a bad person.” — Warren Buffett

The Big Picture

• Big Tech's AI businesses surged. Microsoft's revenue rose 19% to $92.3 billion as Azure grew 48%, Alphabet's revenue rose 25% to $127.6 billion as Google Cloud more than doubled, and Amazon's AWS sales grew 39.3% to $46.0 billion.

• Deal makers stayed busy. DoorDash agreed to buy Instacart's parent for $65.00 a share, EQT agreed to acquire Range Resources in an all-stock deal, ADT agreed to an estimated $15.3 billion take-private by Thrive Holdings, and Anthropic filed to go public.

• The economy ran hot and the Fed held. The Bureau of Economic Analysis reported third-quarter GDP grew at a 3.4% annual rate and September PCE inflation reached 3.6% from a year earlier, while the Federal Reserve kept its target range at 3.75% to 4% with two officials voting for a hike.

Top Stories of the Week

• DoorDash is buying Instacart. It agreed to pay $65.00 a share for Maplebear, an estimated $17 billion in equity value, in cash, DoorDash stock or a mix, with closing expected at the end of 2027 or in the first half of 2028, according to its 8-K.

• EQT and Range Resources are combining. Range holders would get 0.987 EQT share for each Range share, leaving EQT holders with an estimated 73% of a company with a pro forma enterprise value above $50 billion, EQT said in an 8-K.

• ADT agreed to a take-private. Thrive Holdings will pay $10.00 a share in cash, valuing ADT at an estimated $15.3 billion in enterprise value, with a go-shop period through Nov. 28, the company said in an 8-K.

• Anthropic filed for an IPO. It plans to list under the symbol ANT and reported $16.3 billion of revenue for the first half of 2026, up from $1.2 billion a year earlier, according to its S-1.

• Meta raised $37.5 billion. It priced $25.0 billion of Class A stock through forward sale agreements plus $12.5 billion of mandatory convertible preferred shares, and NVIDIA committed $3 billion, according to Meta's prospectus supplements and an NVIDIA press release.