22/10/26 Investor’s Daily Brief - Meta’s AI Funding Plan Preserves Founder Control Capital is still flowing, but voting rights, refinancing costs and usable products determine who captures the upside. Market snapshot: S&P 500: 7,648.89, −1.40% (22 October intraday, 22:43 SGT). Nasdaq: Composite 26,085.91, −2.31% (22 October intraday, 22:54 SGT). Oil: WTI December 2026 futures US$98.20/barrel, +1.08% (22 October intraday, 22:47 SGT). Bitcoin: US$81,781, −3.31% over 24 hours (22 October, 22:57:01 SGT). Inside today: - Meta opens a funding route without transferring votes - CoreWeave faces a financing test - DeepSeek reportedly secures $15 billion - Musk’s merger idea needs shareholder terms - Apple’s foldable must justify its premium Demand can be strong while shareholder economics deteriorate. The central question is who funds the expansion, what they receive and what existing investors retain once the bills arrive. $META ’s Capital Without Control Meta’s planned nonvoting Class C dividend raises no cash itself, but creates equity it can issue later while preserving voting control. Most of Zuckerberg’s allocation releases over 32 qualifying leadership quarters; the California tax remains a proposal. Future issuance price and use of proceeds matter more than the split headline. $CRWV ’s Financing Test The June 30 filing shows roughly $35.1 billion of debt plus $16.5 billion of lease liabilities, totaling $51.6 billion. Jon Gray’s claim that compute pricing is up 50% has no disclosed comparison period; it does not establish affordable refinancing or equity returns. DeepSeek’s $15 Billion Funding Push The reported raise expands competitive spending capacity. Its reported $74 billion valuation is before the latest round’s close, while a founder-cited $1 billion annualized revenue run rate is neither annual recognized revenue nor profit. The possible Shanghai IPO remains a target. Musk’s Merger Needs a Price SpaceX and Tesla have commercial ties and committees exploring a combination. There is no agreed exchange ratio. Shareholders need terms, funding obligations and safeguards before treating a larger group as more valuable. $AAPL ’s US$1,999 Value Test The iPhone Duo launches October 23. A skeptical Journal review flags comfort and productivity compromises; one reviewer cannot establish the demand outlook. Incremental profitable purchases are the test. Bottom line Fundraising and attractive products create possibilities. Better funding terms, ownership protections and realized cash returns must follow, or financing costs and dilution can absorb gains before existing shareholders benefit.