Business
Credit Suisse: The Swiss bank is bouncing from disaster to disaster

Credit Suisse: The Swiss bank is bouncing from disaster to disaster

David Crowther

Credit Suisse is not having a great year.

‍The Swiss investment bank and wealth manager announced this week that it expected to make an eye-watering $4.7bn loss from the blow-up of Archegos Capital. For context, that single loss would be enough to wipe out the entire bank's net profits from any single year from 2011-2020.

‍I O U, A LOT

‍The Archegos story is a tale as old as time on Wall Street — a hedge fund with a previously decent track record bought a bunch of stocks with a lot of leverage (i.e. money it didn't have) and everything was fine until those stocks dared to go down. The leverage magnified the losses and Archegos collapsed, leaving the banks that extended them the leverage frantically selling shares as their prices crashed. This meme sums up what happened next, but basically Credit Suisse got left holding the (biggest) bag.

For Credit Suisse the Archegos blow-up follows on from the Greensill blow-up and has left the bank reeling financially and reputationally, with 7 senior executives losing their jobs this week according to the FT.

More Business

See all Business
Hyunsoo Rim
big red button
5/22/26
Kraft Heinz is bringing back the glass ketchup bottle as it leans on sauces for growth

The Pittsburgh-born sauce giant is turning 157 this year.

Oversize Heinz ketchup bottle displayed at Heinz History Center in Pittsburgh
Millie Giles
BED, BREAKFAST, AND BEYOND
5/22/26
Airbnb is expanding its hotel offerings and adding car rentals to its app

As cities crack down on listings, the homestay platform is attempting to become an “everything app” for travel.

View of man talking with couple in car
Millie Giles
BATTLE OF THE BRANDS
5/20/26
Which companies have the best and worst reputations, according to Americans?

The 2026 Axios Harris Poll 100 reputation ranking suggests the US prefers Big Tech to Big Media.

Handshake
Max Knoblauch
5/19/26
Spotify expands its anti-AI verified badges to podcasts

Spotify introduced verified badges for musician profiles in late April.

Spotify Hosts a "Now Playing" Creator Day at its Los Angeles Campus
business
Tom Jones

Demis Hassabis, Google DeepMind’s CEO and founder, was also an early Anthropic investor

A chess prodigy and an actual a knight of the realm in the UK, it’s perhaps no surprise that Demis Hassabis has made some strategic moves about his exposure to AI upside. According to people familiar with the matter, the influential AI architect became an angel investor in Anthropic, currently behind many of the leading AI models, per Arena AI leaderboards.

The Nobel Prize winner’s position in the Claude creator was previously undisclosed and, per the Financial Times, highlights Hassabis’ “growing influence across the AI industry.”

Google, which bought DeepMind, the company that Hassabis cofounded and heads to this day, for a reported ~$400 million in 2014, is also a key Anthropic investor. The tech giant reportedly plans to invest up to $40 billion in the AI company as part of the mutually beneficial relationship the pair have forged, with reports that Anthropic has committed to spending $200 billion in the other direction on Google’s cloud services over the next five years.

I’m playing all sides, so I always come out on top

In addition to his financial support for Anthropic, Hassabis has also invested in a range of AI startups launched by colleagues, such as Inflection AI, a company set up by DeepMind cofounder Mustafa Suleyman (who is now CEO of Microsoft AI), as well as efforts from other collaborators, like David Silver’s Ineffable Intelligence.

Hassabis also emerged as a recurring figure on the fringes of the recent Elon Musk v. Sam Altman trial, cropping up repeatedly in testimonies and court documents and appearing to live, as The Verge put it, “rent-free” in Musk’s head.

Founded in 2021, Anthropic has recently raised funding at a reported $900 billion valuation, sending it soaring ahead of competitor OpenAI.

Google DeepMind’s Demis Hassabis emerges as early Anthropic investor

Google DeepMind’s Demis Hassabis emerges as early Anthropic investor

The Nobel Prize winner’s position in the Claude creator was previously undisclosed and, per the Financial Times, highlights Hassabis’ “growing influence across the AI industry.”

Google, which bought DeepMind, the company that Hassabis cofounded and heads to this day, for a reported ~$400 million in 2014, is also a key Anthropic investor. The tech giant reportedly plans to invest up to $40 billion in the AI company as part of the mutually beneficial relationship the pair have forged, with reports that Anthropic has committed to spending $200 billion in the other direction on Google’s cloud services over the next five years.

I’m playing all sides, so I always come out on top

In addition to his financial support for Anthropic, Hassabis has also invested in a range of AI startups launched by colleagues, such as Inflection AI, a company set up by DeepMind cofounder Mustafa Suleyman (who is now CEO of Microsoft AI), as well as efforts from other collaborators, like David Silver’s Ineffable Intelligence.

Hassabis also emerged as a recurring figure on the fringes of the recent Elon Musk v. Sam Altman trial, cropping up repeatedly in testimonies and court documents and appearing to live, as The Verge put it, “rent-free” in Musk’s head.

Founded in 2021, Anthropic has recently raised funding at a reported $900 billion valuation, sending it soaring ahead of competitor OpenAI.

Latest Stories

Sherwood Media, LLC and Chartr Limited produce fresh and unique perspectives on topical financial news and are fully owned subsidiaries of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Money, LLC, Robinhood U.K. Ltd, Robinhood Derivatives, LLC, Robinhood Gold, LLC, Robinhood Asset Management, LLC, Robinhood Credit, Inc., Robinhood Ventures DE, LLC and, where applicable, its managed investment vehicles.
©2026 Sherwood Media, LLC