Brew Markets Daily – April 13, 2026
Episode Theme:
Ann Berry and John break down the latest high-stakes market stories, with a focus on BP’s looming shareholder revolt over climate strategy and the risks posed to banking by Anthropic’s new, ultra-powerful AI model, Claude Mythos.
1. BP Faces Shareholder Revolt Over Climate and Strategy
[00:32–05:20]
Main Points:
- Activist investing is usually dominated by major hedge funds, but this time local UK pension funds are mounting pressure on BP.
- The Local Authority Pension Fund Forum (LAPFF) represents over £425 billion in assets and is urging members to vote against BP’s chair, Albert Manifold, and resist revoking binding climate disclosure resolutions.
- BP, once seen as decarbonization leaders, has shifted back towards hydrocarbons with a plan (“fundamental reset”) to increase cash flow by $2bn by 2027, reduce renewables investment, and scale back climate goals.
- LAPFF supports proposals for greater transparency on how BP evaluates oil and gas investments versus alternatives.
- Dissent is rising at other oil majors too, including Shell, ExxonMobil, and Chevron, as climate activists pressure for emissions targets clarity.
- Context: BP's shares are up 33% YTD, nearly 75% over the past year—possibly due to rising oil prices and acquisition rumors (Adnoc, Shell).
- New BP CEO Meg O’Neill, just 12 days into the job, faces her first AGM under this scrutiny.
Notable Quotes:
- “That portion [of BP investors] plans to make some noise at the $121 billion market cap company’s annual general meeting just 10 days from now.”
— Ann Berry (00:57) - “BP previously was regarded as a leader...on decarbonization. But since BP came out in February last year with its fundamental reset...BP has been increasing oil and gas production, reducing investment in its transition businesses and lowering its 2030 climate ambitions.”
— Ann Berry (01:44)
Key Timestamps:
- 00:32: Opening market context and activist investor discussion
- 01:36: Details on LAPFF’s recommendations
- 02:06: Background on BP’s “fundamental reset” plan
- 03:22: Rising dissent among other major oil firms
- 03:46: Share price context, O’Neill’s new tenure, and takeover rumors
2. Anthropic’s New AI Sparks Cybersecurity and Banking Alarm
[05:34–15:25]
Main Points:
- Treasury Secretary Scott Besant and Federal Reserve Chair Jerome Powell called major bank CEOs to a closed-door meeting to discuss new cyber risks from Anthropic's Claude Mythos model.
- Claude Mythos is highly advanced, particularly at identifying security vulnerabilities invisible to human developers and even making up new puns for good measure.
- The model discovered a 27-year-old critical vulnerability in OpenBSD (one of the most secure operating systems).
- Anthropic is NOT releasing Mythos to the public, citing safety—first time a leading AI lab has both announced and withheld a model for being "too powerful for the public."
- Instead, through “Project Glass Wing,” distribution is restricted to select large tech, cybersecurity, and finance firms (Amazon, Apple, Broadcom, Cisco, Crowdstrike, Goldman Sachs, Google, JPMorgan Chase, Microsoft, Nvidia, Palo Alto Networks).
- Purpose: Use model defensively to secure infrastructure before possible malicious use.
- Anthropic pledges hundreds of millions to the initiative; results of the project to be reported in 90 days.
Notable Quotes & Moments:
- “It’s a system that can actively break software.”
— John (07:57) - “The so what of all this is knowing its capabilities...Anthropic actually decided not to just send the new model out into the public domain. So this is really a critical, critical, critical moment because this is the first time that a leading AI lab has built a frontier model and simultaneously decided the public cannot use it, but also announced it.”
— Ann Berry (08:24) - “It almost reminds me of all these companies that saw their stocks increase when Project Stargate was announced, right, and the buildout of AI infrastructure. This to me feels like being on the inside.”
— Ann Berry (13:19)
Key Timestamps:
- 05:34: Setup: bank CEOs briefed on Anthropic’s AI threat
- 06:32: John introduces background, capabilities of Claude Mythos
- 07:32: John details the model’s ability to break out of sandboxes and find dangerous vulnerabilities
- 08:24: Link to banks—model could enable novel bank data breaches
- 09:10: Deployment restricted to Project Glass Wing partners
- 10:33: Anthropic’s plans and “powerful/too dangerous for public” narrative
- 11:12: Contrasts to Sam Altman/OpenAI’s safety culture, personal risk, and Anthropic’s safety focus
- 12:26: Cybersecurity companies included, market response
- 13:19: Ann’s view on stock market effects; political unity in response
- 14:28: International response—UK and Canada organizing meetings
3. Broader Market Moves & Corporate News
[15:25–21:45]
Main Points:
- Jamie Dimon’s shareholder letter (JP Morgan) highlights AI’s unpredictable effects, especially on cybersecurity.
- Friday’s episode will feature Sebastian Mallaby discussing AI leaders like Demis Hassabis, Sam Altman, and Elon Musk.
- Dell shares up 5% on rumors of Nvidia pursuing a major acquisition in the PC/server space.
- Revolution Medicines (RVMD) shares soar nearly 40% after pancreatic cancer drug almost doubles survival time in trials. CEO Mark Goldsmith calls the result “unprecedented.”
- Conagra Brands’ CEO Sean Connolly steps down after 11 years; stock down 5%, replaced by John Brace (ex-P&G, GM Schmucker).
Context: Conagra stock down 45% year-over-year due to sector headwinds.
Notable Quotes:
- “Dell has about a 17% of the PC market share and already manufactures AI servers that use Nvidia chips...Nvidia finished the day down nearly half a percent.”
— John (19:15) - “It almost doubled the typical length of survival and cut the risk of death by nearly 60% compared to chemotherapy.”
— Ann Berry (19:55) - “Conagra stock has fallen 45% over the last year and consumer packaged good industry in general is facing buyer pushback over higher prices and folks looking for less processed food options.”
— John (21:30)
Key Timestamps:
- 15:25: Excerpt from Jamie Dimon’s letter on AI risks
- 16:20: Announcing Friday’s Sebastian Mallaby AI interview
- 19:15: Dell/Nvidia acquisition rumor, market result
- 19:55: Revolution Medicine breakthrough and FDA approval process
- 20:56: Conagra CEO transition and industry context
4. Memorable Moments & Quotes
- “BP previously was regarded as a leader...on decarbonization. But since BP came out in February last year with its fundamental reset...BP has been increasing oil and gas production, reducing investment in its transition businesses and lowering its 2030 climate ambitions.” — Ann Berry (01:44)
- “The philosopher was commitment-phobic. His friend said he was always Kierkegaarding his options.” — John, quoting Anthropic’s AI model (06:57)
- “It’s a system that can actively break software.” — John (07:57)
- “This is really a critical, critical, critical moment because this is the first time that a leading AI lab has built a frontier model and simultaneously decided the public cannot use it, but also announced it.” — Ann Berry (08:24)
5. Summary Flow & Tone
The episode is brisk, analytical, and forward-looking—with Ann Berry’s seasoned, investor-savvy voice driving the analysis alongside John’s clear technical explanations. Quotes are insightful, the examples are vivid, and the risks as well as opportunities are sharply defined. The hosts’ back-and-forth balances technical depth with accessible explanation, both in market analysis and in unpacking the AI threat.
Listeners walk away with:
- An understanding of the tension inside BP over its climate policy and the rise in shareholder activism outside traditional hedge funds.
- A concrete sense of why Anthropic’s Claude Mythos model is considered a genuine game-changer (and a threat), with a unique snapshot of how banks, regulators, and tech companies are scrambling to respond.
- Relevant headlines on tech M&A rumors, biotech breakthroughs, and leadership changes in consumer sectors, all with keen eye on market implications.
For Friday:
Ann teases an in-depth interview on AI leadership and safety culture, promising a deep dive with author Sebastian Mallaby.