Anthropic IPO filing lifts AI stocks, Nvidia shares up 3%

Artificial intelligence-linked stocks rose on Oct 26 after Anthropic revealed the paperwork for its initial public offering, against the backdrop of growing investor unease over debt-fuelled spending on infrastructure for the new technology.

A successful flotation by a pure-play AI giant such as Anthropic could reshape how markets value parts of the booming industry, including chipmakers and related infrastructure companies, analysts have said.

Media additions

Shares of Nvidia, the world’s most valuable company, added nearly 3%. Microsoft and Amazon gained nearly 1% each. Among other AI stocks, battered shares of neoclouds CoreWeave and Nebius Group rose 5.7% and 2.3%, respectively, after the filing, reversing earlier losses following SpaceX CEO Elon Musk’s comments.

Company / Ticker	Market Segment	Price Movement / Detail
Nvidia (NVDA)	Chipmaker / AI Leader	Added nearly 3%
CoreWeave	Neocloud Infrastructure	Rose 5.7%
Nebius Group	Neocloud Infrastructure	Rose 2.3%
Micron Technology (MU)	Memory Chipmaker	Rose 3%
Applied Digital (APLD)	Data Centre Operator	Gained 1%
IREN (IREN)	Data Centre Operator	Gained 3%
Zoom Communications	Early Investor	Rose 1.5%

Michael Smith, head of the growth equity team at Allspring Global Investments, observed that sector participants are looking beyond headline names.

"Ultimately, investing in AI today involves searching for opportunity beyond the headline names,"

Michael Smith, head of the growth equity team at Allspring Global Investments, via Straits Times

Smith said, noting that attractive opportunities may reside within small and medium-sized firms capable of efficiently managing infrastructure demands.

The wider market backdrop has experienced acute volatility tied to heavy capital expenditures. Earlier market cycles saw severe contractions among AI hosting names and infrastructure providers, driven by heavy capital outlays required to convert Bitcoin mining sites into high-performance computing facilities. For instance, TeraWulf reported that its HPC lease revenue climbed to account for more than 70% of its mix, despite missing quarterly revenue consensus estimates. Similarly, IREN reported surging AI Cloud revenue, targeting billions in contracted annual recurring revenue, while Applied Digital secured substantial long-term lease agreements with investment-grade hyperscalers. TeraWulf's bull case rests on hosting contracts such as its 20-year Anthropic lease at Kentucky's Justified Data Campus for 401 MW, worth up to $19 billion of contracted revenue over the initial term, though initial Anthropic delivery is not scheduled until the second half of 2027.

Broader structural anxieties have also played out among market analysts. Steve Sosnick, chief strategist at Interactive Brokers, described the trading environment as a regime where scripts are constantly rewritten, pointing to massive single-session swings reminiscent of the dot-com era. Sosnick specifically noted the forced unwind of Leopold Aschenbrenner's hedge fund, Situational Awareness LP, which faced margin calls from prime brokers Goldman Sachs, JPMorgan Chase, and Bank of America after severe infrastructure declines. Conversely, Melissa Otto, head of research for Visible Alpha at S&P Global, attributed recent rallies to mechanical fundamentals rather than psychological shifts, arguing that accelerating cloud revenue proves the underlying business model is functioning.

The structural buildout faces physical and logistical bottlenecks as well. A key supporting natural gas pipeline project for Oracle's Project Jupiter data center in New Mexico faced a delay, with the operational timeline pushed back by nearly six months from August 15, 2026, to February 1, 2027, according to Energy Transfer's Transwestern Pipeline regulatory filing. Meanwhile, corporate portfolio adjustments continue, as SoftBank significantly reduced its stake in TSMC during the second quarter, cashing out nearly $270 million by selling 1.4 million shares.

Attention now turns to the broader macroeconomic calendar and upcoming sector catalysts. Investors are monitoring upcoming rent commencements for peer infrastructure providers, such as Cipher Mining's Barber Lake rent commencement expected in October 2026, and watching for potential interest rate adjustments from central banks. Chicago Fed President Goolsbee emphasized the need for sustained lower inflation before cutting rates, while foreign media sources indicate the Bank of Japan could raise interest rates as early as September during its upcoming policy meeting on September 17–18, 2026, actions that could influence the cost of capital for capital-intensive artificial intelligence projects.