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Anthropic listing plans rekindle AI rally

The prospect of Anthropic joining public markets buoyed technology stocks on Monday, helping Wall Street finish higher as investors weighed rapid AI revenue growth against mounting infrastructure costs. The rebound extended to Asia on Tuesday, led by South Korean and Japanese shares, although markets in China and Hong Kong retreated. European equities also ended Monday in positive territory, while oil eased on hopes that talks with Iran could reduce regional tensions. Attention now turns to quarterly results from Microsoft, Alphabet and Amazon and interest rate decisions at major central banks later in the week.

  • Date
  • Author Shane Strowmatt, Senior Investment Writer
  • Reading time 5 minutes

AI
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Anthropic IPO filing reveals surging revenue

US artificial intelligence developer Anthropic published its IPO prospectus on Monday, reporting revenue of USD 16.3 billion for the first six months of the year, compared with USD 4.6 billion for all of 2025. The Claude chatbot maker’s AI infrastructure expenditure reached USD 9 billion in the first half, exceeding the USD 7.3 billion spent throughout 2025. The filing also disclosed more than USD 430 billion in committed cloud computing expenditure over the coming years. The filing helped revive AI-related stocks in the US and Asia, but also sharpened the central question for investors: whether surging demand can justify the sector’s vast infrastructure spending and elevated valuations.

Asian stocks rally on Anthropic IPO filing

Korea’s Kospi climbed 2.9% and Japan’s Nikkei 225 gained 1.7% on Tuesday as AI-related shares rallied following the initial public offering filing by Anthropic. South Korean sentiment also benefited from stronger-than-expected economic growth, which accelerated to 1% quarter-on-quarter in the third quarter from 0.6% in the previous quarter. Chinese equities lagged, with the Shanghai Composite slipping 0.2% and mainland China’s CSI 300 falling 0.4%, while Hong Kong’s Hang Seng declined 0.7%. Investors await earnings from Alphabet, Microsoft and Amazon, alongside policy decisions from the Federal Reserve, European Central Bank and Bank of Japan, all of which are expected to keep interest rates unchanged. Australia’s S&P/ASX 200 rose 0.5%. In other markets, the US Dollar Index edged up 0.1% to 102.10, while gold declined 0.4% to around USD 4000 per ounce and bitcoin fell 0.5% to around USD 79,700.

US stocks rise on Anthropic IPO plans

US equities advanced on Monday, with the Nasdaq 100 gaining 1.1% to 29,273.41 points after Anthropic filed for a US initial public offering, lifting technology shares. The S&P 500 rose 0.7% to 7676.77 points, while the Dow Jones Industrial Average added 0.3% to 52,361.58 points, with slightly lower oil prices also supporting sentiment. Electric vehicle maker Tesla gained 5.2% on speculation about a potential merger with SpaceX, whereas Facebook parent Meta Platforms fell 1.9% after announcing plans to raise up to USD 95 billion through share sales to finance AI investments.

German business sentiment improves

Germany’s ifo Business Climate Index increased to 90.2 points in October from 89.9 in September, according to survey results published on Monday. The improvement reflected greater optimism about the outlook, although firms’ assessments of present conditions weakened slightly. Manufacturing sentiment strengthened markedly as rising orders encouraged plans to increase output, with assessments of current conditions and expectations recording their first positive readings in over three years. On Monday, Germany’s DAX gained 0.9%, the Euro Stoxx 50 rose 0.7% and the Swiss Market Index added 0.5%.

Oil falls as Iran diplomacy gains momentum

Brent crude oil futures fell 0.4% to USD 110.33 a barrel, while West Texas Intermediate (WTI) futures declined 0.5% to USD 101.25, as diplomatic initiatives reduced concerns about energy supply disruptions. Officials from Saudi Arabia, Turkey, Pakistan and Iran met in Tehran on Monday to pursue ways of easing regional tensions and agreed to maintain dialogue. US President Donald Trump said on Sunday that he was nearing a decision between seeking an agreement with Iran and escalating military action. Further attacks on Saudi Arabia by Iran-backed Houthi militants over the weekend limited oil’s losses, highlighting the uncertainty surrounding a lasting resolution.

Corporate and economic calendar

Corporate news in focus: Quarterly figures from Boeing, Coca-Cola, Freeport-McMoRan, HSBC, PayPal, S&P Global, Saint-Gobain, United Parcel Service, and Visa.

Economic data in focus: US building permits (13:00), US durable goods orders (13:30), Conference Board Consumer Confidence Index (15:00), US new residential sales (15:00), Richmond Fed Manufacturing Index (15:00), European Central Bank President Christine Lagarde speaks (18:00).

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Editor: Alessandro Fezzi
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