Anthropic IPO filing lifts US tech indexes and chip stocks

US equity indexes rose following Anthropic's initial public offering filing, a move that boosted risk sentiment for large technology firms and semiconductor-related businesses. Ahead of Monday's close, the Nasdaq Composite gained 1% to reach 26,207.2. The S&P 500 followed suit with a 0.8% increase to 7,681.5, while the Dow Jones Industrial Average added 0.2% to finish at 52,334.7. Technology, consumer discretionary, and financials led the gains, while communication services, healthcare, and consumer staples declined. All but three sectors finished higher.

Anthropic filed with the US Securities and Exchange Commission on Monday to list Class A common stock on the Nasdaq Global Select Market under the symbol ANT. Reuters reported that the company could have a market capitalization of about $1.5 trillion, a figure lower than the approximately $2 trillion investors expected after Anthropic disclosed financial details earlier in the month. Goldman Sachs and Morgan Stanley are listed as lead underwriters in the filing.

Semiconductor stocks drove much of the market's strength. Finviz-compiled data showed that 15 of the 20 top-performing stocks with a market capitalization above $200 billion were technology firms, with a majority linked to semiconductors. Arm shares rose 6.7%, while Tesla jumped 5.8% after the company stated on X that Latvia authorized its full self-driving system in the country. The two lead underwriters also outperformed, with Goldman Sachs shares up 2.3% and Morgan Stanley shares up 2.7%.

In energy markets, the front-month West Texas Intermediate crude oil contract fell 0.8% to $102.43 per barrel. The global benchmark Brent crude edged down 0.2% to $116.49 per barrel.