U.S. stocks climbed Monday as chipmakers rallied on Anthropic's public IPO filing, which renewed investor appetite for artificial intelligence shares, according to CNBC. The Dow Jones Industrial Average gained 212 points, or 0.4%, the S&P 500 added 0.3% and the Nasdaq Composite also rose 0.3%. A pullback in crude prices gave the major averages additional support.
Why it matters
The session marked a partial rebound after Wall Street's second straight weekly decline for both the S&P 500 and the Nasdaq, a stretch CNBC attributes to surging oil prices and a sell-off that spread across sectors. Monday's move suggests investors are willing to re-engage with AI names when a catalyst appears — in this case, the long-anticipated paperwork behind Anthropic's listing.
Anthropic discloses rapid growth and steep losses
Anthropic filed with the Securities and Exchange Commission to list on the Nasdaq under the ticker "ANT," CNBC reports. The company, maker of the Claude chatbot, had submitted its filing confidentially in June, giving regulators time to review its numbers before release. The disclosure shows revenue of $16.29 billion for the six months ended in June, up 1,304% from $1.16 billion a year earlier. The Washington Post reported that the filing also disclosed an $80 billion loss. The New York Times described the growth rate as a 14-fold increase, and the offering is widely expected to be a landmark event for a five-year-old company at the center of the generative AI boom.
Chip and AI-linked shares moved on the news. Nvidia rose 1.4%, Micron gained 2.3%, Broadcom added 1.5% and Advanced Micro Devices climbed 1.3%, per CNBC.
Oil slips after hitting multi-month highs
Brent crude futures fell 1.4% to $115.02 a barrel, while U.S. West Texas Intermediate dropped 2% to $101.01, CNBC reported. Brent had reached its highest level since April on Friday following reports that the U.S. and Israel might be weighing strikes on Iran after the midterm elections. Monday's decline eased pressure that had built up in energy markets late last week.
Neoclouds stay under pressure
Companies that rent out AI-focused cloud capacity — known as neoclouds — fell again Monday. The slide followed comments from Elon Musk, who said more than 200 firms in the category face what he called "guppy-level death," according to CNBC. CoreWeave dropped 1.7% and Nebius Group lost 3.7%. Investors have been concerned that these companies are taking on too much debt to fund AI expansion, a worry that contributed to last week's broader weakness.
Fed decision and AI payoff questions ahead
Traders are focused on the Federal Reserve's policy decision on Wednesday. Fed funds futures pricing implies roughly a 90% chance that officials will leave rates in the current 3.75% to 4% range, CNBC reports.
Separately, Apollo chief economist Torsten Slok argued in an analysis published Saturday that heavy AI spending has produced no financial return for corporate America outside the technology sector. Revenue per worker and profit margins are climbing for the Magnificent 7 but holding flat across the rest of the S&P 500, he wrote, with no evidence yet that AI is lifting productivity growth. Slok said companies outside tech are beginning to treat spending on AI tokens as a cost that squeezes margins, and he framed the central question as whether cheaper AI can translate into faster revenue growth and better profitability for those firms. "The bottom line is that the AI story will be decided in the S&P 493, not the Mag 7," he wrote, adding that no evidence so far shows improvement outside tech.
Bitcoin funds see largest daily outflow since June
Bitcoin exchange-traded funds recorded their biggest single-day collective withdrawal since June on Friday, with $635.49 million leaving the funds as the cryptocurrency's spot price slid toward $80,000 during a wider market downturn, CNBC reported. For the week, the funds still attracted $442.67 million in net inflows, while bitcoin posted its first three-week decline since June. A Thursday report from DWF Labs found that bitcoin ETF flows tend to track the cryptocurrency's prior five-day performance more closely than its following five days — a pattern suggesting investors are reacting to price weakness rather than fund flows predicting where bitcoin heads next.
Analysts split on whether the tech pullback is over
Deutsche Bank analysts said Friday that the tech sell-off that started in mid-October has further to run, according to CNBC. Parag Thatte wrote that tech's relative performance has fallen well into the lower half of its long-term trend channel but has not yet reached a bottom. Despite inflows into tech over the previous two weeks, including into leveraged ETFs, Thursday's sharp decline produced $1.5 billion in net outflows, he said. Thatte added that continued unwinding of recent inflows could stretch out the selloff, while also pointing to underlying risk appetite and the potential for abrupt reversals if sentiment changes.
Wolfe Research's Rob Ginsberg took a more constructive view, writing over the weekend that market breadth last week looked healthier than the headline indexes suggested. He pointed to the equal-weight S&P 500 moving back above its 50-day moving average with positive momentum, noting the index last stood at 216.54 and that holding $215 is now the objective.
Single-stock movers
Tesla gained 2% after Barclays upgraded the shares to overweight, citing a possible merger and acquisition opportunity with SpaceX, growth in the Robotaxi business and strength in the core operations, CNBC reported. Range Resources jumped 15% after EQT Corp agreed to acquire the natural gas producer in an all-stock deal valuing it at more than $50 billion; EQT fell 4%, and the transaction is expected to close in the first quarter of 2027. Moderna fell 8% as its sell-off continued following a leak.
Investors will watch Wednesday's Fed announcement for guidance on rates, and Anthropic's offering will be closely tracked as a test of public-market demand for AI companies.
