Wall street opens higher as Anthropic IPO filing boosts chip stocks

Chipmakers rallied as the creator of the Claude chatbot filed for a public market debut, reigniting momentum for artificial intelligence shares alongside a retreat in global crude prices. Investors now look ahead to a crucial central bank interest rate decision and upcoming corporate earnings. Find out how analysts view the heavy losses reported in the filing.

US stocks opened higher on Monday, October 26, as semiconductor and other artificial intelligence (AI)-linked shares rallied following Anthropic's public filing for an initial public offering (IPO). Investors also tracked a decline in oil prices and braced for a busy week of corporate earnings and the Federal Reserve's interest rate decision.

The Dow Jones Industrial Average rose 212 points, or 0.4%, at the open. The S&P 500 gained 0.3%, while the Nasdaq Composite advanced 0.4%, as markets rebounded after the S&P 500 and Nasdaq posted their second consecutive weekly losses.

Chipmakers led gains among technology stocks, with Nvidia rising 1.4%, Micron Technology climbing 2.3%, Broadcom adding 1.5% and Advanced Micro Devices (AMD) gaining 1.3%.

Anthropic IPO filing revives AI trade

Investor sentiment received a boost after Anthropic, the company behind the Claude AI chatbot, publicly filed for an IPO with the US Securities and Exchange Commission (SEC). The company plans to list on the Nasdaq Global Select Market under the ticker symbol "ANT". It had confidentially filed for a listing in June.

Anthropic has not disclosed the size of the proposed offering. The listing could become one of the most closely watched public market debuts in the AI sector, as investors assess the commercial potential of advanced AI models and the substantial costs associated with developing them.

The company's filing showed revenue of $16.29 billion for the first half of 2026, up sharply from $1.16 billion in the corresponding period a year earlier. However, Anthropic also reported a net loss of $80.75 billion during the six-month period, highlighting the financial pressures associated with scaling AI operations.

The filing comes as investors look for fresh catalysts to sustain the AI trade, which has been a major driver of gains in US technology stocks.

Falling oil prices support Wall Street

A decline in crude oil prices also supported equities at the open. Brent crude futures fell 1.4% to $115.02 a barrel, while US West Texas Intermediate (WTI) crude dropped 2% to $101.01 a barrel.

Oil prices had climbed on Friday to their highest levels since April amid reports that the US and Israel could be planning strikes against Iran after the US midterm elections. The latest retreat in crude prices offered some relief to equity investors concerned about energy costs and inflationary pressures.

Fed decision, earnings in focus

Investors are also preparing for a packed week of corporate earnings and the Federal Reserve's policy decision on Wednesday.

Fed funds futures indicated a roughly 90% probability that policymakers would leave interest rates unchanged at the current target range of 3.75% to 4%, reported CNBC. Investors will look for signals on the outlook for borrowing costs and inflation, particularly as energy prices and developments in the AI sector continue to shape market sentiment.

Elsewhere, cryptocurrency-related investments faced pressure after US-listed spot Bitcoin exchange-traded funds (ETFs) recorded $635.49 million in net outflows on Friday, their largest single-day outflow since June. Bitcoin also moved closer to the psychologically significant $80,000 level amid a broader market sell-off.

Despite Friday's withdrawals, spot Bitcoin ETFs recorded net inflows of $442.67 million for the week. Bitcoin also registered its first three-week losing streak since June.