U.S. stocks opened higher Tuesday as renewed enthusiasm around Anthropic’s planned IPO lifted technology shares and helped offset pressure from still-elevated Treasury yields. The S&P 500
U.S. stocks opened higher Tuesday as renewed enthusiasm around Anthropic’s planned IPO lifted technology shares and helped offset pressure from still-elevated Treasury yields.
The S&P 500 rose 0.21% to 7,699.6 at the opening bell, while the Nasdaq gained 0.31% to 26,904.6. The Dow moved the other way, slipping 0.13% to 51,416.96.
The main catalyst was fresh optimism around Anthropic, whose upcoming listing could value the Claude developer at more than $2 trillion. The IPO prospectus also lays out roughly $518 billion in future cloud and infrastructure commitments, reinforcing expectations that the AI capital-spending boom still has room to run.
Anthropic IPO Lifts AI and Semiconductor StocksThe prospectus helped revive a trade that had recently lost some momentum: buying companies exposed to AI infrastructure.
European technology stocks jumped sharply earlier in the session, with the STOXX 600 technology index gaining about 2.5%, while U.S. semiconductor shares also benefited from expectations of continued spending on compute, networking and data centers.
Anthropic’s potential public-market debut has already become one of the biggest technology stories of the year. The company could seek a valuation near $2 trillion and has been linked with a raise of as much as $100 billion, making it potentially one of the largest IPOs ever attempted. That follows earlier reports that Nvidia could invest as much as $10 billion as an anchor investor.
Anthropic has also reportedly shifted its timetable toward November, giving the company more time to present stronger financials before listing. The expected November IPO is becoming a major test of how much investors are still willing to pay for AI growth.
High Yields Still Cap the RallyThe bullish tech move comes against a difficult macro backdrop.
The U.S. 10-year Treasury yield remained around 5.21%, keeping borrowing costs high across the economy and increasing the discount rate applied to long-duration growth stocks.
That matters especially for AI companies, where valuations depend heavily on expectations for profits years into the future.
At the same time, the broader AI spending cycle remains powerful. Capital expenditure tied to artificial intelligence has become an increasingly important contributor to U.S. growth, even as rising debt costs begin to pressure companies funding new data centers and infrastructure.
The tension between AI growth and expensive financing has already started to show up in credit markets, where companies such as Oracle and Meta have faced higher debt costs as hyperscalers borrow aggressively to fund expansion.
