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Artificial intelligence-related stocks rose up to 9% on November 11 as Anthropic's blockbuster IPO, strong CoreWeave earnings lifted global AI sentiment.
At 11:30 am on November 11, Netweb Technologies shares were trading 7% higher at Rs 4,108.6 apiece. Meanwhile, shares of E2E Networks, ESDS Software Solution climbed 5% and 4.2%, respectively.
Other AI-related stocks like Black Box, Anant Raj rose 9% and 4%, respectively. Mtar Tech stock climbed 3%.
Stocks of power equipment players like Hitachi Energy India, CG Power, GE Vernova T&D India rose 4.4%, 2.5% and 2.2%, respectively.
Anthropic's blockbuster IPO will value the Claude chatbot creator at up to $1.4 trillion, slightly short of some investors' expectations, setting up a key test of Wall Street's faith in the AI boom it helped ignite.
The company is kicking off the roadshow for a share sale expected to set a benchmark for the sector, following years of hype that fueled a massive influx of capital into AI companies and sent the US stock market to all-time highs.
Anthropic's owners are plowing ahead despite a recent selloff across the tech landscape, as investors question whether the AI boom's returns will justify the massive spending and mounting debt costs in an elevated interest-rate environment.
The AI lab and some of its existing shareholders are aiming to raise up to $64.4 billion in the IPO by selling 825 million shares priced between $70 and $78 each. Shares are expected to start trading on the Nasdaq on November 19 under the symbol "ANT."
Asian stocks climbed as optimism around the artificial intelligence trade persisted even as hotter-than-expected US inflation bolstered the case for the Federal Reserve to raise interest rates.
The MSCI Asia Pacific Index rallied more than 1% after capping its best two-day performance in more than three months on Tuesday. Tech was the top-performing sector. Futures for the Nasdaq 100 jumped 1.3%, recouping the underlying index’s loss in regular trading, thanks to better-than-expected earnings from AI computing provider CoreWeave Inc. S&P 500 contracts rose 0.6%.
The AI infrastructure company, backed by Nvidia, said it would be profitable in the first half of 2028, as third-quarter revenue soared.
Among Asian equity indices, South Korea's Kospi was the top gainer, rising 1% on advances in heavyweight constituents, while China's CSI 300 and Hong Kong's Hang Seng Index fell.
In Japan, the Nikkei 225 and the broader Topix First Section rose nearly 1% each. Shares of Nikkei majors Tokyo Electron and Advantest Corp. rose over 2% each. On the other hand, shares of SoftBank Group Corp. fell over 3% after the lender reported a net loss of $7 billion for the September quarter. Losses related to US artificial intelligence equipment procurement weighed on the company's earnings, according to CNBC.
Kospi heavyweights rose, supporting gains in the index, with Samsung Electronics up over 1% while SK Hynix was up nearly 3%. Meanwhile in Taiwan, shares of Taiwan Semiconductor Manufacturing Co. rose 3% after the company's board approved investments of up to $1 billion in US-based Anthropic and OpenAI. The company will invest up to $500 million in Anthropic's shares at the company's initial public offering price and $500 million in OpenAI preferred stock, according to CNBC.
While enthusiasm around the AI trade continues to support equities, the prospect of aggressive Fed hikes poses another challenge for global technology stocks. The sector was whipsawed last week after the Democrats’ sweep of Congress fueled concerns about tougher oversight of the AI industry and a potential slowdown in the US data-center buildout.
Meanwhile, Anthropic’s IPO was fully covered with orders from prospective investors for all the available shares when the deal launched, according to people familiar with the matter. Some of the firm’s backers are offering a portion of their IPO allocation to new investors in the run-up to the largest public listing on record.
Shares of Nvidia also steadied after two days of steep losses that wiped $430 billion off its market value. Its CEO Jensen Huang is under investigation over reports he may have been the target of a foreign intelligence operation linked to an alleged Chinese spy.
