U.S. stocks rose on Oct. 26 as semiconductor shares led a broad advance, while Anthropic’s public filing for a Nasdaq listing under the symbol “ANT” put the financial demands of frontier artificial intelligence in sharper view. The S&P 500 gained 0.70% to 7,676.77, the Nasdaq rose 0.83% to 26,169.38, and the Dow Jones Industrial Average added 0.28% to 52,361.58.
The Philadelphia Semiconductor Index, known as the SOX, climbed 2.82% from 10,779.46 to 11,083.47. The move came despite mounting pressure on several companies tied to AI data-center construction, a segment whose debt requirements and reliance on sustained demand have increasingly drawn scrutiny.
Anthropic’s S-1 registration statement describes $16.3 billion in revenue for the first half of the year, alongside an approximately $80.7 billion net loss. The proposed listing would make it the first major frontier AI laboratory to begin the public-offering process, giving public markets a rare direct view of the scale of spending behind leading generative-AI models.
Anthropic filing exposes the cost of AI expansion
Anthropic’s filing also outlines a dual-class share structure, which would give certain shareholders greater voting power than ordinary public shareholders. Such structures are common among technology companies seeking to preserve founder or insider control after an initial public offering, though they can limit outside shareholders’ influence over governance.
The revenue and loss figures illustrate the unusual economics confronting companies building large AI models. Developing and operating those systems requires vast expenditure on chips, cloud capacity, power, research staff, and data-center infrastructure. Revenue can grow rapidly as corporate customers adopt AI tools, while losses remain heavy because the supporting computing network must be built before usage reaches mature levels.
That dynamic has helped fuel demand for semiconductor companies, particularly suppliers of processors and networking equipment used in AI clusters. It has also left more leveraged parts of the data-center supply chain vulnerable when traders reassess how quickly AI-related contracts will translate into cash flow.
CoreWeave shares fell 10% and reached a 52-week low, extending a selloff in AI data-center equities. Figures cited in market coverage put short sellers’ profits across the decline in AI data-center stocks at $6 billion. Separate estimates described CoreWeave as holding roughly $100 billion in orders against a $20 billion funding gap, with one downside case projecting a further 16% decline in its shares.
The contrast between the SOX rally and weakness in heavily financed data-center operators suggests markets are separating chip suppliers from companies bearing the cost of building capacity. Semiconductor manufacturers can benefit from immediate equipment orders, while infrastructure operators face the harder task of financing projects and converting contracted demand into long-term returns.
Fed decision and oil retreat shape the rate outlook
Treasury yields eased ahead of the Federal Reserve’s Oct. 28 policy decision, with the 10-year Treasury yield at 4.986%. The federal funds rate remains in a 3.75% to 4.00% target range, and markets are watching whether the Fed’s statement leaves room for a December increase.
Oil’s retreat reduced some of the immediate inflation pressure confronting policymakers. West Texas Intermediate crude traded at $101.52 after earlier moving above $103. The earlier surge followed a drone attack on Saudi Aramco’s Shaybah field and reports that the United States was sending a third aircraft carrier to the region.
Energy prices matter for crypto-linked and technology shares because higher oil can complicate the inflation outlook, potentially keeping borrowing costs elevated for longer. Higher yields tend to weigh most heavily on companies whose valuations depend on profits expected far in the future, including unprofitable AI infrastructure businesses and growth-oriented technology firms.
Political developments in Brazil added another source of market turbulence. Following an election outcome that returned President Luiz Inácio Lula da Silva for another term, some Brazilian equities fell by as much as 50% and the real weakened. The reaction also affected parts of the “neocloud” trade, the market label often used for AI-focused cloud and data-center providers.
Strategy shifts from bitcoin buys to preferred-share repurchases
Strategy paused a four-week stretch of bitcoin purchases and focused instead on capital actions involving its preferred stock. The company repurchased $204.9 million of STRC preferred shares, following an Oct. 12 disclosure that it had bought 250 BTC while repurchasing $192 million of STRC.
Michael Saylor, Strategy’s executive chairman, expanded the company’s STRC repurchase authorization to $3 billion. The decision places the company’s balance-sheet management under particular attention after it reported an $8.3 billion bitcoin mark-to-market loss in the prior quarter under fair-value accounting rules.
A pause in bitcoin purchases does not necessarily indicate a change in Strategy’s long-term approach, but it shows the company balancing its accumulation strategy against obligations to preferred shareholders and the trading conditions of its own securities. Strategy has become a closely watched proxy for corporate bitcoin exposure, so its financing choices can affect sentiment around listed crypto-equity names even when spot bitcoin itself is unchanged.
Robinhood is also due to report results on Nov. 5 after the market close. Consensus expectations cited in market coverage project earnings per share of $0.56, compared with $0.61 a year earlier.
Stablecoin payments and ETF flows remain uneven
Reported stablecoin transaction volumes rose 45% to $482 billion even as supply growth stalled, according to figures cited in market coverage. Visa, Mastercard, and Stripe have been working on products intended to connect stablecoin settlement with established payment networks. A separate alliance supported by Stripe and Visa was reported to have issued a dollar-linked stablecoin.
The payment initiatives arrive alongside unresolved accounting and legislative questions. The Securities and Exchange Commission and the Financial Accounting Standards Board have continued crypto-related work, while the Clarity Act remains stalled in Congress. A FASB proposal under discussion would treat certain stablecoins as cash equivalents, potentially changing how companies account for eligible dollar-pegged tokens on their balance sheets.
Spot bitcoin exchange-traded funds showed mixed flows. FBTC and IBIT recorded a combined one-day outflow of $263.6 million in one reported session, following an earlier day when BlackRock’s IBIT took in $196 million. Fidelity’s FBTC reportedly logged only one day of positive flows during a full week in that period.
The coming earnings calendar could test whether the equity rally can continue. Microsoft, Alphabet, Amazon, Intel, and Eli Lilly are scheduled to report this week, while Visa is due to release fiscal 2026 fourth-quarter results after the Oct. 27 close. Estimates cited for Visa call for $3.43 in earnings per share, compared with $2.98 in the prior-year quarter.
Want deeper context on stocks vs. crypto as rates shift? Explore our latest macro insights in this guide today.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
