Nasdaq Rally Continues on Anthropic IPO Optimism as Fed Begins Policy Meeting
· Business · CNBC
Global tech stocks and the Nasdaq extended gains for a second day following optimism around AI startup Anthropic's upcoming listing next month. Anthropic's S-1 filing revealed a governance structure that concentrates voting power with its founders over public shareholders, following recent market turbulence caused by heavy artificial intelligence capital expenditure. Meanwhile, the US Federal Reserve began a two-day policy meeting where markets widely expect interest rates to remain unchanged, though traders are pricing in a 90% chance of a rate hike in December. Elsewhere in corporate earnings, HSBC shares fell in London and Hong Kong after third-quarter profit missed expectations despite a steep year-on-year increase. Swiss pharmaceutical company Novartis and Coca-Cola both raised their earnings outlooks despite ongoing headwinds from drug patent expirations and weaker North American demand.
Why it matters
Anthropic's public debut will serve as a key test of investor sentiment toward AI valuations, while potential US Fed rate hikes could tighten global liquidity and increase borrowing costs across emerging markets.
Read the original report — CNBC
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