Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
AKTIEN
This week is shaping up to be a pivotal moment for the entire technology sector. Earnings season is hitting its peak phase and investors only really want the answer to one question: are the massive AI capital expenditures paying off? Markets received a partial answer on Monday, when Anthropic submitted a 400-page S-1 filing to the Securities and Exchange Commission. The document, a necessary step for any company seeking to go public, detailed staggering revenue growth over the last 12 months, from $1.2 billion in the first half of 2025 to $16.3 billion in the first half of this year. The thirteen-fold increase speaks for itself. Buyers are opening their wallets for the artificial intelligence company, which as of the end of June, boasted $112 billion in cash and cash equivalents. While such a massive war chest easily rivals that of Apple or Alphabet, Anthropic has already pledged far greater sums to the likes of Broadcom, SpaceX, Google, and Amazon as uncancellable compute commitments as part of its ruthlessly ambitious expansion plans. Assuming all goes smoothly, the earliest Anthropic could start trading on the Nasdaq stock exchange would be around mid-November. Numbers of shares and their price have yet to be disclosed.
The filing from Anthropic infused the wider tech sphere with some much-needed vigour, pushing the Nasdaq-100 up 2.4% so far this week while lifting the S&P 500 1.3% higher. What is good for AI is good for the companies responsible for manufacturing the required hardware. Chip makers certainly saw it that way, with Advanced Micro Devices (AMD) gaining 5.5% yesterday, Western Digital (WDC) climbing almost 7% and Micron (MU) edging 2.8% higher and pushing further north during extended trading hours. The optimism has spread to the Far East, where the Nikkei 225 is enjoying its second day in the green, while the Korean Kopsi index is busy rising over 6% as investors pile back in.
Future IPOs aside, a number of heavyweights are getting ready to publish their latest quarterly earnings, including Microsoft (MSFT) and Alphabet (GOOG) after market close later today, followed by Amazon (AMZN), Eli Lilly (LLY), Mastercard (MA) and Intel (INTC) on Thursday, before petroleum giants ExxonMobil (XOM) and Chevron (CVX) complete the picture on Friday.
Outside of technology stocks, the wider macro picture is refocusing on the US dollar, which has moved strongly against competing currencies this week, pushing the DXY to the mid-102 range. The euro is once again flirting with multi-year lows, falling to $1.112 this morning and matching rates from May 2025. Any continued movement to the downside would wind the clock back even further. Fiscal fears have taken hold in the common currency area, particularly in France, but the more concrete problem is simply the interest rate differential between the euro and the dollar. The Fed will almost certainly hold rates steady at 4% on the greenback later today, while the ECB is equally likely to maintain a 2.5% deposit rate on the euro on Thursday; the gap is not forecast to narrow any time soon. The Fed’s press conference will throw a bone to market participants trying to decipher the central bank’s next move, but as far as most are concerned, a 25-bps rate hike is all but guaranteed for the next FOMC meeting on the 9th of December. It has not been a great week for the pound sterling either, with cable losing $1.33 earlier today ahead of the incoming chancellor’s new budget. With that said, the Bank of England is expected to raise interest rates on the pound next Thursday, and many analysts are predicting even more rate hikes over the course of the following year, giving markets a reason to hold on to cable for now. The Canadian dollar will also face an interest rate decision later today, as will the Japanese yen on Friday, although neither meeting is expected to result in anything other than a hold.
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