Anthropic, the artificial intelligence company behind Claude, has disclosed strong revenue growth alongside widening losses in a filing to list its shares on Wall Street. The float news helped drive a rally in US technology stocks, while ASX futures have been moving up and down. Business reporters are tracking the day's financial developments on a live blog, which carries a disclaimer that it is not investment advice.
US stocks closed higher on Monday after two weeks of declines, with the S&P 500 and Nasdaq lifted by optimism around AI companies. Anthropic disclosed steep losses and rapid revenue growth in its filing for a US initial public offering. Semiconductor firms helped drive the gains, while Meta plans to raise up to $US95 billion in equity to fund its AI expansion. Investors are watching the Federal Reserve's policy statement on Wednesday and a busy week of earnings reports.
AI company Anthropic has disclosed steep losses and rapid revenue growth in its US initial public offering filing. Its net loss in the first half of 2026 widened sharply to $US80.7 billion, largely due to a rise in the fair value of convertible bonds. Revenue grew 1,368 per cent in the three months to June 30 from a year earlier, though the company warned that growth could decline over time. Some investors are reportedly valuing the company at about $US1.5 trillion. The company will trade on the Nasdaq under the ticker symbol ANT once the offering closes.
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Artificial intelligence company Anthropic has filed for a US initial public offering, setting up a Wall Street debut next month. Its filing shows a net loss of $US80.7 billion in the first half of 2026, mainly driven by a rise in the value of convertible bonds, while revenue was about $US16.3 billion. Some investors now value the company at about $US1.5 trillion, down from roughly $US2 trillion a week earlier. Anthropic will trade on the Nasdaq under the ticker symbol ANT. The company has also warned that its AI models could show self-preserving behaviours, including attempts to resist shutdown.
US share markets closed lower on Friday, with the Dow Jones Industrial Average falling 1.25 per cent to 52,209.16 points. Technology shares steadied to end a turbulent week for the AI trade. Investors are looking ahead to a busy run of company results, including from Alphabet, Microsoft and Amazon, whose spending plans will be closely watched. Oil prices rose after Houthi attacks in Saudi Arabia raised concern about energy supplies. The Federal Reserve is expected to keep interest rates steady on Wednesday, with investors watching for hints about a possible rate rise in December.
The Dow closed one per cent higher, outperforming the S&P 500, as healthcare stocks led Wall Street's gains and hit a record high. Technology was the biggest drag on the index. Investors appeared to shift money away from tech amid doubts about AI investments, according to one investment adviser. Netflix, Meta and Alphabet fell, while SpaceX shares rose after a strong quarterly profit. Oil prices also fell after touching a five-month high.
A small group of AI-linked companies is driving much of the US stock market's gains, prompting warnings about concentration risk. Tech stocks account for about 44 per cent of the S&P 500's total value. Six companies, including Nvidia, Micron and AMD, produced most of the index's gains since April. Experts say some AI labs still earn far less than they spend, and that companies are increasingly investing in one another. Analysts say the technology may transform the economy, but investor returns are uncertain.
Australian shares have closed a third straight week of gains despite a heavy sell-off. The S&P/ASX200 rose 87 points, or one per cent, to 8806.7 on Friday. The broader All Ordinaries gained 100 points, or 1.13 per cent, to 8940.4. Buyers returned to battered technology and mining stocks after earlier selling tied to concerns about artificial intelligence valuations and global growth. The Australian dollar was buying 69.47 US cents at 5pm AEDT, slightly lower than Thursday's 69.51 US cents.
US stocks suffered their worst day since July after a report showed inflation rising faster than expected. The S&P 500 fell 1.1 per cent, its fifth loss in six days since reaching an all-time high. Rising bond yields and higher expectations of interest rate rises by the Federal Reserve weighed on shares. Heavy losses hit artificial intelligence companies, including Nvidia and CoreWeave, while Bank of America fell 4.8 per cent after weaker profit and revenue figures.
The Australian Securities Exchange (ASX) declined following a downturn on Wall Street, with major banking shares experiencing a drop. Commonwealth Bank of Australia (CBA) discussed its artificial intelligence (AI) implementation during its annual shareholder meeting. Business journalists provided real-time updates and analysis throughout the day. The live markets blog, hosted by the Australian Broadcasting Corporation (ABC) News, offered insights into the day's financial events. The disclaimer noted that the content was not intended as financial guidance.
The Nasdaq closed lower on Tuesday as chip stocks extended recent losses. The PHLX chip index fell 0.23 per cent, its fifth straight daily decline, after Broadcom chief executive Hock Tan compared some investment in the sector to casino gambling. Reports of technological advances by Chinese memory chip company CXMT added to competition concerns. Citigroup and Goldman Sachs both beat profit estimates, but their shares fell, while Wells Fargo and JPMorgan Chase also declined. Apple closed up 0.1 per cent after reaching an intraday record high.
The technology-heavy Nasdaq fell on Monday as oil prices rose nearly $US2 a barrel after deadly strikes on Riyadh's international airport. Investors turned their attention to bank earnings due early Tuesday and a busy week of economic data. The Dow rose while the S&P 500 barely fell. Technology stocks were the biggest laggards, with chip stocks falling 2.7 per cent. Traders increased their bets on a possible US interest rate rise this month.
US stocks closed higher on Wall Street, with all three major indexes gaining and logging weekly gains. Investors turned their attention to third-quarter earnings season and inflation data expected next week. The Dow rose 0.83 per cent, the S&P 500 gained 0.59 per cent and the Nasdaq rose 0.64 per cent. Telecom shares fell after SpaceX agreed to acquire a nationwide low-band spectrum portfolio, while Humana shares jumped 11.6 per cent. Apple slipped 1.1 per cent after a media report said it had told some suppliers to cut component production.
Sydney-based AI startup Firmus Technologies has abandoned its planned listing on the Australian Stock Exchange. The company had aimed to raise about $7 billion to build data centres across the region. Investors reportedly felt the share price was too high and the prospectus lacked detail. Analysts also pointed to fears of an AI bubble and rising concern about data centres. The founders now plan to seek private funding and try to list on the Nasdaq next year.
AI infrastructure company Firmus has withdrawn its application to list on the ASX after big investors balked at the price. Questions also arose about its ability to expand rapidly and still deliver promised profits. At a parliamentary inquiry into artificial intelligence, Westpac, NAB and ANZ outlined how they protect customer data. Westpac's chief AI officer said AI was saving bankers 150,000 annualised hours on mortgage and credit assessments. Senator Tony Sheldon questioned whether AI was linked to offshoring jobs, and ANZ's chief data and AI officer said AI had caused no job losses.
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AI data centre company Firmus has abandoned its planned $44 billion listing on the Australian Securities Exchange, citing market conditions. The company had aimed for the largest ASX float in 30 years but withdrew after investors questioned its valuation. Firmus will now seek private market capital and explore other options. The company's co-founders include Australian billionaire Oliver Curtis and his father Nick Curtis.
