US stocks (Dow Jones, S&P 500, Nasdaq) rise as Anthropic IPO filing lifts AI chipmakers falls

US stocks rose on October 26, 2026, as chipmakers gained after Anthropic filed paperwork to go public. The news renewed investor interest in artificial intelligence (AI) companies after major technology-focused stock indexes fell for two weeks in a row.

The Dow Jones Industrial Average rose 212 points, or 0.4%. The S&P 500 and Nasdaq Composite each gained 0.3%.

• The Dow Jones Industrial Average rose 212 points, while the S&P 500 and Nasdaq Composite each gained 0.3%. Anthropic's IPO filing helped support chip stocks.
• Nvidia, Micron, Broadcom and AMD shares rose. Oil prices fell, while companies that provide cloud computing services for AI faced fresh concerns about spending on AI infrastructure.
• Investors put the chance of the Federal Reserve keeping interest rates at 3.75%-4% at 90%. Apollo also raised questions about whether AI is bringing financial benefits to businesses outside the technology sector.

Chipmakers led gains among AI-related stocks after Anthropic, the company behind the Claude chatbot, filed a registration statement for a planned public offering.

Anthropic reported revenue of $16.29 billion for the six months ending in June 2026. This was 1,304% higher than the $1.16 billion it reported for the same period a year earlier. The company plans to list on the Nasdaq under the ticker symbol ANT.

Investors are watching the planned share sale for signs of whether demand for AI-related stocks can recover after recent selling across technology stocks.

Nvidia and semiconductor stocks gain following Anthropic IPO filing

Nvidia shares rose 1.4%, while memory chipmaker Micron Technology gained 2.3%.

Broadcom shares rose 1.5%, and Advanced Micro Devices gained 1.3%. These gains showed renewed interest in companies that supply technology used to build and run AI systems.

Anthropic's filing offered a new sign that businesses want AI software. However, investors are still questioning how much money companies must invest to support growth in this sector.

The gains came after a difficult week for Wall Street, when rising oil prices and falling shares across several industries put pressure on major stock indexes.

Both the S&P 500 and Nasdaq Composite fell for the second week in a row.

Technology stocks also faced pressure because investors were concerned about how companies expanding their AI computing capacity were financing that growth.

Neocloud stocks fall as concerns grow over AI infrastructure debt

Shares in specialized AI cloud computing companies continued to fall, even as major chipmakers gained. CoreWeave shares dropped 1.7%, while Nebius Group shares fell 3.7%.

Neocloud companies build and run computing systems designed specifically for AI tasks. They rent computing power to businesses that develop or use AI applications.

The sector came under pressure the previous week as investors questioned whether some companies were taking on too much debt to pay for expansion.

Concerns grew on Monday after Elon Musk warned that more than 200 businesses in the sector faced what he called “guppy-level death”.

His comments added to investor concerns about the risks of borrowing money and whether rapid spending on AI infrastructure can continue over time.

The difference between rising chip stocks and falling neocloud shares showed that investors view AI hardware suppliers differently from companies that borrow money to build large computing facilities.

Federal Reserve interest rate decision approaches

Investors are also getting ready for the Federal Reserve to announce its monetary policy decision on Wednesday.

Prices in the federal funds futures market suggested there was about a 90% chance that policymakers would leave interest rates unchanged, within the current target range of 3.75%-4%.

The decision comes as financial markets weigh the outlook for borrowing costs against high oil prices and uncertainty about how much companies will invest in AI.

Interest rate expectations matter to technology and infrastructure companies that need large amounts of money to fund their businesses, because rates affect investment decisions and borrowing costs.

Apollo economist questions AI returns outside technology sector

Despite renewed excitement about Anthropic's planned IPO, Torsten Slok, chief economist at Apollo, questioned whether large corporate investments in AI have produced measurable financial benefits outside the technology industry.

Slok said AI investment had brought “zero financial payoff” to corporate America outside technology companies.

He pointed to a difference between the seven largest technology companies, known as the Magnificent Seven, and the other companies in the S&P 500.

According to Slok, revenue per employee and profit margins have been rising at the Magnificent Seven companies. However, both measures have stayed mostly unchanged across the rest of the index.

He also said the available data showed no evidence that using AI was making productivity grow faster.

Slok argued that businesses outside the technology industry were starting to rethink how much they spend on AI. More of them were treating spending on AI tokens, which are units used to process AI requests, as a regular business cost that puts pressure on profit margins.

He said the main question is whether lower costs for using AI will eventually help companies outside the technology industry increase revenue and improve profits.

“The bottom line is that the AI story will be decided in the S&P 493, not the Mag 7, and so far, there is no evidence that revenue growth or margins are improving outside the tech sector,” Slok said.

His view offers a different perspective from the excitement about Anthropic's rising revenue and the gains made by semiconductor companies.

For investors, the key difference is between the growing revenue of companies that provide AI technology and the measurable financial benefits received by businesses that pay to use those services.

Monday's market movements showed this divide. Leading chipmakers gained after Anthropic filed its IPO paperwork, while AI infrastructure providers continued to face questions about borrowing and spending on equipment and facilities.