U.S. stock markets opened higher on Tuesday as the market regained optimism about the IPO plans of Anthropic, driving tech stocks stronger and partially offsetting the pressure from still-high U.S. Treasury yields.

At the opening, the S&P 500 index rose by 0.21% to 7,699.6 points; the Nasdaq index rose by 0.31% to 26,904.6 points. However, the Dow Jones Industrial Average weakened, falling by 0.13% to 51,416.96 points.

The main catalytic factor is the market's renewed optimism regarding Anthropic. The upcoming listing of this company could result in the developer of Claude being valued at over $2 trillion. Its IPO prospectus also outlines future commitments of approximately $518 billion for cloud and infrastructure, further reinforcing the market's expectation that the boom in capital expenditure on artificial intelligence will continue.

Anthropic IPO Boosts AI and Semiconductor Stocks

This prospectus has helped the market reignite the trading logic that had previously lost some momentum: buying into companies that benefit from the AI infrastructure.

European tech stocks also saw a significant rise in the morning session, with the STOXX 600 Tech Index rising by about 2.5%; US semiconductor stocks also benefited from market expectations of continued investment in computing power, networks, and data centers.

The potential debut on the public market has become one of the most closely watched tech stories of this year. The company may seek a valuation of nearly $2 trillion and there are rumors that it could raise up to $100 billion in funding, which would put it in line to become one of the largest IPO in history. There have also been reports previously that NVIDIA might invest as much as $10 billion as a cornerstone investor.

It is reported that Anthropic has also postponed its listing schedule to November, which will give the company more time to present stronger financial data before going public. The anticipated IPO in November is becoming an important test to see how high a valuation investors are still willing to pay for the growth of AI.

High yields still limit the upward trend

The optimistic trend in tech stocks is occurring against an unfavorable macroeconomic backdrop.

The yield on 10-year U.S. Treasury bonds remains around 5.21%, keeping borrowing costs high across the economy and increasing the discount rate applicable to growth stocks with longer durations.

This is particularly important for AI companies, as their valuation relies heavily on profit forecasts for many years to come.

Meanwhile, the broader AI expenditure cycle remains strong. Capital expenditures related to artificial intelligence have become an increasingly important factor in U.S. growth, despite the rising debt costs beginning to put pressure on companies financing new data centers and infrastructure.

The tug-of-war between growth and high financing costs has begun to emerge in the credit market. Companies such as Oracle and Meta are facing higher debt costs as they heavily borrow to finance their expansion among the large-scale cloud service providers.