Tech stocks gain on Anthropic IPO optimism, offsetting high oil and yields
QQQ•Tech stocks advanced in Europe and Nasdaq futures edged higher as optimism over Anthropic’s planned IPO outweighed concerns about elevated oil prices and bond yields. The company reportedly could seek a valuation above $2 trillion and plans to spend $518 billion on cloud, computing and infrastructure.
1. Technology shares advance
Europe’s STOXX 600 technology sector rose 2.5% to a six-week high, while Nasdaq futures gained 0.3%. Micron and Advanced Micro Devices shares were up about 1% in premarket trading.
2. Anthropic IPO plans
Anthropic reportedly could be valued at more than $2 trillion in an upcoming public debut and plans to spend $518 billion on cloud, computing and infrastructure. The article said that spending could boost AI infrastructure businesses, including semiconductor companies.
3. Yields and oil remain elevated
The rally came as high bond yields and oil prices weighed on markets. French 10-year yields were near 4.74%, while US 10-year yields hovered near 5.21%; Brent crude slipped 0.9% to $104.30 a barrel.
