Nov. 11th Market Overview: Investors Are Lining Up For Anthropic

Happy Wednesday

Stocks had a good day, and the company most responsible is the one investors have worried about most. CoreWeave rents out AI computing power and borrowed heavily to do it, and it's on pace for its biggest gain ever after an earnings report. I liked that the good news came from customers, who want more computing power than it can supply and are paying more for it. Fed is still about to raise rates, and one good report doesn't change that, but I'll take the good day.

Quick question: what's the interest rate on your mortgage right now, if you have one ofc?
(Just shoot me a reply)

Let's dig in...

Today's Big Picture

1. CoreWeave Is Charging More For Its Older Chips

CoreWeave $CRWV rents out AI chips, and it says demand is 10 times the computing power it has left to sell through 2027. It raised rental prices twice last quarter, and rates on its older chips rose 30 to 50 percent from the quarter before. A big worry about AI spending has been that these chips lose their value fast, and rising rents on old ones cut against it. Memory chip makers and data center power stocks rose with CoreWeave.

2. Rate Hike Bets Lifted The Dollar To A 19-Month High

The bond market was closed for Veterans Day, so bets on higher rates showed up in the dollar, which hit a 19-month high. Gold slipped under $4,000. Mortgage News Daily put the average 30-year rate at 7.30 percent on Tuesday, its biggest one-day increase in more than a month. Traders put the odds of a December hike near 90 percent, so I don't expect borrowing costs to ease soon.

3. Everyday Investors Are Lining Up For Anthropic

Anthropic plans to go public next week at up to $1.4 trillion, and Bloomberg reports orders are several times the shares on offer. Vanda Research estimates everyday investors could put a record $250 million into the stock on its first day. That's more than double the $118 million SpaceX $SPCX drew in June. It's worth remembering that SpaceX still trades below its first-day opening price, and Cerebras $CBRS is at about half its IPO price.

Market Overview

Index Performance (Nasdaq vs CRWV today)

Stock Spotlight

Bloom Energy $BE ( ▲ 13.89% )  
led power stocks higher as worries about funding the data center buildout eased. Bloom makes fuel cells for data centers, and in late October it raised its 2026 revenue forecast for the third time this year, though it burned cash in the quarter.

Sandisk $SNDK ( ▲ 14.66% )  
was one of the day's biggest gainers among chip stocks. It makes memory, which AI servers use a lot of, so it trades on data center demand.

D-Wave Quantum $QBTS ( ▲ 0.29% )  
rose and Rigetti Computing $RGTI fell after both quantum computing companies missed profit estimates. D-Wave's new orders rose 611 percent from a year ago, while Rigetti's $1.4 million of revenue was less than half what analysts expected.

Siemens Energy $SMERY ( ▲ 7.55% )  
reported its highest quarterly revenue ever at 12.83 billion euros. It makes the gas turbines that power data centers, and CEO Christian Bruch said he has "no doubt" more will get built in the U.S., even after last week's midterms.

Big Name Updates

Nvidia $NVDA ( ▲ 3.39% )  
rose for the first time since Jensen Huang admitted his affair on Sunday, though by less than the chip index. CoreWeave CEO Michael Intrator, whose company is 12.8 percent owned by Nvidia, said Nvidia "is not one person."

Apple $AAPL ( ▲ 1.85% )  
is on pace for its second record close this week and its fourth in November. At about $5.1 trillion, it's the largest company in the U.S.

Meta Platforms $META ( ▼ 0.99% )  
slipped after the Wall Street Journal reported United Airlines $UAL plans to block personal AI assistants from booking tickets on its systems. Meta's Muse is one of those assistants, and ByteDance is preparing a rival called Spell.

Taiwan Semiconductor $TSM ( ▲ 4.45% )  
approved investments of up to $500 million each in Anthropic and OpenAI, with the Anthropic shares bought at the IPO price. OpenAI told investors it had a $10.9 billion operating loss on $10 billion of revenue last quarter, against Anthropic's $567 million on $17 billion.

Other Notable Company News

Costco $COST ( ▲ 1.8% )  
declared a special dividend of $30 a share and will buy back $4 billion of stock.

Alibaba $BABA ( ▼ 1.04% )  
got the Hong Kong exchange's approval to list its chip unit, T-Head, which Nomura estimates could be worth $85 billion.

Airbnb $ABNB ( ▼ 2.76% )  
is building its own AI travel agent that will eventually book trips both on and off its platform.

SpaceX $SPCX ( ▼ 1.2% )  
wants to buy 546 wireless licenses covering the whole country, and the Federal Communications Commission accepted its application for review.

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Sector Watch

Bond Market

Bonds were closed for Veterans Day and reopen Thursday with the 10-year yield just under 5 percent. I'd check first whether it climbs back above that line, since stocks fell on Tuesday when it did.

Policy Watch

Fed

October was the third hot inflation month in a row, and Chicago Fed President Austan Goolsbee called the report "borderline disturbing."

• Governor Christopher Waller said before the report that a hot enough reading could justify considering a half-point hike. UBS thinks support for one inside the Fed is limited.

• Goldman Sachs expects the next two inflation reports to come in softer, then a pickup in January as companies raise prices for the new year. It doesn't see rate cuts starting until December 2027.

Trade

Tariffs are still working their way into prices. A New York Fed study from October found that nearly 90 percent of tariff costs landed on U.S. importers. About a quarter of the increases eventually reach consumer prices, and the researchers expect more of that in 2027.

• The U.S. and Canada are negotiating again after talks collapsed in August, with a focus on steel and auto tariffs.

• Democrats plan to challenge the tariffs when they take control of Congress in January.

International

The administration says the fighting with Iran is winding down, but oil traders paid more attention to new strikes in the region. Brent crude rose after two days of declines and closed at $92.76 a barrel.

• Secretary of State Marco Rubio said economic pressure on Iran worked well enough that there's "really no need for major combat operations any longer."
  

• CNBC reported that Treasury Secretary Scott Bessent was moved to a military base because of "growing threats" from Iran.

What to Watch

*AI is becoming physical

Robotics and automation are rapidly becoming essential infrastructure across healthcare, manufacturing, logistics, and many other industries. "Physical AI" is coming. Learn which seven companies are most positioned to benefit as intelligent robots enter the workforce.

Nebius Reports Thursday Morning

Nebius $NBIS rents out AI computing power, the same business as CoreWeave, and it reports before the bell. I'd look for the two things CoreWeave showed, which were customers paying in advance and rental prices going up. If both are there, today's rally has a second company behind it.

Applied Materials And Cisco Report Thursday

Applied Materials $AMAT makes the machines chip factories run on, so its orders show how much chipmakers plan to build. Cisco $CSCO sells the networking gear that connects data centers, and Cerebras reports the same day. Chip stocks rallied today on one company's results, so I'd treat these as the wider check.

Thursday's Housing And Jobs Numbers

Existing home sales and weekly jobless claims come out Thursday. Home sales will show how buyers were doing before this week's rise in mortgage rates. Jobless claims are the quickest read on whether the job market is holding up while the Fed raises rates.

Thanks for reading - you are now the more informed 🙂

- John

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