Anthropic set a price range of $70 to $78 per share for 825 million Class A shares on the Nasdaq under the ticker ANT, raising as much as $64.4 billion at the top end. Pricing is expected November 18 with trading slated to begin November 19. Seven strategic suppliers agreed to buy $26 billion of non-voting Class N stock at the IPO price: Nvidia and Google at $10 billion each, AMD at $2.5 billion, Microsoft, Broadcom and Micron at $1 billion each, and TSMC Partners at $500 million.
Nvidia's independent directors retained Wachtell, Lipton, Rosen & Katz and former acting SDNY U.S. Attorney Joon Kim to investigate CEO Jensen Huang's admitted affair with a businesswoman linked by reports to Chinese intelligence. Shares fell 5.52% Tuesday to $168.80, down 18% over five sessions and roughly 26% on the month, erasing more than $430 billion in market value. The board says it has no reason to believe national security or company secrets were compromised; the stock was indicated up about 5% in Wednesday's premarket.
Revenue hit $3.66 billion versus $3.55 billion expected, up 168% year over year, with an adjusted loss of 95 cents against a $1.16 consensus loss. Full-year 2026 guidance went up to $13.0 to $13.3 billion and backlog swelled to $132.5 billion. Shares jumped 11% to as much as 17% premarket after a brutal stretch that had the stock down roughly 41% on the month and 65% off May highs.
AMD rose 5.58% Tuesday after an amended Anthropic IPO filing named it a $2.5 billion participant in the $26 billion private placement, counting toward an earlier commitment of up to $5 billion tied to chip deliveries. The move doubled as a rotation trade, with investors shifting out of Nvidia on leadership uncertainty. It was AMD's strongest day in about six months.
Headline CPI rose 0.4% against a 0.3% forecast and core came in at 0.3% versus 0.2% expected, sending the 2-year yield up 17 basis points. CME FedWatch showed roughly 88% odds of a 25 basis point December hike and 11% for 50, while Kalshi priced about 97% odds of a hike of some size. Fed Governor Chris Waller said he leans toward a quarter point but argued a half point deserves consideration if inflation stays hot. The S&P 500 closed down 0.4% and the Nasdaq Composite down 0.7%.
Wells Fargo cut its Nvidia target from $315 to $300 while keeping Overweight, citing uncertainty around Huang and the investigations. Citi's Atif Malik trimmed to $285 with a Buy, BofA pulled Nvidia from its top picks list, and Melius Research's Ben Reitzes earlier cut from $420 to $315 while still telling clients to buy. Consensus still sits well above spot at roughly $340 across 31 analysts, with Nvidia's fiscal third-quarter report due later this month.
Broadcom logged an 8.8% gain Monday, its best session in nearly a year, then added roughly 3.6% to 3.9% to about $332 on strengthening Google custom-silicon demand. The custom accelerator story is attracting capital rotating away from Nvidia, and Broadcom is also putting $1 billion into the Anthropic placement. Goldman Sachs told clients stocks were "clearly in oversold territory," which helped set the tone for the bounce.
The Huang investigation has given fresh life to chip export bills as lawmakers return for the lame-duck session, with scrutiny now on Nvidia's influence over AI chip policy. The GAIN AI Act would require domestic customers be prioritized before certain exports, while the Chip Security Act would mandate location verification on controlled AI chips. The Bureau of Industry and Security's Affiliate Rule suspension also runs through today, November 10 to 11, under the extended Kuala Lumpur arrangement with Beijing.
Nebius Group surged about 11.9% to roughly $150 in Wednesday premarket trading, riding CoreWeave's results and the Nvidia rebound. Neoclouds had been the epicenter of recent worries about AI capex financing and debt loads, so a clean beat from the group's bellwether removed an immediate overhang. Nasdaq 100 futures were up about 2% alongside the move.
Michael Burry said Nvidia could become a compelling near-term trade after the selloff but stopped short of endorsing it long term, stating he believes the company's competitive advantage will shrink over the next five years. He continues to press a depreciation thesis, arguing hyperscalers are stretching GPU useful life beyond a realistic two-to-three-year replacement cycle, and has compared the buildout to the 1960s computer leasing bubble. He reportedly sold about a quarter of his chip ETF puts into the drawdown and kept the rest.
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