Anthropic, the artificial intelligence startup behind the Claude chatbot, is reportedly considering a valuation of at least $2 trillion for a potential initial public offering in October, according to a Financial Times report. If realized, the listing would surpass SpaceX's recent IPO valuation and mark the largest public debut ever. The optimism stems from Anthropic's rapid revenue growth, with investors expecting annualized revenue to reach between $100 billion and $120 billion by the end of 2026, more than double the $47 billion reported in May. Some backers believe the trajectory could justify an even higher figure, though the company has not publicly confirmed a target, and executives have yet to settle on a final number.
In China, memory-chip maker CXMT has overtaken Tencent to become the country's most valuable listed company, underscoring investor enthusiasm for AI-related semiconductor businesses. The Shanghai-listed firm ended Thursday with a market capitalization of about $524 billion, despite a 1.2% dip during the session. Tencent's valuation fell to roughly $510 billion as concerns over rising AI spending weighed on its shares. Since its debut last month, CXMT has surged after an initial 467% rally, with further gains following MSCI's decision to add it to the MSCI China All Shares Index. Tencent, meanwhile, has lost more than 26% this year as investors assess the impact of heavy AI investment on profitability.
Gold prices slipped nearly 1% on Thursday, retreating from a two-month high reached earlier in the day. Spot gold fell to around $4,352 per ounce after touching $4,449, its highest level since early June. US gold futures also moved 1.1% lower. The pullback came after US producer price data showed wholesale prices were unchanged in July, following consumer inflation data that showed headline inflation slowed to 3.4% year over year. These readings reduced expectations of a Federal Reserve rate hike in September, with markets lowering the implied probability to around 34%. Profit-taking also contributed, as gold had rallied roughly 9% over the past week on Chinese demand and retail buying. Other precious metals, including silver, platinum, and palladium, also posted losses.
Oil prices fell 2% even as reports emerged of a drone attack on a Saudi Aramco refinery in Jazan by Yemen's Houthi movement, renewing supply concerns. Brent crude traded around $87 a barrel, while US West Texas Intermediate also declined 2%. Earlier selling was driven by weaker global demand forecasts and a sharp increase in US crude inventories. The US Energy Information Administration reported the largest weekly build in commercial crude stocks since January 2023, while OPEC lowered its 2026 global oil demand growth forecast and the International Energy Agency projected a larger contraction in oil consumption this year. Geopolitical tensions, however, continued to underpin prices, with the US and Iran issuing competing claims over control of the Strait of Hormuz, and shipping data showing vessel traffic through the waterway remained well below pre-war levels. The market also monitored a sharp decline in Russian seaborne oil product exports following Ukrainian drone attacks on key refineries.
Investors are also watching other AI-related developments, including SanDisk's 15% jump on AI-driven growth targets and the risks associated with Anthropic's ambitious IPO valuation. Meanwhile, bitcoin slipped toward $63.7K despite cooling US inflation data, and gold's surge to a two-month peak has shifted rate bets, with some analysts eyeing a $5,000 target.
This article is for informational purposes only and does not constitute financial advice.
