Few VC firms are mentioned in Anthropic's S-1, except Spark, which invested ~$800M across six rounds and whose GP Yasmin Razavi is the sole VC on its board (Kate Clark/Wall Street Journal)

The S&P 500 and Nasdaq were poised for their largest single-day jump in over a month on Monday, as tech stocks surged following the initial public offering (IPO) filing of Anthropic. The AI-focused company disclosed substantial losses and robust revenue growth in its filing, highlighting its aim to develop AI systems that could revolutionize the global economy, despite the high costs associated with AI development.

Despite a dwindling number of IPOs due to market volatility, Anthropic proceeded with its listing plans. Robert Pavlik, a senior portfolio manager at Dakota Wealth, remarked that while the IPO environment is challenging, the outcome holds significant importance not only for the company but also for the broader AI industry.

Semiconductor and chip-related companies, seen as major beneficiaries of the AI surge, led the market gains. The Philadelphia chips index experienced a rise of over 3 percent after a tumultuous week. The filing by Anthropic coincides with heightened investor scrutiny of the profitability stemming from AI expenditures. Approximately one-third of S&P 500 companies are set to report earnings this week, including tech giants Alphabet, Microsoft, and Amazon.

The results of these companies will be closely analyzed for evidence of whether AI investments are leading to growth. This focus comes after a lackluster response to AI-related earnings announcements from major players like Meta and Tesla last week. Meta had disappointed investors by raising its annual AI spending forecast and expressing the need to sell new shares to finance the expansion.

Tesla underperformed after reporting weaker-than-expected results. Meta announced on Monday its intention to raise up to $95 billion in equity to fund its AI-driven growth in data centers, cloud computing capabilities, and other infrastructure. Its stock saw a slight increase of 0.2 percent. The AI sector has faced headwinds this month due to worries that debt-financed spending may become less justifiable amid escalating borrowing costs.

However, sentiment improved on Monday with neo-cloud companies such as CoreWeave and Nebius rebounding from initial losses to show gains. Other notable AI-linked firms including photonic product manufacturers Lumentum and Coherent, as well as server producers Dell and Hewlett Packard Enterprise, were among the top-performing stocks.