Wall St rises as Anthropic's IPO filing sharpens focus on AI trade

Wall Street experienced a modest rise on Monday as investors analyzed Anthropic's initial public offering (IPO) filing, which highlighted the company's ambitions in AI technology and its steep losses alongside robust revenue growth. The tech-heavy shares led the market gains, with the broader Philadelphia Semiconductor index up around 1 per cent following a volatile week.

Investors are closely monitoring AI-related corporate earnings, as roughly a third of S&P 500 companies are set to report results this week, including tech giants Alphabet, Microsoft, and Amazon. The AI sector has faced uncertainty due to concerns over the long-term sustainability of AI spending as borrowing costs rise. Anthropic, despite its challenging market environment, is proceeding with its listing despite a thinning IPO calendar.

Meanwhile, the Federal Reserve's interest rate decision is scheduled for Wednesday, with expectations of a pause following September's increase, though a December hike remains plausible.