#每周来晒 #美股财报季 Positive news for the AI industry sparks a broad early-morning rally!
On the morning of November 4, the three major U.S. stock indexes closed mixed, with the Nasdaq up 0.83%, the S&P 500 up 0.36%, and the Dow down 0.38%. Chip stocks rose, with the Philadelphia Semiconductor Index up 2.63%.
AI hard-tech stocks rallied across the board. At the close, CoreWeave rose over 7%, Oracle over 5%, SanDisk over 4%, and SpaceX 3.62%. Advanced Micro Devices (AMD) and Broadcom rose over 3%, while NVIDIA, Micron Technology, SK hynix, Western Digital, Seagate Technology, ARM and others rose over 2%. Optical communications stocks also strengthened, with Credo Technology up nearly 8%, AXT Inc up over 6%, Coherent up nearly 4%, and Corning up over 2%.
In after-hours trading, the aforementioned AI hard-tech stocks continued to rise. As of writing, Advanced Micro Devices was up over 7%, ARM and Coherent were up over 3%, and NVIDIA, Intel, SK hynix, Micron Technology, Broadcom, Seagate Technology, Corning and others were up over 1%.
Market analysts noted that strong third-quarter growth at AI giant Anthropic helped revive trading in the AI sector. Advanced Micro Devices' third-quarter results and fourth-quarter revenue outlook, released after the market close, both exceeded Wall Street expectations, showing that AI spending is sustained and potentially helping ease investor jitters.
Recent filings Anthropic submitted to the U.S. Securities and Exchange Commission showed that its revenue in the third quarter (ended September 30) reached $16.96 billion, up 1200% year over year and 46.71% from the previous quarter ($11.56 billion). In the third quarter, the company sharply narrowed its net loss to $23.29 billion, compared with a net loss of $66.3 billion in the second quarter.
The filings gave investors a fresh look at Anthropic's financial position. Anthropic filed for an IPO last week, setting the stage for what could become the largest IPO in history. Meanwhile, investors are scrutinizing the massive sums flowing into AI infrastructure. Anthropic's listing is seen as a key test of investor appetite for AI companies.
To date, Anthropic has approximately $895.4 billion in spending commitments, involving compute deals with partners such as Amazon and Google, which is owned by Alphabet. This is one of the largest AI infrastructure commitments on record.
The filings showed that Goldman Sachs Group and Morgan Stanley are leading Anthropic's IPO, with 20 other banks participating. The stock is expected to trade on the Nasdaq Global Select Market under the ticker ANT.
Amid market concerns about an AI bubble, Wall Street heavyweights are not pessimistic. On November 3, Morgan Stanley CEO Ted Pick said capital spending in artificial intelligence could reach $10 trillion to $15 trillion over the next decade, cementing the technology's position as one of the most significant economic transformations since the advent of the internet. Pick estimated that leading hyperscale technology companies could invest $800 billion to $1 trillion annually over the next 7 to 12 years.
Although Wall Street has questioned the short-term profitability of massive cloud investments, Pick believes these deployments are still in their early stages. He said: “We are probably in the second inning of a nine-inning game. $10 trillion to $15 trillion—that is a very wide range, but it is not unreasonable to consider investing that much to build this product, which will drive the product forward.”
Pick also compared the expected spending with stock valuations, noting that while the eventual total cost of $10 trillion to $15 trillion is substantial, it is not unreasonable in the context of the S&P 500's market capitalization of approximately $70 trillion. He added that $2 trillion to $3 trillion has already been committed or begun being deployed.
Pick believes that in the long term, the returns on this investment will be durable; he estimates that productivity gains could boost U.S. real GDP growth by 50 to 70 basis points per year.
Goldman Sachs Chairman and CEO David Solomon added that compute demand currently exceeds supply, but also emphasized that long-term value could shift to the application layer.
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