Anthropic is about to go public. Here are the proxies that could benefit
Anthropic’s S-1 filing this week helped revive the artificial intelligence trade, with many stocks that had been struggling suddenly turning higher as investors sought exposure to the frontier large language model provider. This week, semiconductors bounced back, with the iShares Semiconductor ETF (SOXX) gaining 8% as of Wednesday’s trading. Memory stocks surged, with the Roundhill Memory ETF (DRAM) rising 13% week to date. Cybersecurity stocks rallied, with the iShares Cybersecurity & Tech ETF (IHAK) up 3% this week. Wall Street expects that the market can ride that wave of optimism for some time, as traders buzz over the opportunity to get in on the “next big thing” — even when that next big thing is reportedly seeking an IPO valuation of $1.5 trillion to $2 trillion . “Traders have been anticipating this,” Jay Woods, chief market strategist at Freedom Capital Markets, said, adding, “All of these AI fears, and rumors, concerns will be abated for now.” To be sure, IPOs haven’t always worked out for the newly public companies, with many over the last 15 years performing poorly and suffering severe drawdowns in their first year, according to Truist Wealth. SpaceX is one recent example, with the stock closing Tuesday at $148.58 per share, after topping $225 in the days immediately after its June debut; its IPO price was $135. On top of that, the massive IPO could put strain on an already crowded market, potentially derailing the rally, as CNBC’s Jim Cramer warned this week . But investors raring for a piece aren’t waiting around for Anthropic’s IPO, they’re getting in now. Here are the stocks, funds and ETFs that could benefit. Stocks Several Wall Street analysts called Broadcom a big winner of Anthropic’s IPO , as the chipmaker is a major partner. This week, Broadcom said that a special purpose vehicle has been created to finance $63 billion in chips and networking products to be leased to Anthropic. Earlier this month, Anthropic said Broadcom agreed to lend it up to $42 billion to build out AI infrastructure for the company behind Claude. Shares are up 8% for the week. Neocloud companies could benefit from the IPO. Truist Securities said this week that it sees “significant opportunity ahead” given that the rise in safety requirements and agentic adoption will require more training and inferencing compute. Shares of CoreWeave and Nebius Group are up almost 12% and more than 8% this week, respectively. Amazon and Alphabet are two direct proxies for Anthropic, given their independent investments in the AI company. In April, Amazon agreed to invest up to $25 billion in the company. That same month, Google said it plans to invest up to $40 billion in Anthropic , expanding on a longstanding partnership between the two companies. Funds Among the funds that have sizable exposure to Anthropic is the American Funds’ The Growth Fund of America (AGTHX) , a large-cap growth fund with more than $350 billion in assets. As of Aug. 31, the fund’s holdings in Anthropic were valued at about $6.35 billion across common stocks and preferred securities, according to its prospectus . Year to date, the fund has seen a return of more than 8%, according to Morningstar. It has an adjusted expense ratio of 0.59%. ETFs The T. Rowe Price Capital Appreciation Equity ETF (TCAF) , which has roughly $8 billion in assets, is a large-cap blended fund with exposure to Anthropic. In June, it reported that it acquired a stake in the AI company in May that’s valued at $54 million. The ETF has Amazon, Alphabet and Nvidia among its top holdings. It has a 0.31% adjusted expense ratio.
