Anthropic PBC files for IPO as tech stocks slump; Intel falls almost 30%

The week's market moves came with a distinct split in the narrative. On one side, Intel's nearly 30% drop followed its Thursday earnings report, and the company has leaned into CPUs over GPUs — a framing theCUBE Research's Dave Vellante sees as missing the point, since the real contest is over AI platforms rather than chip types. On the other, Alphabet's more than 12% decline followed slower search revenue growth, presumably because chatbots are drawing people away from the browser, and Amazon fell 7% as it continues to dump money into an AI infrastructure buildout.

Anthropic's IPO filing landed against that backdrop. It is a grand debut for one of the biggest AI developers out there, though the company still is not turning a profit. The two events are presented side by side rather than as cause and effect, though both feed the same question about whether AI spending and AI valuations are running ahead of results.

Separately, Intercontinental Exchange's plan to partner with Trade[XYZ] on perpetual futures built on Hyperliquid, subject to regulatory approval, points to a parallel shift in how exchanges themselves are evolving. John Furrier of theCUBE Research described the exchange concept as changing, comparing it to how cloud computing re-leveled the data center and noting that the competition between NYSE and Nasdaq will be worth watching.