Post-Huang Nvidia results, Anthropic IPO to test AI trade

Two events next week will test the artificial intelligence trade that has carried Wall Street. Nvidia reports quarterly results on Tuesday, Nov. 17, just days after its co-founder Jensen Huang resigned. Anthropic's initial public offering follows two days later, and investors expect it to show how much appetite remains for AI stocks.reuters.com

Nvidia's board said on Nov. 12 that Huang had resigned as president, chief executive and director, effective immediately. Chief Financial Officer Colette Kress will serve as interim CEO while the board searches for a permanent successor. The company said it would still release third-quarter fiscal 2027 results on Nov. 17 at about 1:20 p.m. Pacific time. Reuters reported that Huang left after revelations about two extramarital affairs, one of them involving a suspected Chinese spy.investor.nvidia.com+1

Pressure on Nvidia

Nvidia's market value fell from about $5.8 trillion in early October to roughly $4 trillion as of Thursday, according to LSEG data cited by Reuters. Analysts expect earnings growth of 90% on revenue of $109 billion for the quarter. The company had guided to revenue of $108 billion, plus or minus 2%. Even so, the S&P 500 ↘ 0.33% was on track for a weekly gain and was up nearly 11% for 2026.247wallst.com+1

A trillion-dollar debut

Anthropic plans to sell 825 million shares at $70 to $78 each. That would raise up to $64.4 billion and value the company at as much as $1.4 trillion. The Claude maker said it will price the offering on Wednesday, Nov. 18, and begin trading under the ticker "ANT" on Thursday, Nov. 19. The listing will be on Nasdaq ↘ 0.94%. Nvidia has also agreed to put $10 billion into Anthropic shares alongside the IPO, which has raised questions about how closely the two companies' finances are tied.politico.com+2

"The Anthropic IPO is by far the most important thing that is going to happen for the remainder of the year for the markets," Willy Lee of Neostellar Capital told Politico. Unlimited Funds CEO Bob Elliott warned it "may mark the final pump of the AI mania".politico.com

A nervous backdrop

The AI trade has wobbled in recent weeks. Investors have questioned whether the heavy spending on AI can last, and Democrats' midterm wins raised the prospect of tighter rules on data centers. Hotter-than-expected October inflation has also led traders to expect more Federal Reserve rate hikes.reuters.com

"If you have Anthropic come out and then the IPO does poorly, I think that is probably another cautionary sign that investors are getting a little bit more stressed with the AI trade," said Patrick Ryan of Madison Investments.reuters.com