AI-related Indian stocks surge as Anthropic IPO and CoreWeave earnings boost sentiment

Indian AI-related equities climbed up to 9% on Monday, with Netweb Technologies up 7% at Rs 4,108.6 and E2E Networks gaining 5%. Other notable gains included Black Box (9%), Anant Raj (4%) and Mtar Tech (3%).

The rally was sparked by the announcement of Anthropic’s initial public offering, which could value the Claude chatbot creator at as much as $1.4 trillion. The company plans to sell 825 million shares at $70-$78 each, aiming to raise up to $64.4 billion, with trading set to begin on the Nasdaq on November 19 under the ticker “ANT.”

CoreWeave Inc., an AI infrastructure provider backed by Nvidia, reported third-quarter revenue that exceeded expectations and said it expects to become profitable in the first half of 2028. The strong earnings helped Nasdaq-100 futures rise 1.3%, offsetting earlier losses in the index.

Across Asia, the MSCI Asia Pacific Index gained more than 1%, led by technology stocks. South Korea’s Kospi advanced 1%, while Japan’s Nikkei 225 and Topix each rose close to 1%. In Taiwan, Taiwan Semiconductor Manufacturing Co. jumped 3% after its board approved up to $1 billion in investments in Anthropic and OpenAI, including $500 million for each company’s IPO.

The broader market remains cautious about potential Federal Reserve rate hikes and recent political developments in the United States that could affect AI regulation and data-center construction. Shares of Nvidia steadied after two days of sharp declines, and SoftBank Group fell more than 3% following a $7 billion net loss tied to AI equipment procurement.

"All available shares were covered with orders from prospective investors when the deal launched," according to sources familiar with Anthropic’s IPO.

"CoreWeave expects to be profitable in the first half of 2028 after a surge in third-quarter revenue," the company said in its earnings release.