US stocks today: US stocks open higher as Anthropic's IPO filing sharpens AI focus

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The Dow Jones Industrial Average rose 0.45%, the S&P 500 gained 0.57% and the Nasdaq Composite advanced 0.46% in early trading.

Anthropic filing puts AI spending back in focus

Anthropic disclosed steep losses alongside rapid revenue growth in its IPO filing, highlighting both the scale of demand for AI and the heavy costs involved in developing the technology, according to Reuters.

The filing comes as investors are becoming more selective about AI spending. About a third of S&P 500 companies are scheduled to report earnings this week, including Alphabet, Microsoft and Amazon. Their results are expected to provide clues on whether large investments in AI are translating into stronger growth, Reuters reported.

"It's a challenging environment, to say the least exactly when this IPO will take place, but there's a lot riding on not only the company, but the AI industry," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield.

The concerns have already weighed on some AI linked companies. Neocloud firms CoreWeave and Nebius fell after Elon Musk said markets have "almost entirely shut off access to money" for companies without substantial revenue independent of AI data centers, and predicted consolidation in the sector, Reuters reported.

Tesla jumps while Fed decision looms

Chip stocks, among the biggest beneficiaries of the AI boom, were among the strongest performers, with the Philadelphia semiconductor index rising about 1%, Reuters reported.

Tesla gained 5.9% to a more than three month high after Barclays upgraded the stock to "overweight" from "equal weight".

Investors are also positioning for the Fed's policy decision on Wednesday, with a pause widely expected following its September rate hike. Attention will then turn to September's Personal Consumption Expenditures inflation data and third quarter GDP, both due Thursday, according to Reuters.

Crude oil prices eased after reaching a near six month high last week, while investors continued to monitor efforts to de escalate regional tensions.