Midterms, data centres & the Anthropic Pre-IPO move
PepperstoneAnthropic’s pre-IPO price jumped sharply around the US midterm results, and it moved before Nasdaq futures, Nikkei futures, KOSPI and other AI-linked names did. Was it a lead indicator? In this quick market update, Chris Weston (Pepperstone) walks through the logic behind the move. He explains why governors’ races matter more than the House and Senate for data center build-out, why Texas and three other states account for roughly half of the expected build-out, and how a slowdown in new data centers hit infrastructure stocks while the hyperscalers rallied on scarcity and pricing power. He also looks at Anthropic’s S-1 filing and its fixed compute commitments, and what that could mean for margins and new competitors. What’s covered: 🔮 Whether the pre-IPO market led the move in Nasdaq futures 🏛️ Why governors’ races matter for data center legislation 📍 Texas, Georgia, Ohio and Michigan: the four states behind ~50% of expected build-out 📉 Why data center infrastructure stocks sold off 🚀 Why the hyperscalers rallied 📄 Anthropic’s S-1 and fixed compute commitments 👀 What to watch as the roadshow kicks off Let us know how you’re reading the move in the comments, and trade it with Pepperstone. This content is not intended for a UK audience. Please visit our Pepperstone U.K. channel here: https://www.youtube.com/channel/UCk5HwBByE4VRj03__6iHgCA 🤝 Switch to Pepperstone. Sign up for a live trading account: https://bit.ly/Switch2Pepperstone 🐦Follow us on X/Twitter to keep up to date with market news, access expert commentary, analysis and more from our global market analysts: https://twitter.com/PepperstoneFX 👉 Subscribe to Chris Weston's Daily Fix newsletter: https://cloud.go.pepperstone.com/join-daily-fix The material provided here has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Whilst it is not subject to any prohibition on dealing ahead of the dissemination of investment research we will not seek to take any advantage before providing it to our clients. Pepperstone doesn’t represent that the material provided here is accurate, current or complete, and therefore shouldn’t be relied upon as such. The information, whether from a third party or not, isn’t to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy. It does not take into account readers’ financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of Pepperstone, reproduction or redistribution of this information isn’t permitted. #fx #trading #CFDs