The equity market for AI and semiconductor-related stocks is showing a decline in the risk of a temporary correction, but caution over further gains persists. Market focus is on developments related to Anthropic's IPO, expectations of delays in data center development, and the timing of NVIDIA's results announcement.
AI and semiconductor-related stocks declined through the 5th under strong selling pressure, but as this movement runs its course, the view is spreading that the near-term correction risk is limited. While selling to raise cash associated with Anthropic's IPO preparations is also seen as having progressed, momentum for further gains is expected to remain weak.
Approximately one-quarter of U.S. data center capacity is reportedly concentrated in Texas. Following the victory in the state's gubernatorial election of a candidate who pledged to halt data center development, some market participants believe delays to AI development are now almost certain. This also raises concerns that Anthropic's IPO could be postponed or scaled back, which is viewed as a negative factor.
NVIDIA's results announcement, scheduled for 17 November, is attracting attention as a potential catalyst for renewed interest in AI-related stocks. Some also believe that supply-demand volatility may persist due to the impact of hedge funds' fiscal year-end months.
Meanwhile, the view is spreading that expectations for higher long-term interest rates will recede following the Democrats' capture of both chambers of Congress, prompting a view that a shift of funds into non-AI stocks could offer an opportunity. The data is drawing attention to real estate stocks, housing stocks, alternative energy and EV-related stocks, among others.