Evening digest: Anthropic to target $2T valuation in IPO, Gold slips

Anthropic is reportedly targeting a valuation of at least $2 trillion in a potential October IPO, while Chinese memory-chip maker CXMT has overtaken Tencent to become the country's most valuable listed company.

Gold prices retreated from two-month highs as investors booked profits after fresh US inflation data, and oil pared steep losses after reports of a drone attack on a Saudi Aramco refinery renewed supply concerns.

Anthropic targets $2 trillion IPO

Anthropic investors are reportedly expecting the artificial intelligence startup to seek a valuation of $2 trillion or more in a potential October stock market debut, according to a Financial Times report.

Such a listing would surpass SpaceX's recent IPO valuation and become the largest initial public offering ever if it proceeds at that level.

The optimism is largely driven by Anthropic's rapid revenue growth.

Investors expect the Claude developer's annualised revenue run rate to reach between $100 billion and $120 billion by the end of 2026, more than doubling from the $47 billion annualised figure the company reported in May.

Some investors believe Anthropic's growth trajectory could justify an even higher valuation.

However, the company has not publicly disclosed a valuation target, and several existing backers told the Financial Times that senior executives have yet to settle on one.

CXMT overtakes Tencent as China's most valuable company

Chinese memory-chip manufacturer CXMT has overtaken Tencent as the world's most valuable Chinese company, highlighting continued investor enthusiasm for AI-related semiconductor businesses.

The Shanghai-listed company ended Thursday with a market capitalisation of about $524 billion despite slipping 1.2% during the session.

Tencent's valuation fell to roughly $510 billion as concerns over rising AI spending weighed on the internet giant's shares.

The milestone reflects a broader market preference for companies exposed to artificial intelligence infrastructure rather than traditional internet platforms.

Since its market debut last month, the stock has surged following an initial 467% rally and recently gained further support after MSCI announced it would add the company to the MSCI China All Shares Index.

Tencent, meanwhile, has lost more than 26% this year as investors assess the impact of sharply higher AI investment spending on the company's profitability.

Gold slips after inflation-driven rally

Gold prices fell nearly 1% on Thursday as investors locked in gains after bullion climbed to a two-month high earlier in the day.

Spot gold declined to around $4,352 per ounce after briefly touching $4,449, its highest level since early June. US gold futures also moved 1.1% lower.

The retreat came after US producer price data showed wholesale prices were unchanged in July, following consumer inflation data released a day earlier that showed headline inflation slowed to 3.4% year over year.

The latest inflation readings reduced expectations that the Federal Reserve would raise interest rates at its September meeting. Markets lowered the implied probability of a rate increase to around 34% following the data.

Profit-taking also contributed to the decline after gold rallied roughly 9% over the past week, supported by Chinese demand and retail buying.

Other precious metals also weakened, with silver, platinum and palladium all posting losses during the session.

Oil pares losses as supply concerns return

Oil prices recovered from earlier declines after reports that Yemen's Houthi movement had targeted a Saudi Aramco refinery in Jazan with drones, renewing concerns about potential supply disruptions.

Brent crude, which had fallen more than 3% earlier in the session, pared losses to trade down less than 2% at around $87 a barrel. US West Texas Intermediate crude also down 2%.

Earlier selling had been driven by weaker global demand forecasts and a sharp increase in US crude inventories.

The US Energy Information Administration reported the largest weekly build in commercial crude stocks since January 2023, while OPEC lowered its 2026 global oil demand growth forecast and the International Energy Agency projected a larger contraction in oil consumption this year.

At the same time, geopolitical tensions continued to underpin prices.

The United States and Iran issued competing claims over control of the Strait of Hormuz, while shipping data showed vessel traffic through the strategic waterway remained well below pre-war levels.

The market also monitored a sharp decline in Russian seaborne oil product exports following Ukrainian drone attacks on key refineries, adding to concerns over global fuel supplies.