Scottish Mortgage shares hit crucial price amid SpaceX, Anthropic catalysts

Scottish Mortgage Investment Trust (SMT) share price has rebounded in the past few months, moving from a low of 1,297p in July to 1,500p today. This rebound has coincided with the ongoing recovery of most of its portfolio companies and the upcoming Anthropic IPO.

Top Scottish Mortgage Trust companies are recovering

Scottish Mortgage has bounced back in the past few months as many companies in its portfolio rebounded. SpaceX, the biggest company in its portfolio, rose to $153, its highest point since July and 47% above its lowest level after the IPO. This rally has brought Elon Musk’s net worth to over $938 billion.

SpaceX has rebounded because of improving conditions, with its earnings report showing that all its businesses were doing well. Its AI business is making billions of dollars a month, while its Starlink segment has crossed 12 million active subscribers. Its main challenge is that its capital expenditures are soaring.

READ MORE: SpaceX stock could see massive buying on Nasdaq 100 rebalance: will SPCX rally?

Taiwan Semiconductor, another top company in the fund, jumped to $440 on Tuesday, reaching its highest level since July 9. It has jumped substantially because of the rising demand for semiconductors, a notable thing since it is the biggest fabricator in the world.

Nvidia has also jumped to $225 from a low of $189 as the company has evolved into the “central bank” of the artificial intelligence industry. It has invested in some of the biggest companies in the industry, including OpenAI and Anthropic. 

The other top names in the Scottish Mortgage portfolio like MercadoLibre, Amazon, and TSML have also done well recently.

Scottish Mortgage to benefit from the Anthropic IPO

The other main catalyst for the SMT stock is that it has emerged as a key investor in Anthropic. Scottish Mortgage, which is managed by Bailie Gifford, invested in the company at a valuation of $183 billion. Anthropic accounts for 2.8% of the company. 

The upcoming Anthropic IPO will benefit SMT because of its valuation. Estimates are that it will ask a valuation of $2 trillion, a figure that may go up substantially after that.

Anthropic has become the most advanced provider of AI models and its growth is accelerating. For example, its annualized revenue run rate has jumped to over $65 billion, much higher than that of OpenAI. It has also achieved some profitability metrics.

Separately, Scottish Mortage has a large stake in Stripe, a giant fintech company that may go public in 2027.

Scottish Mortgage stock price technical analysis

Scottish Mortgage chart | Source: TradingView

The daily chart shows that the SMT stock has rebounded in the past few weeks. It has jumped to a crucial resistance level of 1,511p, its highest level on June 17 and September 4 this year.

The stock has remained above the 50-day moving average, while the Relative Strength Index (RSI) has crossed the neutral level of 50. It has also moved to the Ultimate Resistance level of the Murrey Math Lines.

The path of the least resistance for the stock is upward, with the next key target being at 1,562, the extreme overshoot level. This view will be confirmed if it moves above 1,511p.