Capital

Are you sick of AI yet? The stock market isn’t. And after Anthropic filed confidentially for an IPO over the weekend, it looks like Wall St could soon be home to another AI trillionaire. Anthropic’s last funding round was at a US$965B valuation. So a US$1T target for a company isn’t out of the question – it’s steep but still lower than SpaceX’s ambitious US$1.75T figure.

It’s the first step in a race with its rival OpenAI, which is also rumoured to go public this year. Companies choose to list for many reasons, but there’s a primary goal: raising capital. At this stage of the AI buildout, even listed firms with massive cash reserves are seeking out ways to do that.

Alphabet ($GOOGL) just announced a US$80B raise in new equity – its first stock sale in two decades to fund an ambitious US$190B AI spend this year. About US$10B of that will come from a Berkshire Hathaway ($BRK.B) private investment, making it a larger position than Berkshire staples like Bank of America ($BAC) and Chevron ($CVX). It’s also an interesting signal for AI-wary investors, who often point to Berkshire’s US$380B cash pile to validate caution. Was Berkshire making AI bets on anyone’s 2026 bingo card?

A smaller Berkshire bet was Snowflake ($SNOW) at its 2020 IPO. They made a full exit from their US$1B position two years ago, but they might’ve been better off by waiting it out. $SNOW rallied 58% in the last week after a blockbuster earnings report that showed AI is driving revenue acceleration instead of killing its cloud business.

Investors declared the SaaSpocalypse over, which triggered a wave of capital flows into software stocks. The iShares Expanded Tech Software ETF ($IGV) is now back in the green after a 14% rally over the last week.

For momentum traders, capital rotation follows catalysts. The latest one came in the form of an Nvidia ($NVDA) endorsement. Marvell rallied 28% in Tuesday’s session after Nvidia CEO Jensen Huang called it ‘the next trillion dollar company.’ 

He made those comments at Computex 2026, where he also unveiled Nvidia’s new superchip for PCs that work as AI agents. The pressure is now on high-profile PC chip makers like Apple ($AAPL) and Intel ($INTC) that are still assuming the keyboard and mouse will have a role to play.

When it comes to finding the next driving force of the AI trade, capital flows can be the biggest signal. Follow the money. 

This is not financial advice nor a recommendation to invest in the securities listed. The information presented is for general information purposes only and intended to be of a factual nature only. Past performance is not a reliable indicator of future performance. The value of your investments can go down as well as up and you may receive back less than your original investment. The author of this article and other employees of Stakeshop Pty Ltd may hold positions or have financial interests in the company (or companies) discussed above. As always, do your own research and consider seeking financial, legal and taxation advice before investing.

Samy Sriram

Markets Analyst

Samy is a markets analyst at Stake, with seven years of experience in the world of investing, working across roles in private banking, venture capital and financial media. She has a Master’s degree in Finance and Data Analytics from The University of Sydney Business School.