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It's official: Anthropic lists on Nasdaq in November as, valued at $1.5T-$2T. Once it goes live, it's going to pull a big chunk of the hot money out of today's market🩸
The giants saw this coming, though, and plenty of them tied themselves to Anthropic early 👇👇
• Amazon: largest outside investor, up to $33B committed, ~15-20% stake, 10-year $100B+ AWS deal
• Google (Alphabet): ~14% stake (contractually capped at 15%), with Anthropic committed to spend at least $111.1B on Google infra over 7-10 years
• Microsoft: up to $5B committed, low-single-digit stake, plus a $31.4B infra spending commitment
• Nvidia: up to $10B committed, low-single-digit stake, both shareholder and chip supplier #Anthropic #ANT #IPO

📝Q2 13F filings pointed to three things, all in the same direction: sovereign funds and passive giants were adding SpaceX, semis were "long Micron, split on Nvidia," and AI infrastructure had become its own sector.

1.SpaceX became a "non-listed anchor." Saudi PIF's US equity portfolio jumped from $12B in Q1 to $37.9B in Q2 — almost all of it from a new SpaceX position. Temasek, BlackRock, ARK, Point72, and Fisher all opened or added positions in the same quarter. A company that hadn't even listed yet, getting bought simultaneously by sovereign funds, passive giants, and active hedge funds — that kind of alignment is rare in 13F history.

3.consensus and divergence inside semis. Adding Micron was near-universal, but Nvidia was the split point. Passive giants kept adding (JPMorgan $87.6B, Goldman $38.4B, ARK +33%), while active funds were exiting (SoftBank fully sold in 2025 Q4 for $58.3B, Point72 cut, Leopold disclosed an $8.5B put short including NVDA in May). Passive money in, smart money out — that kind of split usually signals the mid-to-late stage of a trend.

3.AI infrastructure became its own sector. Leopold went all-in on memory, power, cloud compute, and Bitcoin miners pivoting to AI hosting. BlackRock's $13.3B in Q2 crypto-related net buying put 78.5% into the same miner stocks. Not betting on AI models — betting on the shovels.

Q3 2026 13F won't drop until mid-November, but the Q2 consensus is already clear: SpaceX is the non-listed anchor, Micron and AMD are the new semi consensus, NVDA is the divergence point, and AI infrastructure is an independent sector.

$NVDA $AMD $MU #SEC #13F