Major indices have erased last week’s losses amid renewed enthusiasm for the SI/AI trade.

In fact, the S&P 500 (SPX) has seen its best day since September 21^st.

Eight sectors are in the green with Technology (XLK) leading as semiconductors stage a sizable rebound driven by news in the AI industry (more below). The Industrial (XLI) sector is benefiting from renewed buying interest in AI infrastructure names, while Consumer Discretionary (XLY) is supported by strong gains in Tesla (TSLA). On the other side of the spectrum, Health Care (XLV) and Consumer Staples (XLP) are lower as investors favor tech and other growth-oriented areas.

Most chip stocks are in the green after Anthropic (ANT) became the first frontier AI lab to officially file for an IPO. The filing indicates demand services for AI services are rapidly expanding, although its infrastructure expenses highlight the financial demands of supporting that growth.

Meanwhile, Meta Platforms (META) is seeking to raise as much as $95 billion by selling common and preferred stock. About $35 billion is being offered now, roughly $22.5 billion in Class A common and the rest in mandatory convertible preferred. The company said the offerings will support investments in AI infrastructure and personal intelligence.

This fits what Meta’s committee noted in the filing with the company wanting to front-run potential equity offerings from SpaceX (SPCX), Alphabet (GOOGL), Anthropic and OpenAI.

Yield Auction

It was a shaky demand for two-year notes, which sold at a 4.708% yield, versus 4.787% of the prior sales and 0.3 basis points above the when-issued rate, bid-to-cover was also slightly below average. The big move was the bidder mix, with indirect participation falling to 45.68% while direct stepped up to take 41.32%.