[E-Daily Reporter Kim Kyung-eun ] The stock market is abuzz following the official announcement of the initial public offering (IPO) by U.S. artificial intelligence (AI) company Anthropic. As concerns over the profitability of the AI industry ease, investor sentiment toward domestic semiconductor stocks is reviving, and interest in indirect investment through exchange-traded funds (ETFs) is also growing. However, there are also concerns that a large-scale IPO could put pressure on supply and demand in the domestic stock market by drawing in global investment capital.

According to MP Doctor on the 27th, the KOSPI closed at 5,638.34, up 168.87 points (3.09%) from the previous trading day. Anthropic’s S-1 registration statement, released overnight, spurred AI investment sentiment, leading to buying momentum centered on semiconductor stocks. On that day, SamsungElectronics(005930)closed at 222,000 won, up 9,000 won (4.23%) from the previous session, while SK hynix(000660)closed at 1,341,000 won, up 66,000 won (5.18%).

Anthropic filed its S-1 form with the U.S. Securities and Exchange Commission (SEC) on the 26th (local time) and began the process of listing on the Nasdaq. It is reportedly pursuing a plan to raise over $100 billion and secure a valuation of $1.5 trillion to $2 trillion, with the goal of listing in mid-November.

According to Anthropic’s S-1 filing, the company’s revenue per dollar of computing cost improved from $0.40 in the first quarter of last year to $2.10 in the second quarter of this year. Operating profit for the second quarter reached $970 million, marking a return to profitability compared to the previous quarter. As the potential for generating revenue from AI investments has been confirmed, concerns about profitability that had been raised previously have eased.

Korean companies that have invested in Anthropic have also emerged as beneficiaries. SKTelecom(017670)surged as much as 6.92% during the trading session, and NAVER(035420)(Naver) also rose as much as 2.47%. SKTelecom made an additional investment this year, following its $100 million investment in Anthropic in 2023. As of the end of June, the book value of its stake amounted to approximately 3.505 trillion won. Naver is also said to have made an indirect investment in Anthropic by contributing to external venture capital (VC) funds through its U.S. investment subsidiary, and analysts expect the value of this investment to rise following the company’s IPO.

Related exchange-traded funds (ETFs) have also emerged as a focus of market attention. Since it is difficult for domestic investors to participate directly in U.S. initial public offerings (IPOs), indirect investment through ETFs is being discussed as an alternative. Samsung Asset Management’s “KODEX U.S. AI Agent Active” and NH Amundi Asset Management’s “HANARO U.S. Agent AI TOP2+”—both launched with Anthropic’s IPO in mind—rose 1.25% and 0.81%, respectively, on that day.

The KODEX U.S. AI Agent Active is an actively managed ETF in which portfolio managers adjust holdings and weightings based on market conditions. Following Anthropic’s IPO, the fund may include the stock in its portfolio based on investment decisions. The HANARO U.S. Agent-ic AI TOP2+ is a passively managed ETF that invests in U.S. companies related to agent-ic AI. It is designed to allow for special inclusion of newly listed companies if they meet the index inclusion criteria.

However, whether and when these companies will actually be included has not yet been confirmed. Some observers point out that investors need to exercise caution, noting that during the SpaceX IPO, some asset managers promoted related products before inclusion was confirmed, sparking controversy over exaggerated advertising.

Concerns have also been raised that Anthropic’s massive IPO could increase supply-demand pressures in the domestic stock market. This is because if global investors sell their existing shares to raise funds for the public offering, pressure for foreign capital outflows could intensify in the domestic market as well. Analysts also suggest that domestic investors’ concentration on the U.S. stock market could deepen.

Kim Min-kyu, an analyst at KB Securities, said, “Regardless of whether the IPO is a success, domestic investors’ demand is likely to be concentrated on Anthropic.” He added, “Since trading in the domestic stock market is already sluggish and a trend toward U.S. stocks is already emerging, Anthropic’s listing could accelerate this trend.”