[New York = E-Daily Seong Joowon Correspondent] The New York stock market rose for the second consecutive day on the 27th (local time), buoyed by strong gains in artificial intelligence (AI) semiconductor stocks. The Nasdaq rose more than 1% as enthusiasm for AI investments was reignited by Anthropic’s initial public offering (IPO). However, concerns remain regarding the financing burden associated with large-scale AI investments and doubts about profitability. Wall Street’s attention is focused on this week’s scheduled earnings reports from Big Tech companies to determine whether expanded AI investments are actually translating into profits.

On the New York Stock Exchange, the tech-heavy Nasdaq Composite Index closed at 26,477.81, up 1.18% from the previous session. The S&P 500 index closed at 7,722.60, up 0.60%, while the Dow Jones Industrial Average closed at 52,377.57, up 0.03%.

Anthropic’s IPO Revives AI Investment Expectations

Semiconductor stocks led the rally. The Philadelphia Semiconductor Index rose 3.6%, extending its gains for the third consecutive day. Broadcom rose 4%, while AMD and Micron also gained approximately 5.5% and 2.8%, respectively. AI infrastructure company CoreWeave surged by about 8%.
Broadcom’s rise was influenced by news of a large-scale funding round related to Anthropic. Bank of America, Citigroup, Morgan Stanley, Blackstone, and others arranged a $63 billion (approximately 83.645 trillion won) financing deal to support Anthropic’s acquisition of Broadcom’s technology.
Following the release of Anthropic’s IPO filing the previous day, which brought renewed attention to the growth potential of the AI industry, the announcement of a financing plan to back the actual semiconductor purchase sparked buying interest in related stocks.
Chuck Carlson, CEO of Horizon Investment Services, told Reuters, “The news about Anthropic appears to have triggered a relief rally in AI stocks, particularly semiconductor stocks,” adding, “Since these stocks have taken a significant hit in recent weeks, it seems the time was ripe for a rebound.”
While semiconductor stocks are indeed emerging from their recent slump, they have not yet recovered to their previous highs. According to Reuters, the Philadelphia Semiconductor Index has risen 62.1% so far this year, significantly outpacing the S&P 500’s gain of 12.8%. However, it remains more than 20% below the all-time closing high recorded on June 22.
Zed Ellerbrook, a portfolio manager at Agent Capital Management, told CNBC, “The market periodically worries about AI investment spending, but in the end, tech stocks lead the rally again,” adding, “It looks like the switch that had been off for the past two weeks was turned back on during the first two days of this week.”

Funding Pressures Come to the Forefront Amid AI Investment Frenzy

However, the expansion of AI investment has not been a boon for all tech stocks. Meta fell 1.6% as it embarked on

a

massive fundraising

effort

to expand its AI business. According to Bloomberg, demand for Meta’s $25 billion stock sale was five times the amount offered.
While the connection between companies seeking AI investment capital and the financial markets supplying it is expanding, concerns are also growing over rising borrowing costs and the potential for massive investment write-offs.
While Ellerbrook noted that data center operators’ commitment to expansion remains strong, he pointed out that “potential cracks depend on just how volatile the capital markets could become.”
Chris Brigati, an investment specialist at SWBC, told Bloomberg, “The era when all stocks rose together as the market went up is changing,” adding, “Going forward, it will become more important to assess how much a company’s execution risks and expectations for future success are reflected in its current stock price.”
Differentiation based on corporate earnings was also pronounced. Boeing plummeted 10.7% following a larger-than-expected third-quarter loss and a downward revision of its aircraft delivery targets. In contrast, UPS rose 5.8% after raising its full-year revenue and profit forecasts, while JetBlue surged 19% on expectations of improved profitability.
The overall earnings trend is favorable. According to financial information provider London Stock Exchange Group (LSEG), nearly half of the S&P 500 companies have reported their third-quarter earnings, and 83% of them exceeded market expectations.

Relief Over Falling Oil Prices… Big Tech Earnings Draw More Attention Than the Fed

The decline in international oil prices also bolstered investor sentiment. Following news that Iranian leaders had discussed conditions for ending the war, West Texas Intermediate (WTI) crude futures closed at $99.90 per barrel, down 1.83% from the previous session, while Brent crude futures closed at $113.88, down 1.67%. However, oil prices remain high as tensions in the Middle East persist.
The bond market remained relatively calm. The yield on the 10-year U.S. Treasury note showed little fluctuation, hovering around 4.99%.
The Federal Reserve (Fed) began a two-day Federal Open Market Committee (FOMC) meeting today. The market expects the Fed to keep the benchmark interest rate unchanged at 3.75–4.00% on the 28th and to consider whether to raise rates further in December.
Jerry Tempelman, an analyst at Mutual of America Capital Management, noted that while economic indicators suggest little reason to delay tightening, the Fed has effectively narrowed its own options by signaling a December rate hike. James McCann, an analyst at Edward Jones, forecast one more rate hike by year-end, followed by an additional hike in 2027.
The bigger immediate concern is the earnings reports from Big Tech companies. Microsoft (MS) and Alphabet will report earnings on the 28th, while Amazon will do so on the 29th. The scale of these companies’ AI investments, their data center spending, and whether they have improved profitability are expected to be key indicators for gauging the sustainability of the semiconductor stock rally.
While expectations regarding the growth potential of the AI industry are rising again on Wall Street, scrutiny over when and to what extent massive investments will translate into profits is also becoming much stricter.