It was a turbulent week for technology investors.
One of the world’s most closely watched artificial intelligence (AI) developers took its first formal step towards a public listing.
Meanwhile, results from three US tech heavyweights showed how the cost of the AI arms race is starting to weigh on earnings and balance sheets.
Alphabet (NASDAQ: GOOGL) suffered a historic sell-off, Intel’s guidance disappointed, and Microsoft (NASDAQ: MSFT) turned to the bond market to fund its build-out.
AI developer files for a Nasdaq listing
Anthropic, the AI company behind the Claude chatbot, filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) on 26 October 2026 for a proposed initial public offering (IPO).
The company intends to list its Class A common stock on the Nasdaq Global Select Market under the symbol “ANT” (proposed NASDAQ: ANT).
The number of shares to be offered and the price range have not yet been determined.
Goldman Sachs and Morgan Stanley are named as contacts for the preliminary prospectus.
The registration statement has not yet become effective, so no shares can be sold until the SEC process is complete.
The filing comes as Anthropic’s influence on listed tech giants grows.
This week, Microsoft cited heavy demand from Anthropic and OpenAI as a driver of its capital spending.
Rival chatbots such as Claude have also been cited as a headwind for Google’s search business.
Investors will be watching for the full prospectus, which should give the first detailed look at Anthropic’s revenue, losses and growth.
Chipmaker sinks as PC slump and supply snags cloud outlook
Intel Corporation (NASDAQ: INTC) shares fell about 15% in after-hours trading on 29 October 2026 after its guidance fell short of expectations.
The chipmaker expects revenue for the fourth quarter of 2026 (4Q2026) of US$15 billion to US$16 billion, below the analyst average of US$17 billion.
It guided for adjusted earnings per share (EPS) of US$0.25, against estimates of US$0.43.
Gross margin is projected to narrow from 43% to 38%.
The guidance overshadowed a solid third quarter of 2026 (3Q2026).
Revenue rose 21% year on year (YoY) to US$16.5 billion, and EPS of US$0.52 beat forecasts of US$0.41.
The data centre grew 78% YoY to US$7.3 billion.
The client division, which makes PC chips, slipped 5% to US$8.1 billion.
CEO Tan Lip-Bu blamed soaring memory chip prices, which have hurt PC shipments.
He expects the PC market to shrink by 10% in 2027, following a 12% decline in 2026.
Raw material shortages and a factory shutdown in Israel also constrained supply.
The sell-off comes after Intel’s share price more than doubled in 2026.
Search giant suffers worst day on record
Alphabet shares plunged 13% on 29 October 2026, wiping out roughly US$500 billion in market value.
It was the steepest one-day fall since Google’s 2004 listing, surpassing the previous record decline of 11.63% set in March 2020.
The trigger was the group’s 3Q2026 report, released after the US market closed on 28 October.
Alphabet posted negative free cash flow of US$9.07 billion, against the US$2.7 billion analysts had expected.
It was the second consecutive quarter of negative free cash flow.
It kept its full-year capital expenditure guidance at US$195 billion to US$205 billion.
Search advertising, its largest revenue source, grew 12% YoY to US$63.35 billion but missed estimates.
Chief business officer Philipp Schindler attributed part of the shortfall to lower monetisation within Google’s AI Mode.
He added that the company is now scaling ads across its AI products.
Not every analyst is concerned.
Rosenblatt Securities analyst Scott Devitt argued that Google’s base of around four billion search users leaves it well placed once AI search monetisation matures.
Software giant taps bond market to fund AI ambitions
Microsoft announced on 29 October 2026 that it will raise US$25 billion in bonds to fund its infrastructure expansion, drawing on its top-tier AAA credit rating from S&P.
The offerings are expected to close on 4 November.
Management is targeting US$170 billion in capital expenditure for 2026 to meet heavy demand from AI labs such as Anthropic and OpenAI.
In its latest quarter, capital expenditure and finance leases totalled US$45.2 billion.
That was 30% higher YoY but below the US$50.67 billion analysts had projected.
Free cash flow fell 27% YoY to US$18.63 billion but remained positive.
That sets Microsoft apart from Alphabet, Meta Platforms (NASDAQ: META) and Amazon (NASDAQ: AMZN), which have all reported negative free cash flow.
Chief financial officer Amy Hood said Microsoft has so far relied on leasing and its own cash generation.
Microsoft will tap debt markets when conditions are attractive.
Investors, however, have grown more cautious towards heavily indebted companies as central banks raise interest rates to fight inflation.
The headlines feel worse than the market itself.
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