AI-driven stocks surge as Anthropic approaches $1 trillion valuation

Huo Xing Finance reports that on May 29, amid escalating U.S.-Iran tensions and Iran’s missile strike against a U.S. drone, U.S. tech stocks continued their surge. The S&P 500 and Nasdaq both hit record closing highs on Thursday, with AI-themed stocks serving as the primary market driver. Snowflake surged 36% in a single day due to explosive demand for its AI platform and earnings that far exceeded expectations; Dell rose 31% after securing a $9.7 billion Pentagon contract and delivering strong financial results, marking its fastest sales growth since its relisting in 2018. Meanwhile, AI startup Anthropic reached a valuation nearing $1 trillion in its latest funding round, surpassing OpenAI to become the most valuable AI company in Silicon Valley. Although the U.S. and Iran reportedly neared a 60-day ceasefire agreement, Iranian media later reported another missile attack, keeping tensions high in the Middle East. Exxon warned that global oil inventories could fall to dangerous levels within weeks, potentially pushing oil prices even higher. Additionally, the U.S. April core PCE price index rose 3.8% year-over-year, indicating persistent inflationary pressures, with markets expecting the Fed to maintain high interest rates. According to a recent UBS survey, global family offices are significantly rebalancing their asset allocations, reducing exposure to U.S. assets and shifting toward emerging markets such as Latin America and Africa, as the trend toward de-dollarization continues to gain momentum.