Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday.
Standard subscribers can upgrade to Premium here, or explore all FT newsletters Good morning. Anthropic’s prospectus appears to have injected new life into the AI trade. The Nasdaq is up almost 2 per cent this week, and the semis, in particular, are leading the charge.
Meta, whose spending plans spooked markets just last week, managed to sell $25bn of new equity (admittedly at a steep cost to incumbent shareholders: the stock is down almost a fifth in two weeks). Maybe the AI boom is just getting started. Or maybe it’s naked opportunism?
Tell us which: [email protected]. The AI story is, at least in part, about competition between the US and China. The US has Anthropic, OpenAI and Google DeepMind.
China has Moonshot AI, Z.ai, DeepSeek, MiniMax and Alibaba. So far, only one of the US companies — DeepMind, via its ultimate parent Alphabet — is public. But that hasn’t stopped the broader market from trading as if they all were.
In China, AI exuberance may already have come and gone. Until recently, Chinese AI offered investors something US AI did not: pure exposure to frontier model makers. In January, Z.ai and MiniMax listed on the Hong Kong Stock Exchange at multibillion-dollar valuations.
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