Shares of Broadcom climbed 4% after a coalition of lenders—including Bank of America, Citi, and Morgan Stanley—joined Blackstone in announcing $63 billion in financing for the purchase of Broadcom’s technology for Anthropic. Wall Street advanced on Tuesday as chip stocks rallied for a second session and oil prices eased, pushing the S&P 500 up 0.6% to 7,722.60 and the Nasdaq Composite up 1.18% to 26,477.81 ahead of the Federal Reserve rate policy decision.
Tuesday’s moves built upon gains from the previous trading session, which saw major averages rebound following a volatile stretch for technology shares.
Chipmakers And Bank-Backed Financing Fuel Tech Gains
Enthusiasm surrounding semiconductor manufacturers drove strong market participation. Micron Technology advanced nearly 3% and Advanced Micro Devices gained 5% in sympathy with Broadcom.
Anthropic, the developer behind the Claude AI platform, formally filed Form S-1 with the Securities and Exchange Commission for a planned listing on the Nasdaq Composite under the ticker symbol “ANT.” Anthropic’s product suite includes the generative AI-powered coding tool Claude Code alongside large models like Claude Fable 5 and Mythos 5, backed by revenue growth that reached $16.29 billion for the first six months of 2026.
Meta Platforms Inc. announced plans to raise $95 billion to fund capital expenditures for AI infrastructure build-outs, initiating the plan through a $35 billion stock offering comprising $22.5 billion in Class A common stock and $12.5 billion in Series A mandatory convertible preferred stock. Meanwhile, Space Exploration Technologies Corp. CEO Elon Musk reported that the company completed a $40 billion debt financing drive to fund specialized chips from NVIDIA Corp. to power its technology.
Tech Momentum Fluctuates with AI Spending Sentiment
Jed Ellerbroek, a portfolio manager at Argent Capital Management, noted that sector momentum frequently fluctuates based on changing sentiment regarding technology investments.
The market has these kind of periodic interludes where it gets concerned about AI spending, and then we tend to go back and tech leads us higher. The light switch has been off for the last two weeks, and it looks like the first two days this week, the switch has been flipped up again.
Jed Ellerbroek, Argent Capital Management portfolio manager
Ellerbroek observed that companies owning data centers maintain strong conviction to expand their operations.
Crude Oil Prices Drop After Iranian Security Talks
U.S. West Texas Intermediate futures settled down 1.83% at $99.90 per barrel, while global benchmark Brent crude futures dropped 1.67% to close at $113.88 a barrel. The commodity price declines followed discussions between Iranian Supreme Leader Mojtaba Khamenei and top national security official Mohsen Rezaei regarding conditions for ending ongoing conflict.
Investors Seek Rate Clues from Federal Reserve Meeting
Investors also parsed economic signals as the Federal Reserve convened for the start of its two-day policy meeting. While the central bank is widely expected to keep interest rates unchanged on Wednesday afternoon, market participants will scour the post-meeting communication for clues regarding potential rate adjustments before the end of the year, particularly with the midterm elections approaching next week.
This feels like a rare Fed meeting non-event under Warsh. It feels like his communication strategy is going to result in fewer of these no-surprise meetings, but it does look like we’re going to get one here, mostly because the midterm election is next week. I assume that next meeting in December is going to be another kind of live wire.
Jed Ellerbroek, Argent Capital Management portfolio manager