Chip stocks rise as OpenAI files confidentially for U.S. IPO

Chip stocks rose on Tuesday as the artificial-intelligence trade resumed after OpenAI filed confidentially for an initial public offering on the U.S. stock market. The pound strengthened by a third of a cent to $1.3376 as trading remained quiet ahead of the Bank of England’s next meeting later this month.

Market reaction and currency moves A member of the Bank of England’s Monetary Policy Committee said she would consider voting for a rate increase at the June meeting. Sterling traders focused on that comment after a light week for U.K. macroeconomic data.

An upward revision to last week’s purchasing managers’ indices suggested the earlier drop in confidence had been overstated and that the U.K. economy showed more resilience than first indicated.

OpenAI filing and valuation context OpenAI is currently valued at $850 billion, below Anthropic’s $965 billion valuation. The company outlined its third phase on Monday, stating it is conducting research into artificial general intelligence and plans to become a product company.

OpenAI is estimated to spend more than $100 billion a year on infrastructure and processing power. Officials said the spending aims to create a competitive moat and support future revenue growth. The filing follows similar moves by Anthropic and SpaceX, creating a sequence of large technology listings that will test investor appetite for highly valued artificial-intelligence companies.