Tech stocks today: Shares climb higher with AI trade back on

Tech stocks rose in early trading Thursday, as the Nasdaq climbed roughly 0.75%.

Anthropic investors are reportedly targeting a record-shattering $2 trillion IPO, according to The Financial Times. That amount would easily surpass SpaceX’s public offering making it the largest IPO in history.

The company is expected to hit the market this fall.

Shares of AI infrastructure companies CoreWeave (CRWV) and Supermicro (SMCI) soared on Wednesday after posting earnings results that appeared to confirm that the AI buildout is going strong for now.

CoreWeave stock climbed nearly 20% as it narrowed Q2 losses per share and said its sales backlog stands at $104 billion, with another $25 billion commitments already earmarked for Q3.

Supermicro, meanwhile, topped earnings projections and provided a robust Q1 outlook. Shares also rose about 20%.

Outside of earnings, jury selection began Wednesday in a landmark social media lawsuit filed by a coalition of 29 state attorneys general against Meta in an Oakland, Calif. federal court.

The attorneys general have accused Meta of purposely designing its apps to keep users coming back through capabilities like infinite scroll. Meta has denied wrongdoing.

Opening arguments kick of Aug. 18.