Federal Reserve Governor Michelle Bowman warned that stock prices could face a “large correction” if returns from artificial intelligence fall short of expectations. She pointed to $800 billion in AI-related debt, along with off-balance-sheet liabilities and circular financing tied to the AI boom. Bowman said a shock could slow the AI buildout and “soften” the economy.
The warning comes as Anthropic prepares for a planned stock-market listing. Semafor describes Anthropic as the first frontier AI lab to go public and says its valuation has already fallen below initial expectations. The listing is still expected to be among the largest ever, but the figures in the account are inconsistent: it refers to an expected $1.4 trillion IPO and separately gives Anthropic’s valuation as $90.4 billion. It does not explain the difference.
Why the IPO matters to the AI trade
Anthropic’s shares are set to be priced on November 18, 2026, and begin trading the following day, according to Semafor. That makes the listing a near-term event for investors watching whether public-market buyers will accept the valuations attached to AI companies. A company’s IPO price is not a verdict on the whole industry, but a weak reception could affect how investors view other AI-related stocks.
Tore Opsahl, who leads Nomura’s quantitative solutions advisory group, said uncertainty around the IPO could prompt a selloff in the broader “AI theme.” His comment is a forecast, not a report that a selloff has happened. The information provided does not give the prospectus’s financial details, explain the sources of the debt estimate, or show how much of that debt is directly connected to Anthropic. Bowman’s warning is also conditional: she described what could happen if AI returns disappoint, not a confirmed downturn.
Why it matters
For people investing in AI-related stocks, the IPO could become a closely watched test of investor appetite, and a selloff is one outcome Nomura’s Tore Opsahl warned about. But the warning is conditional, and the details provided do not show whether Anthropic’s listing will affect other companies or the wider market.
