# Fed governor warns AI disappointment could hit stock prices

> Michelle Bowman cited $800 billion in AI-related debt as she warned that weaker-than-expected returns could trigger a market correction and slow the AI buildout.

Oossa · 2026-11-11 · https://oossa.com/en/fed-governor-warns-ai-disappointment-could-hit-stock-prices

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.

## The facts

- Fed Governor Michelle Bowman cited $800 billion in AI-related debt.
- Anthropic’s planned IPO is set to price on November 18, 2026, and begin trading the next day.
- Semafor gives Anthropic’s valuation as $90.4 billion, while also referring to an expected $1.4 trillion IPO.
- Nomura’s Tore Opsahl warned that the IPO could be accompanied by a selloff in AI-related stocks.

## 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.

## Sources & references

1. [Anthropic IPO could lead to 'large correction' in markets, Fed official says](https://www.semafor.com/article/11/11/2026/anthropic-ipo-could-lead-to-large-correction-in-markets-fed-official-says) – Semafor, 2026-11-11

Last updated: 2026-11-11