Diller’s Deal

Anthropic, the AI company behind chatbot Claude, has confidentially filed an S-1 with the SEC, setting the stage for what could be one of the most closely watched IPOs in recent memory. As LLM companies jockey for position, the filing puts Anthropic ahead of rival OpenAI, which is reportedly preparing its own confidential submission. For investors looking to gain direct exposure to the frontier AI buildout, the opportunity has arrived, though the timing of Anthropic’s IPO remains unclear.

On the macro economic front, the ISM Manufacturing PMI came in at 54.0 for May, beating estimates and delivering its strongest showing since 2022. Factory activity has been growing for the past five straight months. New Orders were a bright spot, printing at 56.8 against expectations of 54.8, signaling healthy demand momentum heading into the summer. The Prices Paid component eased to 82.1 from an estimate of 85.0, a welcome development suggesting some softening in input cost pressures, though the reading remains elevated and will keep inflation watchers on alert.