Nvidia Earnings and Anthropic IPO: Two Big Tests

Next week the AI trade gets two verdicts in two days. Nvidia, the chipmaker at the centre of the AI boom, reports quarterly results on Tuesday 17 November under a brand-new interim chief executive. Two days later, Anthropic — the company behind Claude — is expected to start trading on the Nasdaq in what could become the largest listing in history. After a month in which investors started doubting the whole AI spending story, neither event can afford to disappoint.

Quick answer: Nvidia reports Tuesday 17 Nov and Anthropic prices its IPO Wednesday — two events testing whether the AI rally still has legs. Here is what each must prove.

The week ahead: two dates that matter

The calendar is unusually clean. Nvidia reports its fiscal third-quarter results on Tuesday, with interim chief executive Colette Kress — previously the company’s chief financial officer — speaking on the earnings call. Anthropic’s shares are then expected to price on Wednesday 18 November and begin trading on Thursday 19 November under the ticker ANT. The pricing and trading dates are reported, not filed: Anthropic has not confirmed them in a public filing, so treat them as expected until the company says otherwise.

Both events land against a jittery backdrop. The S&P 500 rose this week after four straight weekly declines and is up 10.5% so far in 2026, according to Reuters — but the AI trade that powered that rise has wobbled for weeks, as doubts grow over whether the enormous spending on AI infrastructure can keep paying off. As Sameer Samana, head of global equities at the Wells Fargo Investment Institute, told Reuters: “The market has rose-colored glasses on almost all the risks,” including inflation and uncertainty over AI. Disappointments next week, he said, “could finally kind of wake investors up from this ability to look at every glass as half full.”

Test one: Nvidia must prove demand is still real

Nvidia arrives at its earnings call carrying two problems at once. The first is the numbers. The second is the leadership. Jensen Huang stepped down as chief executive on Thursday 12 November after revelations about two extramarital affairs, including one involving a suspected Chinese spy, Reuters reported. Kress, who ran Nvidia’s finances for years, now has to convince investors the company is steady — on her first earnings call in charge.

The market has already delivered its own verdict on the turmoil. Nvidia’s market value has fallen from about $5.8 trillion in early October to $3.9 trillion as of Friday, according to LSEG data cited by Reuters. NewsBytes reported the shares fell about 32% over the past six weeks before recovering some ground. That is the context for Tuesday: analysts expect earnings growth of 90% on revenue of $109 billion in the fiscal third quarter, according to LSEG — a very high bar for a company whose chief executive has just left.

What investors will actually be listening for is not the headline revenue figure. It is whether demand for AI chips is still outrunning supply, whether the big cloud customers are still ordering at the same pace, and whether the spending slowdown that spooked markets in recent weeks is a pause or a turn. “If they have less-than-stellar earnings, whatever penalty the market would apply is going to be leveraged down,” Alex Morris, chief executive of F/m Investments, told Reuters — meaning a miss now would be punished harder than it would have been a month ago.

Test two: Anthropic must prove the market will pay about 17 times sales

Anthropic’s test is the mirror image of Nvidia’s. Where Nvidia must defend a valuation the market has already cut, Anthropic must justify a valuation the market has not yet set. The company and some of its investors aim to raise up to $64.4 billion by selling 825 million shares at $70 to $78 each, valuing the company at up to $1.4 trillion on a fully diluted basis, Reuters reported. A further $26 billion private placement runs alongside the listing, anchored by Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC — Nvidia alone agreed to buy about $10 billion of shares, according to the filings.

Demand, at least on paper, is not the problem. Bloomberg reported that investor orders reached about six times the shares on offer, with existing backers prioritised for allocations — though, as CNBC TV18 noted, the sources stressed the details could still change. A six-times book is reported demand, not a final allocation, and it says nothing about where the shares trade on day one.

The real question is the price. Anthropic’s filing showed a revenue run rate of about $81 billion as of 31 October, up $10 billion in a single month. Set against a $1.4 trillion fully diluted valuation, that is roughly 17 times annualised sales — our own arithmetic, not the company’s. For comparison, the last giant listing, SpaceX’s June IPO, raised $75 billion at a nearly $1.75 trillion valuation, and its shares last traded at about $139 against a $135 IPO price, Reuters reported. A bumpy first few months did not stop that deal — but it did not reward early buyers either. “If you have Anthropic come out and then the IPO does poorly, I think that is probably another cautionary sign that investors are getting a little bit more stressed with the AI trade,” Patrick Ryan, chief investment strategist at Madison Investments, told Reuters.

Readers who want the full background on the deal should start with our earlier coverage: the roadshow and valuation and the reports of above-range pricing. This article is about what the two events must prove next week — not a retelling of the deal itself.

Confirmed, reported or expected: what we actually know

With two fast-moving stories, it is worth separating what is filed from what is merely reported. Here is the status of every key figure in this article:

Figure	Status	Source
Nvidia reports Tuesday 17 Nov, fiscal Q3	Confirmed	Company calendar, via Reuters
Earnings call 2pm PT, Kress speaking	Reported	Reuters, 13 Nov
Analysts expect 90% earnings growth on $109B revenue	Analysts’ estimates	LSEG, via Reuters
Market value $5.8T (early Oct) to $3.9T (Friday)	Market data	LSEG, via Reuters
825M shares at $70–$78, up to $64.4B raised	Filed	Anthropic S-1 filings
Up to $1.4T fully diluted valuation	Reported	Bloomberg, via CNBC TV18
Orders about 6x shares on offer	Reported book demand	Bloomberg, via CNBC TV18, 13 Nov
$26B private placement (Google, Nvidia, AMD and others)	Filed	Anthropic filings
Revenue run rate ~$81B as of 31 Oct	Filed	Anthropic filing, via CNBC TV18
Pricing Wed 18 Nov, trading Thu 19 Nov, ticker ANT	Expected — reported, not filed	Reuters / CNBC reporting

What breaks if either disappoints

The two tests are connected, and that is what makes the week dangerous. Nvidia reports first. If its numbers are soft — or if Kress cannot steady the leadership story — the mood going into Anthropic’s pricing on Wednesday darkens, and a deal priced at the top of its range becomes harder to hold. If Nvidia delivers and the shares rally, Anthropic walks into a market that has just been reminded why it loved AI stocks in the first place.

And the reverse is true. A weak Anthropic debut on Thursday would be read as a verdict on the whole AI trade, not just on one company — the first listed AI lab, priced at about 17 times sales, is the purest test yet of whether public markets believe the AI spending story at these valuations. A strong debut does the opposite: it validates the private-market prices every other AI company has been marked against.

None of this changes what either company actually sells. Nvidia’s chips and Anthropic’s models will be the same products on Friday as they were on Monday. What changes is the price investors are willing to pay for the growth story attached to them — and next week sets that price twice.

Our take: two different questions, one verdict

It is tempting to treat next week as a single referendum on AI. It is really two different questions. Nvidia’s is a demand question: is the AI infrastructure build-out still accelerating, or has it peaked? Anthropic’s is a valuation question: will public markets pay roughly 17 times sales for a company whose revenue is growing fast but whose profits are still a promise? A good answer to one does not guarantee a good answer to the other — but a bad answer to either will be read as an answer to both. That is why the week matters more than either event alone, and why the honest position for readers is to watch the two days separately and judge each on its own numbers. This article is desk-researched from filings and reporting, not hands-on tested — these are market events, and the figures above are attributed to their sources, not our own.

Frequently Asked Questions

When does Nvidia report earnings?

Tuesday 17 November 2026, for its fiscal third quarter. The earnings call is expected at 2pm PT, with interim chief executive Colette Kress speaking. Analysts expect earnings growth of 90% on revenue of $109 billion, according to LSEG data cited by Reuters.

When does Anthropic’s IPO price and start trading?

Pricing is expected on Wednesday 18 November and trading is expected to begin on Thursday 19 November on the Nasdaq under the ticker ANT. Both dates are reported, not filed — Anthropic has not confirmed them in a public filing.

How big is the Anthropic IPO?

The company and some investors aim to raise up to $64.4 billion by selling 825 million shares at $70 to $78 each, for a fully diluted valuation of up to $1.4 trillion. A further $26 billion private placement runs alongside it. Bloomberg reported orders of about six times the shares on offer.

Why has Nvidia’s share price fallen?

Two reasons converged: doubts about whether AI infrastructure spending can keep growing at the same pace, and the sudden resignation of chief executive Jensen Huang on 12 November. Nvidia’s market value fell from about $5.8 trillion in early October to $3.9 trillion as of Friday 13 November, according to LSEG.

Does Anthropic’s IPO change anything for Claude or Muse users?

No. A listing changes who owns the company, not what its products do. Claude, and Meta’s separate Muse assistant, are unaffected by the IPO itself — what changes is the public price put on Anthropic’s growth story.

Sources and methodology

Sources: Reuters via SRN News, “Nvidia results, Anthropic IPO pose tests for tumultuous AI trade” (13 Nov 2026); NewsBytes, “NVIDIA earnings and Anthropic IPO set to move AI stocks” (14 Nov 2026); CNBC TV18, “Anthropic IPO: Mega issue oversubscribed 6 times, Bloomberg reports” (13 Nov 2026). Method: every figure in this article was verified fresh on 14 November 2026 against the reporting above and Anthropic’s filings as reported; pricing and trading dates are labelled expected because they are reported, not filed; the “about 17 times sales” figure is our own arithmetic from the filed $81 billion run rate and the reported $1.4 trillion valuation. Internal links: Jensen Huang resigns as Nvidia CEO, Anthropic IPO roadshow, Anthropic IPO price above range.

Arva Rangwala

Arva Rangwala covers AI news, AI tools, guides and prompts for OpenAIMaster — what is new, what is worth using, and how to put AI to work.