OpenAI, Anthropic IPOs May Spark Selloff in Struggling Stocks

The upcoming IPOs of OpenAI and Anthropic may lead to a selloff in struggling stocks, according to strategists at Evercore ISI. The analysts anticipate that investors will use the opportunity to unload weaker AI-related stocks and redirect their proceeds towards the anticipated blockbuster IPOs. This trend is particularly relevant in the post-Labor Day market, with the mutual fund tax-loss selling season approaching in October.

The strategists at Evercore screened the Russell 3000 RUA for stocks meeting specific criteria: a market capitalization above $5 billion, a year-to-date decline of at least 10%, a gain of less than 20% from their 2026 low, and negative earnings-revision trends over the past three months. Some of the names shortlisted in this category are International Business Machines (NYSE:IBM), AppLovin (NASDAQ:APP), Tesla Inc. (NASDAQ:TSLA), AST SpaceMobile Inc. (NASDAQ:ASTS), McDonald’s Corp. (NYSE:MCD) and First Solar Inc. (NASDAQ:FSLR).

Anthropic is gearing up for its IPO in the coming weeks, reportedly targeting a $2 trillion valuation and up to $100 billion from a potential IPO. The company more than doubled Q2 revenue to $11.6 billion and could go public as early as October.