This ETF Spotlight podcast features Paul Marino, Chief Revenue Officer of Themes ETFs, discussing the AI trade, the Anthropic IPO, and investing in MANGOS companies. The AI trade came under pressure last week after hotter-than-expected inflation readings, and neocloud stocks, especially highly leveraged ones, plunged. Anthropic held an investor meeting ahead of an IPO that could be the biggest ever, with third-quarter revenue reportedly up 45% to $16.8 billion. The Leverage Shares MANGOS ETF (MGOL) gives exposure to six MANGOS companies, including Meta, Anthropic, NVIDIA, Alphabet, OpenAI and SpaceX, via derivatives, while investors should weigh the risks of limited transparency in private companies. AI is creating new cybersecurity risks while expanding long-term opportunities, and uranium has benefited from AI data center buildouts, yet uranium and nuclear ETFs such as URAN have struggled this year.
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Keywords
IPOAnthropicETFartificial intelligenceNVDA
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Related tickers and likely impact
NVDA
• NeutralNvidia
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.2T |
| Close on 10/16/2026 | 214.13 |
| Change that session | -1.43% |
QQQ
• NeutralInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/16/2026 | 709.80 |
| Change that session | -2.50% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- This Nvidia-Backed Cloud Computing Firm Is Reportedly In Talks To Sign A $45B Compute Deal With Anthropic
According to Bloomberg, Anthropic is in advanced talks to acquire about $45 billion of computing power from Nvidia-backed Nscale, centered on a second building at Nscale's Monarch campus in West Virginia that is slated to deliver 460 megawatts using Nvidia's Vera Rubin chips. Final terms are not set, and an agreement could come within days; both companies declined to comment. The site was first intended for Microsoft, which withdrew after signing a preliminary letter of intent. Anthropic already has infrastructure commitments with Nscale worth about $44.6 billion, according to filings tied to Nscale's upcoming public offering. Nscale closed a $3.36 billion pre-IPO round led by Third Point and is targeting a $30 billion valuation for its debut.
- Nscale in talks for $45 billion Anthropic AI deal as IPO looms
Nscale is in talks to secure a computing deal worth about $45 billion with Anthropic, according to Bloomberg News, which could strengthen the Nvidia-backed data center developer's bid for a roughly $30 billion valuation in its planned IPO. The proposed agreement would cover a second building at Nscale's Monarch campus in West Virginia, delivering 460 megawatts of capacity powered by Nvidia's Vera Rubin chips, and could be finalized within days, though terms could still change. Anthropic already has infrastructure agreements with Nscale worth as much as $44.6 billion, according to Nscale's IPO filing, and holds a right of first refusal on the campus's anticipated third building. Investors are scrutinizing AI infrastructure economics, and Nscale faces questions similar to CoreWeave's about financing, execution and converting its backlog into cash flow, since its contracts are future commitments rather than collected cash. Representatives for Nscale and Anthropic declined to comment.
- How Anthropic's 5% public benefit fund could reshape its IPO
In the discussion, participants say Anthropic is a public benefit corporation that needs approval from current investors to move 5% of its shares into a fund for public benefit. They question who will oversee the fund and where the money will go, comparing it to Facebook's oversight board. They say the stake is worth $100 billion, and that taking those shares out of the float could let the IPO be priced as desired if the float stays low enough. They also point to a possible role for Morgan Stanley and Goldman Sachs, the lockup terms, and index funds' buying rules. Finally, they argue that companies are trying to control their public narrative before it controls them.
- Anthropic is AI trade's last big hope for a major IPO this year
Investors had expected a wave of major 2026 IPOs from SpaceX, Anthropic and OpenAI, but several offerings have been postponed and OpenAI has ruled out listing this year. On prediction market Kalshi, Anthropic, which confidentially filed a prospectus with the SEC in early June, is the only major company with better-than-even odds (75% as of Monday morning) of officially announcing an IPO this year. Odds for others have fallen sharply, such as Plaid (from 50% to 10%) and Databricks (from over 50% to 1%). Although IPO proceeds are up thanks to megacap debuts like SpaceX, the number of U.S. IPOs priced this year is down 33% from 2025, according to Renaissance Capital. Anthropic's third-quarter revenue of $16.8 billion showed slower growth, and a revised IPO valuation range starting at $1.5T, instead of the earlier expected at least $2T, was viewed as disappointing.
- Can Anthropic's Shadow Board Cripple Its IPO?
Anthropic's IPO documents show the Long-Term Benefit Trust (LTBT), which holds only 5% of shares, can appoint most of the board, including four members, and can block some corporate actions. It also has a say in debt issuance and in selling more than half the company. Its mandate is to steer AI for humanity's long-term benefit, and it has appointed former Federal Reserve Chair Ben Bernanke and Neil Buddy Shah, CEO of the Clinton Health Access Initiative. The article asks what happens if the trust views a management decision as not serving long-term benefit, while Anthropic competes with Chinese AI advances and OpenAI. IPO investors may see this as a risk to Anthropic's ability to innovate, and the federal government has so far stayed out of this governance.
- Anthropic IPO: Musk Wants AI Firm To Hand Shares Directly To Public, Says 'This Is What I Will Be Doing'
Elon Musk suggested Anthropic should distribute its shares directly to the public, responding to the company's plan to commit 5% of its equity to a new Public Benefit Fund, which could rise by 2% for every 50% increase in valuation above a baseline. Co-founders pledged to donate 80% of their equity, and Anthropic committed $200 million to address AI-driven labor disruption. Critics including David Sacks and investor Vijar Kohli questioned whether the LLC structure serves the public good or could dilute voting rights and complicate the IPO. Anthropic, which confidentially filed for a U.S. listing in June, reported third-quarter revenue of $16.8 billion, up 45% from the previous quarter, but some investors are discussing a valuation near $1.5 trillion, below earlier expectations of $2 trillion.
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