Australian investors are seeking more exposure to high-growth US technology stocks, setting the stage for strong demand for any local share offer by artificial intelligence giant Anthropic.
The Claude AI chatbot owner is preparing to raise up to $US100 billion ($A143 billion) in an initial global public offering that could include a tranche of stock for Australian retail investors, ahead of a US market listing by the end of November.
Assuming it's successful, Anthropic will have a market value of around $US1.5 ($A2.1) trillion, trumping Elon Musk's SpaceX listing earlier this year, which raised $US86.2 billion ($A123.2 billion) and issued scrip to about 28,000 Australian investors.
According to online investment portfolio tracking platform Sharesight, local investors have already been increasing their bias toward US companies, which now make up half of their most traded 20 stocks.
That includes a shift in appetite to technology stocks, particularly in the chip, hardware, software, space and AI infrastructure sectors, mainly because of the promise of high growth and high returns.
Those performances, in combination with doubts about the prospect for growth for domestic companies on the local exchange, are weighing on the minds of investors.
"I think people are quite bearish when it comes to the prospect for us in Australia," Sharesight chief executive Doug Morris told AAP.
In the six months to October 9, 10 of the 20 stocks most traded by high-end, younger and institutional wealth investors were listed in the US. That was up from eight in the half-year ended April 8.
They include chip maker NVIDIA, social media giant Alphabet, Elon Musk's SpaceX and Tesla, Microsoft, Amazon, Apple, Meta, Palantir and data storage group Micron, Sharesight's data on its Australian users shows.
"People now understand what NVIDIA does," Mr Morris said.
"They've gone from a quiet corner of the market, where they made chips for gaming consoles, to powering the US economy.
"And who knows? Anthropic may be next."
Mr Morris agrees any Anthropic share offering in Australia could be snapped up, in line with previous strong demand for SpaceX scrip.
Mr Morris agrees any Anthropic share offering in Australia could be snapped up, in line with previous strong demand for SpaceX scrip.
"There's pent-up demand from the retail audience," he said.
But Australians aren't abandoning their homegrown stocks and market altogether.
“The ASX stocks still drawing new buyers are NAB, Westpac, Telstra and Fortescue,” Mr Morris said.
"Investors appear to be leaning on the local market for dividends and looking to the US for growth.”
There's also plenty of interest in companies like Gardasil vaccine maker CSL, software as a service group WiseTech Global, miner BHP, oil and gas producer Woodside Energy and Commonwealth Bank.
They are all in the top 20 alongside accounting software maker Xero, iron ore miner Fortescue, sleep technology firm ResMed, health tech Pro Medicus and industrial conglomerate Wesfarmers.
"People have always loved CSL - it's a proud local techy adjacent company," Mr Morgan said.
"The share price ... really took a battering and I think it was a lot of investors sitting on the sidelines waiting for a chance to buy it."
CSL's share price hit a nine-year low around $90 in June, after trading above $300 in 2024, but has since recovered to just over $198 on Tuesday.
Anthropic confirmed on Tuesday that any Australian offer will be managed by Bell Potter, CommSec, LGT Wealth, Macquarie, Morgans, Morgan Stanley Wealth Management, Sharesies and Stake.
A prospectus is expected to be filed soon with the Australian Securities and Investments Commission.
