Although the immediate reaction of the U.S. stock market to the results of the mid-term elections in the United States has gradually subsided, the cooling demand for the Anthropic private placement shares ETF is another warning sign for trading in the artificial intelligence sector.

Before the record-breaking listing and trading of SpaceX, investors of ETF proactively positioned themselves for this opportunity and for the company to be included in major indices, purchasing large quantities of funds that held its shares. The Procure Space ETF issued in earlier years saw a massive influx of capital in 2026, with a significant increase in trading volume; this year, the newly issued Tema Space Innovation ETF (code NASA) rapidly surpassed a asset size of 3.2 billion US dollars. However, since the listing of SpaceX, both products have seen a substantial decline in asset size and trading volume.

The ETF linked to Anthropic previously showed a similar trend, but market enthusiasm has now begun to cool down. Industry research has identified eight funds that hold shares of this company, and over the past week, there has been an overall net outflow of funds. The main reason for this was that on Monday, CNEQ faced redemptions of over $1 billion. Even the previous inflows should not be overinterpreted: the management scale of individual funds such as CNEQ, BAI, and TCAF exceeds $6 billion each, while Anthropic represents only a very small portion of their holdings. Tema Photonics and Optics ETF (code LAZR) are the assets with the highest concentration of holdings, with Anthropic accounting for about 11% of the weight, but the overall asset scale is only around $170 million, and its recent performance has also detracted from its attractiveness.

Approximately $895 billion in committed funds directed towards Anthropic have indirectly supported the construction of a large number of AI infrastructure projects. If retail investors do not welcome the IPO of Anthropic with the same enthusiasm as they did SpaceX, the already weakening AI sector will face even greater pressure.

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Responsible Editor: Liu Mingliang

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