Key Highlights

  • On November 10, 2026 Anthropic set a USD 70 to USD 78 range for its planned (NASDAQ:ANT) listing, a level that implies a valuation of up to about USD 1.4 trillion.
  • Microsoft lost 2.2% that day as Claude Sheets, Whiteboards and Data tools went after Office, then slid about 2% again on November 11 alongside Amazon and Meta.
  • Expedia dropped 3.0% once OpenAI bought AI travel planner Odessia, a sign that trip planning may shift inside ChatGPT.
  • Wix.com took a double downgrade to Underperform with a USD 68 target, on worries that AI app builder Base44 is hiding a slowing core business.

1. Anthropic (NASDAQ:ANT)

The disruptor of the group is Anthropic (NASDAQ:ANT), the proposed ticker for the company behind the Claude AI models. Its November 10, 2026 terms were a USD 70 to USD 78 range on 825 million shares, good for up to about USD 64.4 billion, the largest IPO on record. Strategic partners such as AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC will buy a further USD 26 billion of stock at the IPO price, taking total proceeds to about USD 90.4 billion, and the top of the range implies a fully diluted valuation of about USD 1.4 trillion, compared with USD 965 billion in May. Growth supports that price, with annualised run-rate Revenue of about USD 81 billion at October 31, roughly USD 10 billion more than a month earlier, and new Sheets, Whiteboards and Data tools released this week. Spending is the weakness: compute costs produced a net loss above USD 104 billion in the first nine months, and hundreds of billions of dollars are committed to capacity. Pricing is due on November 18 with trading from November 19, during a week of hot Inflation data, a 10-year Yield near 5% and turmoil at Nvidia. Canadian investors can track the deal via brokerages offering US exchanges.

2. Microsoft (NASDAQ:MSFT)

For Microsoft (NASDAQ:MSFT) the trade cuts both ways. Claude Sheets, Whiteboards and Data arrived on November 10, aimed at work done in Excel, PowerPoint and the wider Microsoft 365 suite, and the shares closed 2.2% down after trading about 3% lower during the day; Claude is also due in Google Meet. An assistant that builds models and prepares documents puts pressure on per-user licence pricing, one of Microsoft's most profitable businesses and the base of Copilot subscriptions. A further drop of about 2% came on November 11 as investors moved out of large AI spenders and into hardware suppliers, which left a Market Value near USD 3.87 trillion, trailing Apple and Nvidia. Still, the cushions are thick. Microsoft partners with Anthropic, provides it cloud capacity and joins the USD 26 billion Placement at the IPO price. It can also bundle AI into contracts already in place across most large companies, and AI developers rent plenty of its cloud. Results did not cause the fall. Copilot uptake and Azure growth will tell whether AI enlarges Microsoft's markets or merely changes where its AI revenue is booked.

3. Amazon (NASDAQ:AMZN)

Amazon (NASDAQ:AMZN) slipped 1.7% on November 11 in a session when the Nasdaq rose 1.60%, technology led and consumer discretionary was the sole S&P 500 sector in decline. Meta and Microsoft also fell about 2%. The market was favouring sellers of AI hardware and capacity over the firms spending hundreds of billions of dollars on the build-out. That day's strong AI cloud report, with 2026 Capital spending guided at USD 37 billion to USD 39 billion, underlined Demand for chip suppliers and the scale of the cash being consumed. The picture for Amazon is more balanced than the move suggests. Its cloud arm spends heavily, yet Amazon ranks among Anthropic's biggest backers, so its stake could appreciate if the listing reaches a valuation of up to about USD 1.4 trillion, and unlike Meta it can rent capacity to AI developers. Watch the near-term cost of capacity, the possibility that AI developers capture more of software spending, and a 10-year Treasury Yield near 5% that raises the bar for long-duration projects. Cloud growth, margins and free Cash Flow will resolve the debate in time.

4. Expedia (NASDAQ:EXPE)

Reports on November 10 that OpenAI had acquired Odessia, an AI travel planning start-up, knocked Expedia (NASDAQ:EXPE) down 3.0%; its chief executive confirmed the deal. Booking Holdings fell 2.1%, Airbnb 2.3%, and Airbnb lost about 3.4% by midday on November 11. No terms were given. The message is that OpenAI wants travellers to plan, and perhaps book, inside ChatGPT. Online travel firms act mainly as intermediaries and spend heavily on search ads to attract customers, so if journeys start inside an AI interface owned by someone else, the platforms must fight for position there, with higher Acquisition costs or thinner commissions as possible results. Expedia is not defenceless: its business-to-business segment supplies inventory to other firms and could serve as a partner channel for AI agents, and it is developing AI tools and chatbot integrations of its own. A newcomer would need years to match its scale, supplier relationships and loyalty programmes. Travel demand holds up and cheaper gasoline supports holiday spending, so a single acquisition should not change near-term earnings. The pressure lands on the valuation multiple, which relies on faith in long-term market share.

5. Wix.com (NASDAQ:WIX)

A downgrade from Buy to Underperform on November 10, issued by a major US research house, pushed Wix.com (NASDAQ:WIX) down 4.59% to USD 66.55, with the target reduced to USD 68 from USD 75. Its argument: Base44, the AI app-building business, is growing fast enough to conceal a slowdown in the core website platform. Third-quarter revenue rose 13% to USD 570.2 million, yet Partners growth cooled to 11% from 17% and fell short of forecasts, and the research house believes the core recurring Business without Base44 could be advancing only 3% to 4%, a number Wix does not report. Base44 now has nearly USD 250 million of annual Recurring Revenue and an adjusted gross Margin of 58%, up from near zero in the first quarter. The cost is steep, though: sales and Marketing outlay increased to USD 193.2 million from USD 137.4 million, and the 2026 free cash flow margin outlook was reduced to about 16% from the high teens. Guidance for fourth-quarter growth is low double digits. With intense competition in AI app building and unproven retention in a new category, Wix is exposed to disruption from the technology it sells.

Where Things Stand

Wix.com is on the shakiest ground among the top 5 stocks in this week's AI disruption trade, since its core business looks to be slowing while the AI product meant to offset it burns cash in a crowded field. Expedia faces a real but slower threat to its valuation, and Microsoft and Amazon have the scale and partnerships to capture AI spending by other routes. Anthropic, the disruptor, has to justify a valuation of up to about USD 1.4 trillion with losses above USD 104 billion in nine months, and its November 18 pricing will test appetite for the whole theme.