Tesla, IBM, McDonald’s: Evercore Names Stocks Threatened by AI Giants’ IPOs
Tesla has been included on the list of companies that could suffer from the expected IPOs of OpenAI and Anthropic / Photo: Tricky_Shark / Shutterstock.com
Analysts at Evercore warn that large IPOs, such as the upcoming offerings by AI giants OpenAI and Anthropic, could negatively impact a number of stocks that are currently underperforming, including Tesla, IBM, American Express, and McDonald’s. Investors are likely to start selling these stocks to free up capital to participate in the new listings, MarketWatch reports. Anthropic may go public in October 2026, while OpenAI is leaning toward postponing its IPO until 2027, according to media reports.
Details
Pressure on stocks with weak growth will intensify due to the convergence of two factors: the initial public offerings (IPOs) of AI giants and the season when mutual funds sell unprofitable holdings for tax optimization purposes, according to Evercore. At the same time, the strategists emphasize that this does not signal the end of the AI rally—the bull market itself continues.
Analysts point to SpaceX’s record-breaking IPO on June 12 as an example: Investors may be tempted to view it as the peak of the tech boom—just as the merger of Internet service provider AOL and media conglomerate Time Warner in January 2001 marked the peak of the dot-com bubble. In contrast, Evercore views this listing as analogous to the historic 1995 IPO of the technology company Netscape. According to strategists, the internet back then, like artificial intelligence today, “ushered in an era of productivity gains driven by technology whose effectiveness had not yet been fully proven.”
Nevertheless, the Evercore team believes that investors’ desire to continue betting on AI could work against certain stocks that have already been performing poorly recently. This is due to the upcoming massive IPOs of OpenAI, Anthropic, and other companies, analysts explain. “Just as they did ahead of SpaceX’s IPO, clients worked with us to model scenarios for how they could ‘make room’ in their portfolios to participate in such an IPO—by hedging and reducing existing positions,” the strategists said.
Moreover, October marks the period when mutual funds offload underperforming assets for tax optimization purposes, according to Evercore. The sale of unprofitable securities is traditionally used to reduce the overall tax burden. “Funds may, of course, decide to begin such sales early to free up capital to participate in upcoming major IPOs,” analysts suggest.
To identify vulnerable companies whose stocks may come under the most pressure, analysts selected stocks from the Russell 3000 index that have fallen by at least 10% since the start of the year and have risen by less than 20% from their annual lows. Another criterion was a downward revision of earnings forecasts over the past three months—a factor that reduces the chances of a rebound by the end of the year, according to Evercore.
Here are the companies that made the list:
Tesla, an electric vehicle manufacturer
IBM Technology Solutions Provider
American Express, a credit card company
McDonald’s fast-food restaurant chain
S&P Global, a financial information and ratings company
Lowe’s, a chain of home improvement and home goods stores
AppLovin, a developer of mobile technologies and marketing platforms
HCA Healthcare, a healthcare provider
Boston Scientific, a manufacturer of medical equipment
Medline, a manufacturer and distributor of medical supplies
Rocket Cos, a mortgage and financial services company
Martin Marietta Materials, a manufacturer of building materials
Zoetis, a manufacturer of veterinary medications
Las Vegas Sands, a casino and resort operator
Fiserv, a provider of financial technology and payment systems
Coupang, an e-commerce company
Otis Worldwide, a manufacturer of elevators and escalators
NRG Energy, an energy company
AST SpaceMobile, a developer of satellite communication systems
Markel Insurance and Investment Company
First Solar, a manufacturer of solar panels
Fidelity National Information Services, a provider of financial solutions
Equifax, a credit reporting and data analytics firm
Lennar, a homebuilder
Fair Isaac Group, a developer of analytics and credit scoring systems
FedEx Freight Trucking Operator
Tyson Foods, a food and meat producer
Flutter Entertainment, a gambling and sports betting operator
Rollins, a pest control service provider
The Carlyle Group, an investment firm
Somnigroup International, a manufacturer of bedding products
RB Global, an operator of commercial asset auctions
Talen Energy, an energy company
Albemarle, a chemical company
McCormick & Co., a manufacturer of spices and seasonings.
QXO, a supplier of building materials
Lennox International, a manufacturer of HVAC equipment
Dick’s Sporting Goods, a sporting goods retail chain
Fidelity National Financial, an insurance company
DraftKings sports betting operator
This article was AI-translated and verified by a human editor
