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4h ago

AI Dealmaking Lifts S&P 500, Nasdaq and Russell 2000 to Record Closes

With official data postponed by the federal shutdown, investors leaned on chip news to extend the rally.

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Overview

  • S&P 500 closed at 6,740.28 (+0.36%) and Nasdaq at 22,941.67 (+0.71%), while the Dow slipped to 46,694.97 (-0.14%); the Nasdaq-100 and Russell 2000 also notched record closes.
  • AMD said it will supply AI chips to OpenAI in a pact that could generate tens of billions in annual revenue and includes an option for OpenAI to buy up to a 10% stake in AMD.
  • AMD shares jumped 23.7% on the announcement as chip peers advanced, with the Philadelphia Semiconductor Index up 2.9%.
  • Bitcoin set a fresh all-time high, crossing roughly $125,000–$126,000 during the broader risk-on move.
  • Tesla gained about 5.5% after a social-media teaser for an Oct. 7 event, while markets priced a roughly 94.6% chance of a 25 bp Fed cut this month with key releases delayed by the shutdown.