Overview

• Global equities climbed to records even after cautions from the Bank of England and the IMF, with analysts noting stronger tech earnings estimates and ongoing buying of AI-linked names.
• AMD’s newly announced multi‑year pact to supply OpenAI up to six gigawatts of MI450 GPU capacity starting in 2026 sent AMD shares sharply higher, and CEO Lisa Su said the tie‑up could generate tens of billions of dollars in revenue.
• Regulators and strategists flagged growing use of circular financing across the AI ecosystem—including Nvidia’s up to $100 billion commitment to OpenAI and OpenAI’s warrant for up to a 10% stake in AMD—raising questions about how to gauge true end demand.
• The Bank of England said valuations for AI-focused tech look stretched and market concentration has reached decades‑high levels, a view echoed by IMF chief Kristalina Georgieva and JP Morgan’s Jamie Dimon, who warned of a possible correction within six to 24 months.
• Other major voices, including Goldman Sachs and Bank of America, argued the rally does not yet fit a classic bubble given strong profits, cash flow and balance sheets, though they cautioned that disappointment on earnings or capex returns could trigger a sharp pullback.