Overview

• Investors pushed the S&P 500 and Nasdaq to record levels as AI-linked headlines and deals outweighed mounting caution from regulators and economists.
• IMF chief Kristalina Georgieva cautioned that equity prices are surging on AI optimism, and the Bank of England flagged stretched valuations and concentration, with seven mega-caps supplying 55% of S&P 500 gains since late 2022.
• Scrutiny grew over interlocking vendor‑financing arrangements tying Nvidia, OpenAI, AMD, Oracle and CoreWeave, with Bank of America estimating OpenAI’s chip and cloud commitments could approach $1 trillion.
• Analysts split on the bubble question: Goldman Sachs and Bank of America say conditions do not yet match classic bubbles, while Morgan Stanley’s Lisa Shalett warned of a possible “Cisco moment” for AI within about two years.
• Deal flow is still moving prices, as AMD’s multi‑year pact to supply OpenAI starting in 2026 with MI450 chips and up to six gigawatts of GPU power sent its shares up nearly 24%, and CEO Lisa Su projected potential revenue of “tens of billions.”