Overview

• AMD agreed to supply OpenAI with several million GPUs in a pact that CEO Lisa Su said has potential to generate well over $100 billion in revenue over coming years, diversifying OpenAI’s sourcing beyond Nvidia.
• AMD shares jumped intraday by more than 37% and were still up about 26% at $207.58 during Monday trading.
• Major indexes showed only modest moves, with the Nasdaq and S&P 500 slightly higher and the Dow lower on Monday, followed by small gains across the board on Tuesday.
• The Senate again failed to break the budget impasse, and the Bureau of Labor Statistics did not publish the September employment report due to the partial federal shutdown.
• Company-specific news drove sharp moves, including Applied Materials warning of revenue reductions of about $110 million this quarter and ~$600 million over the next year from export curbs, Comerica’s nearly $11 billion sale to Fifth Third, and ICE taking a $2 billion stake in Polymarket at an $8 billion valuation.