US Stocks Near Records as AI Deals Boost Tech, Global Markets React

Wall Street continues to reach new record highs, driven largely by excitement around the artificial intelligence (AI) sector, particularly involving OpenAI. Advanced Micro Devices (AMD) saw its stock surge over 23%, with OpenAI announcing a deal to use AMD chips for AI infrastructure and potential ownership of up to 160 million AMD shares based on milestones. Nvidia, another leading chipmaker, previously announced a $100 billion investment in OpenAI but experienced a slight stock decline following the AMD news, raising concerns about a cyclical AI investment pipeline. Outside of tech, Comerica's stock jumped significantly after agreeing to be acquired by Fifth Third Bancorp in an all-stock deal valued at $10.9 billion, creating the nation's ninth-largest bank. Tesla's shares rose after hints of an upcoming product unveiling, while Verizon fell after appointing a new CEO. Despite the U.S. government shutdown, Wall Street trading remained relatively calm, with political events influencing markets more noticeably overseas, such as in Japan and France.