Global equities advanced, with the Dow Jones, S&P 500, and Nasdaq all gaining and setting record highs after a choppy stretch. The rally comes ahead of a pivotal Federal Open Market Committee meeting, with markets expecting rate cuts, and a heavy slate of mega-cap earnings. The U.S. federal government shutdown continued, adding to an uncertain backdrop, yet risk appetite remained firm across technology and infrastructure themes.
Artificial Intelligence infrastructure and financing dominated headlines. Nvidia is discussing guaranteeing portions of OpenAI’s planned data center loans and expanding chip-leasing arrangements, while Anthropic is negotiating a multi-billion-dollar cloud deal with Google and plans to use up to one million TPUs, reinforcing a growing alternative to Nvidia GPUs. OpenAI launched ChatGPT Atlas, billed as an Artificial Intelligence powered web browser. Venture capitalist Vinod Khosla predicted that a small share of Artificial Intelligence startups could capture the vast majority of sector value by 2035. The U.S. Commerce Department denied it is negotiating equity stakes with quantum computing companies, countering an earlier report. In parallel, recent weeks saw Oracle raise long-term Artificial Intelligence cloud targets despite skepticism, and a flurry of data center financings, including Meta’s new facility and Google’s support for TeraWulf bonds, alongside a takeover of Aligned Data Centers.
Corporate results and product moves were mixed. Netflix reported double-digit year-over-year revenue growth and guided to similar growth in the fourth quarter, but shares slipped on an in-line print. Tesla’s third quarter profit fell sharply despite an end-of-tax-credit sales boost. Super Micro Computer’s stock dropped after weak preliminary results. Amazon said robotics should allow it to avoid hiring hundreds of thousands of workers, unveiled Artificial Intelligence powered smart glasses for delivery drivers, and introduced a new Artificial Intelligence recommendation feature for shoppers. In Canada, Cohere’s CEO said the Toronto-based Artificial Intelligence firm could hit public markets soon. FINTRAC fined exchange operator Cryptomus for extensive anti-money-laundering reporting failures, and Sophic client Cybeats secured a multi-year renewal with Schneider Electric.
Earlier weeks highlighted rising volatility under the surface. Fund managers increasingly flagged an Artificial Intelligence stock bubble even as the International Monetary Fund noted an Artificial Intelligence investment surge that helped the U.S. avoid a sharp slowdown but could stoke inflation. OpenAI struck a chip design deal with Broadcom, and Oracle reiterated ambitious Artificial Intelligence cloud revenue and GPU rental margin goals. Semiconductor geopolitics remain in focus: Huawei laid out a 2026 to 2028 Artificial Intelligence chip roadmap aimed at blunting Nvidia in China, while Beijing probed Nvidia’s 2020 Mellanox acquisition and advised against purchasing certain downgraded Nvidia chips. IPO activity persisted despite a compressed calendar, and defense and data infrastructure continued to draw capital across North America.
