AI Surge Lifts Markets as Investors Shrug Off U.S. Shutdown Fears
U.S. stock futures climbed Thursday morning, buoyed by a wave of optimism surrounding artificial intelligence that overshadowed concerns about the ongoing government shutdown. The S&P 500 and Nasdaq 100 futures rose 0.3% and 0.5% respectively, with the S&P 500 closing above 6,700 for the first time ever. Driving the rally was OpenAI’s meteoric rise in valuation to $500 billion following a $6.6 billion employee share sale, making it the world’s most valuable startup and surpassing SpaceX. The company also inked major chip supply deals with Samsung and SK Hynix, sparking a global rally in semiconductor stocks. Despite the shutdown halting nonessential government functions and delaying key economic data like the September jobs report, investors remained focused on tech gains and potential Federal Reserve rate cuts. Weak private payroll data and signs of a softening labor market have further fueled expectations for monetary easing. While the Dow Jones futures remained flat...
