Stocks Rally Further as AI Deal Spree Rolls On: Markets Wrap

(Bloomberg) — A tech-fueled rally in global stocks continued unabated as another round of big-ticket artificial intelligence deals and partnerships stoked fresh optimism.

Asian technology stocks led the charge as Japan’s Hitachi Ltd. teamed up with OpenAI on energy and related infrastructure, while Fujitsu Ltd. expanded its collaboration with Nvidia Corp. Meanwhile, Global Infrastructure Partners was in advanced talks to acquire Aligned Data Centers, a major beneficiary of the AI spending boom, in a deal that could value the company at about $40 billion.

S&P 500 futures advanced 0.3%, setting the US benchmark on track for a sixth straight gain and its longest winning streak since July. Nasdaq 100 contracts rose by the same margin.

Europe’s Stoxx 600 extended its record run, led by mining shares as copper headed for its biggest weekly advance since April.

Investors are wagering that the billions pouring into the AI sector will translate into profits and extend gains in tech shares. The rally underscores how bullish momentum is overshadowing concerns about a US government shutdown, now in its third day and prompting a blackout in key economic data.

“Financial market volatility is falling across the board, partly driven by the US government shutdown and the delay to key data releases such as the September jobs data,” wrote ING strategists Chris Turner and Francesco Pesole. “Instead, investors remain transfixed by the AI-driven rally in megacap tech shares, which shows no signs of slowing.”

Friday’s burst of new partnerships and potential deals came just a day after a share sale lifted OpenAI’s valuation to $500 billion. Stocks have climbed to successive record highs this year, with AI optimism adding to bullish momentum from prospects of monetary policy easing and resilient earnings.

In commodities, gold was on track for a seventh weekly gain, fueled by central bank buying amid falling US interest rates and lingering inflation concerns. And despite all the hype around AI and the surge in chip stocks this year, gold miners have actually been the better bet.

An MSCI Inc. gauge of global gold equities has soared about 135% in 2025. It’s on course for its biggest-ever outperformance against the index compiler’s measure of major semiconductor firms, which is up 40%.

In other corners of the market, oil was on track for its biggest weekly decline since late June, ahead of an OPEC+ meeting that’s expected to result in the return of more idled barrels. The dollar held steady while Treasuries edged lower, with the 10-year yield rising one basis point to 4.10%.

The continued optimism around AI is stoking questions over how far the rally can run. Concerns are growing that valuations look overheated as spending has yet to translate into earnings.

“The market may well start asking questions whether current valuation levels are justified,” said Wolf von Rotberg, equity strategist at Bank J. Safra Sarasin. “Further upside is set to be much more gradual, with risks of a setback fairly elevated.”

Some of the main moves in markets:

Stocks

The Stoxx Europe 600 rose 0.4% as of 9:50 a.m. London time S&P 500 futures rose 0.3% Nasdaq 100 futures rose 0.3% Futures on the Dow Jones Industrial Average rose 0.2% The MSCI Asia Pacific Index rose 0.7% The MSCI Emerging Markets Index rose 0.3% Currencies

The Bloomberg Dollar Spot Index was little changed The euro rose 0.2% to $1.1737 The Japanese yen was little changed at 147.35 per dollar The offshore yuan was little changed at 7.1336 per dollar The British pound rose 0.1% to $1.3460 Cryptocurrencies

Bitcoin fell 0.6% to $119,959.3 Ether fell 0.7% to $4,461.4 Bonds

The yield on 10-year Treasuries advanced two basis points to 4.10% Germany’s 10-year yield was little changed at 2.70% Britain’s 10-year yield was little changed at 4.70% Commodities

Brent crude rose 1.2% to $64.90 a barrel Spot gold rose 0.1% to $3,861.21 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Winnie Hsu and Cecile Gutscher.

©2025 Bloomberg L.P.