Stocks Defy AI Bubble Chatter as AMD Powers Rally: Markets Wrap

A rally in chipmakers sent stocks to all-time highs as Advanced Micro Devices Inc.’s deal with OpenAI added fuel to the artificial-intelligence frenzy that has powered Wall Street. Bonds fell. The dollar rose.

With the bull market on track for its three-year anniversary, momentum shows few signs of abating. The S&P 500 climbed for a seventh straight session - the longest advance since May. AMD soared 24%. While giant Nvidia Corp. slid, a key gauge of semiconductors jumped about 3%. Tesla Inc. led gains in megacaps as a series of social-media posts teased the unveiling of a product.

Stocks rise on OpenAI-AMD deal.

Photographer: Andrey Rudakov/Bloomberg