US OPEN: AMD-OpenAI Partnership Sparks Semiconductor Rally (06.10.2025)

The US equity market shows resilience entering another week of a shutdown, as the freshly announced partnership between AMD and OpenAI fuels once again the AI optimism. Tech-heavy Nasdaq leads gains (US100: +0.65%), followed by small-cap Russell 2000 (US2000: +0.35%), S&P500 (+0.1%), while Dow Jones Industrial Average edges down (US30: -0.5%).

Today’s trading is also underpinned by political shakeups in both France and Japan, which mixe up the sentiment on global markets. Japanese stocks hit a fresh record high after a loose-fiscal-and-monetary policy oriented Sanae Takaichi emerged as the Liberal Democratic Party. On the other hand, the French stock market is the red spot in European session due to the sudden resignation of the PM Lecornu, which exacerbates the prospects of political instability and investors’ unease about French debt.

Semiconductor stocks are leading today’s gains, as AMD’s multiyear collaboration with OpenAI reinforces the AI-driven growth narrative, in line with the most recent ISM reports showing steady demand for AI and cloud solutions. AMD surged nearly 30% after the market open, while other notable gainers include TSMC (TSM.US: +4.8%) and Intel (INTC.US: +4.4%). On the downside, real estate and consumer goods stocks are weighing on overall market sentiment.

Despite the overall optimism in technology stocks, Magnificent 7 companies experience a rather cautious opening. Tesla (TSLA.US) and Microsoft (MSFT.US) gain 2.3% and 1.2% respectively, while Apple (-0.8%), Amazon (-0.9%). Nvidia (-0.9%) and Meta (-2.1%) trade in the red. Alphabet is currently flat. 

Volatility in the S&P 500 sectors. Source: Bloomberg Finance LP

US100 (D1)

Nasdaq futures continue to climb toward fresh record highs, even as the RSI has hovered near overbought levels for nearly a month. The US100 contract has fully retraced Friday’s gap, coming close to the all-time high of 25,250. Some gains were pared back just before the market open, likely due to profit-taking, but overall, support for the tech-heavy index remains solid. The 10-day EMA (yellow) remains the key support; a break below it would be needed before any discussion of a potential correction. On the other hand the gains may be limited by the prolonged shutdown, as the lack of timely economic data may cause stress in the market.

Source: xStation5

Company news:

• AMD (AMD.US) shares surged 24% after announcing a multiyear partnership with OpenAI to deploy six gigawatts of its GPUs for AI infrastructure. The first gigawatt, powered by AMD’s Instinct MI450 chips, is slated for rollout in the second half of 2026. OpenAI also received a warrant to buy up to 160 million AMD shares, nearly 10% of the company, tied to deployment, share-price, and technical milestones. AMD expects tens of billions in revenue from the deal.

• Critical Metals Corp. (CRML.US) shares surged 70% after a Reuters report said the U.S. government is in talks to acquire a stake in the company to secure access to Greenland’s Tanbreez rare earth project. The firm, which bought Tanbreez last year, previously applied for a $50 million grant under the Defense Production Act, now under negotiation to be converted into equity worth about 8%. Talks remain preliminary but highlight U.S. efforts to cut reliance on China for rare earths.

• Fifth Third Bancorp (FITB.US) said it will acquire Comerica (CMA.US) in an all-stock deal valued at $10.9 billion, creating the ninth-largest U.S. bank with about $288 billion in assets. Comerica shareholders will receive 1.8663 Fifth Third shares for each of their own, worth $82.88 per share based on Friday’s close. The merger expands Fifth Third’s reach across the Southeast, Texas, and California while strengthening its Midwest base. Comerica shares are up 12.7%, while Fifth Third slipped 2.5%. The deal is expected to close in Q1 2026.

• Firefly Aerospace (FLY.US) shares jumped 10% after announcing an $855 million acquisition of national security tech firm SciTec in a cash-and-stock deal. The space and defense company will pay $300 million in cash and issue $555 million in shares at $50 each, with the deal expected to close by year-end 2025. SciTec, which recently won a $259 million U.S. Space Force contract, will operate as a Firefly subsidiary, boosting capabilities in missile warning, tracking, and defense systems.