<Fundamental>
Despite the US government shutdown risk and elevated valuation concerns, US equities continued their upward rally, driven primarily by strength in AI-related stocks.
OpenAI’s valuation has surged to USD 500 billion, a sharp jump from the USD 300 billion valuation in an earlier SoftBank-led funding round earlier this year. This makes OpenAI the most valuable startup in the world, surpassing SpaceX.
Citigroup (C) raised its forecast for global AI spending, projecting USD 490 billion by 2026 (up from USD 420 billion) and cumulative hyperscaler investments by Amazon (AMZN), Microsoft (MSFT), and others to reach USD 2.8 trillion by 2029, up from the previous USD 2.3 trillion estimate.
<Technical>
US500 extended its rally to a new record high, maintaining a solid uptrend within the ascending channel. The diverging bullish EMAs point to the potential continuation of bullish momentum. If US500 breaches above the psychological resistance at 6800, the index may gain upward momentum toward the next psychological resistance at 7000. Conversely, if US500 breaks below the support at 6700, the index could retreat toward 6530.
Despite the US government shutdown risk and elevated valuation concerns, US equities continued their upward rally, driven primarily by strength in AI-related stocks.
OpenAI’s valuation has surged to USD 500 billion, a sharp jump from the USD 300 billion valuation in an earlier SoftBank-led funding round earlier this year. This makes OpenAI the most valuable startup in the world, surpassing SpaceX.
Citigroup (C) raised its forecast for global AI spending, projecting USD 490 billion by 2026 (up from USD 420 billion) and cumulative hyperscaler investments by Amazon (AMZN), Microsoft (MSFT), and others to reach USD 2.8 trillion by 2029, up from the previous USD 2.3 trillion estimate.
<Technical>
US500 extended its rally to a new record high, maintaining a solid uptrend within the ascending channel. The diverging bullish EMAs point to the potential continuation of bullish momentum. If US500 breaches above the psychological resistance at 6800, the index may gain upward momentum toward the next psychological resistance at 7000. Conversely, if US500 breaks below the support at 6700, the index could retreat toward 6530.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.