US stocks closed higher across the board on September 22, with the Nasdaq surging over 2% as AI and chip stocks led the charge. Meta climbed more than 11%, Intel jumped over 12%, and AMD saw its market value break the $1 trillion mark for the first time.
Among the top 20 most actively traded US stocks on September 22, the AI agent Muse ignited a tech rally, with Meta rising 11.43% and CPU maker AMD gaining nearly 10% to enter the trillion-dollar valuation club. Most Chinese ADRs traded higher, with TSMC and Alibaba both advancing over 2%.
In commodities, oil prices declined, copper extended its upward trend, and gold moved lower. European markets posted their biggest gain since July, as falling energy prices eased inflation concerns.
Where to begin
Former President Trump stated he would only encourage AI development but would impose constraints when necessary. The European Union approved an extension of sanctions against Russia for a period of up to three years. Denmark and Greenland are set to sign a security agreement with the US, and Trump is scheduled to meet with Danish and Greenlandic leaders on Tuesday.
Treasury Secretary Bessent said the Trump administration will not provide "liability immunity protection" for AI industry leaders. The UK confirmed Manchester will host the 2027 G20 summit. The interior ministers of Pakistan and Iran exchanged views on bilateral relations and regional conditions, with Iran's president meeting Pakistan's interior minister and expressing hope for continued cooperation.
Following an election defeat, the chair of the CDU in Germany's Mecklenburg-Vorpommern state resigned. Russia may extend its diesel export ban again due to ongoing refinery attacks. The Israeli military reported attacks near the "Yellow Line" and carried out retaliatory strikes on Hamas targets. FIFA President Infantino proposed an external review of the governance mechanism for major decisions. The IAEA warned that frequent attacks near the Zaporizhzhia nuclear plant keep nuclear safety risks elevated. Iran claimed 760 vessels in Hormozgan province were destroyed in enemy attacks, and the UK Maritime Trade Operations office reported an LPG tanker was attacked in the Strait of Hormuz.
Corporate developments
Paramount and Skydance reached a settlement in related litigation, clearing the path for the acquisition of Warner Bros. Discovery. The two companies also reached a settlement with 12 states over the deal. The surge in Meta's AI agent sparked a rally in chip stocks, with AMD joining the trillion-dollar market cap club. Reports indicate that SoftBank-backed data center supplier SB Energy has postponed its IPO.
OpenAI is urging the US to take the lead in setting global standards for artificial intelligence. JPMorgan and Qatar Investment Authority are planning to establish a $20 billion investment partnership. The Gates Foundation, along with multiple AI organizations, announced a five-year goal to enable more than 3 billion people to use AI in their own languages and voices.
Meta's AI agent Muse is rapidly gaining popularity, with analysts saying Zuckerberg's AI bet is paying off. The CEO of Eli Lilly noted that one-third of new GLP-1 oral drug patients are taking Foundayo, and the manufacturer is ramping up production. OpenAI and Anthropic are discussing stress-testing each other's AI models.
Analysis and outlook
St. Louis Fed President suggested further rate hikes may be needed to curb inflation. In the US bond market, intermediate-term Treasuries led gains, and the yield curve continued to flatten. Strategists believe the Fed may need to hike further, while Zuckerberg's AI gamble appears justified. Bitcoin rose to its highest level since January at $85,000, sparking debate over whether the "crypto winter" has ended. S&P noted that banks' use of AI will soon impact their credit ratings.
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