AI's strong drive led Naye to go higher and Qiong was dragged down by Wilson.

U.S. stocks were mixed during the session, with technology and semiconductors continuing to be the core of bulls. The S & P 500 and Nasdaq rose, while Dow Jones fell slightly. The Dow Jones Industrial Average temporarily reported 46,695.1, down 0.14%; the Standard & Poor's 500 Index temporarily reported 6,745.29, up 0.44%; the Nasdaq Composite Index temporarily reported 2,952.32, up 0.75%; the Philadelphia Semiconductor Index surged to 6,844.99, up 3.97%, indicating a significant return of funds to high-growth and AI-related targets.

Semiconductor and AI have once again become the focus of funds.

Advanced Micro Devices(AMD) announced that it has signed a multi-year chip supply agreement with OpenAI, and announced that it will give OpenAI the option of holding a stake of up to 10%. It inspired its share price to surge 27.42% intraday, becoming the leading driving force for the S & P 500;Monolithic Power Systems(MPWR) rose 6.59% in response to supply chain buying. In contrast, Nvidia(NVDA) fell slightly by 0.79%, indicating that there is a rotation of funds within the AI ecosystem rather than a comprehensive simultaneous upward trend.

There are differences in weights and technologies, but there are more overall.

Tesla(Tesla, TSLA) rose 4.41%, as the market held the imagination of new products and lower-priced models for its upcoming events, driving sentiment among electric vehicles;Microsoft(Microsoft, MSFT) rose 1.44%, Alphabet (GOOGL) rose 1.39%, and Amazon.com(Amazon, AMZN) rose 0.38%. Apple(Apple, AAPL) fell 0.56%, and Meta Platforms(Facebook, META) fell 0.28%. Although large technology stocks are divided, their net contribution to the index is still positive, pushing the market closer to historical highs.

Telecom and defensive stocks dragged Dow Jones down.

Verizon Communications(VZ)'s share price fell 4.81% after announcing that former PayPal CEO Dan Schulman became CEO, becoming one of the weakest performers in the Dow Jones and S & P 500, putting pressure on the Dow Jones index. Among consumer stocks, Starbucks(Starbucks, SBUX) fell 4.37%, indicating that buying sentiment for defensive and non-essential consumption is relatively weak amid a rebound in risk appetite.

Transfer and packaging paper stocks are under pressure.

International Paper(IP) and Smurfit Westrock(SW) fell, mainly due to British firm Mondi warning that the market environment was challenging and could erode profits, dragging down the performance of pulp and packaging-related stocks. Funds have turned to favor AI and cloud supply chains with growth and clear themes, and transfer stocks have lost their luster in the short term.

Financial mergers and acquisitions led to a rebound in regional banks.

Comerica(CMA) surged after Fifth Third Bancorp(FITB) agreed to an all-stock acquisition with a transaction valuation of approximately US$10.9 billion, boosting peer reviews and easing market doubts about the capital and liquidity of small and medium-sized banks. M & A themes often provide valuation anchors, which in turn improve ethnic risk appetite.

Policy themes ignite resource stocks.

Critical Metals(CRML) shares soared amid market reports that the Trump administration is considering taking a stake in this rare earth miner, stimulating buying enthusiasm for strategic minerals and national security supply chain concept stocks. The extension of the theme shows that the willingness to take risks is not limited to the scientific and technological field, and funds are beginning to look for targets that benefit from policy support and supply security.

The high gold price and the rising oil price reflect inflation and the tug of supply and demand.

The international gold price hit a record high intraday, indicating that while risky assets in the stock market strengthened, some safe-haven assets were still allocated; oil prices rose with the decision of OPEC+ to slightly increase production. The market interpreted that overall supply and demand were still tight, and energy inflation variables were not eliminated. This also pushed up the yield rate of 10-year U.S. government bonds and suppressed some of the room for asset evaluation with high price-to-earnings ratios, but did not change the relatively strong pattern of growth stocks today.

The strengthening of the US dollar and the continued popularity of cryptocurrencies.

The US dollar rose simultaneously against the euro, the British pound and the Japanese yen, reflecting the return of funds to US dollar assets driven by the rise in US bond yields and the resilience of US stocks. Most cryptocurrencies are higher. Bitcoin's previous record high has led to continued popularity of related concepts, indicating that risk asset preferences are fermenting simultaneously in multiple markets.

The government shutdown has caused a data window and the market focuses on the Federal Reserve signal.

The continued shutdown of the federal government has delayed key statistics such as employment, and investors have turned to private sector sentiment and confidence surveys, as well as to the latest conversations of Fed officials, including the views of Governor Stephen Miran and Chairman Jerome Powell, to find clues about the path of interest rates and financial conditions. In the data vacuum, corporate news and industry themes have a relatively enlarged influence on the market trend.

Transactions and stock rotation show risk-opening characteristics.

Most of the leading stocks on the market were concentrated on AI, electric vehicles and cloud-related topics. Trading was significantly active and affected the performance of equity stocks. In contrast, telecommunications, defensive consumption and paper industry weakened, and low transfer of property rights had a limited drag on the market. Overall, the continuation of AI themes and the increase in M & A news have become the two main axes of promoting the index and enhancing risk appetite today.

Key intraday observations focused on the progress of AI agreements and large-scale technological performance.

The market continues to pay attention to the commercialization pace of the cooperation between OpenAI and Ultramicro and the benefits to surrounding supply chains. At the same time, it observes whether the profit visibility of large technology stocks is enough to absorb the valuation pressure brought by rising interest rates. If subsequent corporate messages continue to be positive, index momentum is expected to maintain a structure dominated by technology and semiconductors; conversely, defense and value stocks may take in funds in the short term.