TradingKey Daily Market Briefing: AI Chip Stocks Surge as AMD Market Cap Crosses $1 Trillion; Intel Rises 12%, Arm Jumps 17%, Meta Gains Over 11%

Tracking Market Trends

TradingKey - On September 21 Eastern Time, all three major US stock indexes rose, with the Nasdaq setting a new record closing high. International oil prices fell for the fourth consecutive trading day, with Brent crude again approaching $100 and the 10-year US Treasury yield falling back below 5%, easing the valuation pressure on tech stocks previously caused by the simultaneous rise in oil prices and long-term interest rates. Meanwhile, enthusiasm for AI investments re-ignited, with semiconductor stocks serving as the main force driving US equities higher.

At the close, the Dow Jones Industrial Average rose 0.71% to 52,048.83; the S&P 500 Index gained 1.49% to 7,764.70, about 0.4% off its record high; and the Nasdaq Composite Index surged 2.26% to 27,122.09, setting its first record closing high since June 2.

In terms of sectors and individual stocks, semiconductor stocks strengthened across the board. AMD (AMD) jumped about 10%, with its market cap surpassing $1 trillion for the first time, becoming the fourth US chip company to reach a trillion-dollar market value after Nvidia, Broadcom, and Micron Technology. Intel (INTC) surged 12.14%, Arm (ARM) soared 17.16%, Meta (META) jumped 11.34%, and the Philadelphia Semiconductor Index rose 4.29%.

In commodities, international oil prices fell sharply. Brent crude (UKOIL) fell 3.24% to settle at $100.01 per barrel; WTI crude (USOIL) fell 3.65% to close at $91.98, with both benchmark oil prices dropping to their lowest levels since September 9. Trump expressed willingness to meet Iranian President Pezeshkian during the UN General Assembly, while Saudi crude exports partially recovered, prompting the market to lower its pricing for short-term supply disruptions.

In precious metals, gold (XAUUSD) fell 0.8% to $4,343.60. Although long-term US Treasury yields pulled back, a stronger US dollar and market expectations of further Federal Reserve rate hikes continued to cap gold gains. Current market pricing shows an approximately 88% probability of another Fed rate hike in December.

In cryptocurrencies, Bitcoin (BTC) surged over 6%, briefly breaking above $86,000 to reach an eight-month high. Ethereum simultaneously climbed to around $2,700. Bitcoin triggered short covering after breaking out of a month-long consolidation range, while renewed inflows into US spot Bitcoin ETFs drove crypto assets higher alongside tech stocks.

Market News

AMD's market capitalization surpassed $1 trillion for the first time, making it the fourth U.S. chipmaker to reach the trillion-dollar milestone. AMD shares surged about 10% on Monday, driving its market cap above $1 trillion for the first time. In recent years, the company has accelerated the rollout of its AI chips and expanded from a standalone chip vendor into a platform model spanning processors, networking equipment, and full-stack AI systems. Meanwhile, rapidly growing demand for CPUs from AI inference servers has also helped AMD further expand its data center business.

China and the U.S. will establish a formal AI safety dialogue mechanism and set up an "AI Incident Hotline." U.S. Treasury Secretary Scott Bessent stated that senior officials from China and the U.S. will hold another AI safety dialogue in Shenzhen in about two months. The two sides have agreed to establish a formal communication mechanism, including a dedicated contact channel for AI safety incidents, and discuss joint response protocols for potential risks such as rogue AI agents and cyberattacks.

Xi Jinping will visit the United States from September 23 to 25, with Trump holding a meeting with Xi on Thursday. China's Ministry of Foreign Affairs confirmed that Chinese President Xi Jinping will visit the United States. The market is closely watching whether the U.S.-China tariff truce will be extended, as well as key topics such as trade, AI, critical technologies, and the situation in Iran. The current U.S.-China tariff truce is set to expire on November 10.

Trump expresses willingness to meet with Iran's president during the UN General Assembly, triggering a sharp decline in oil prices. Although the U.S. and Iran continued to exchange stern warnings over the weekend, Trump expressed willingness to meet with Iranian President Masoud Pezeshkian. Meanwhile, Iran has conveyed its conditions for re-engaging in negotiations to the outside world via intermediaries. Rising diplomatic expectations, combined with a recovery in Saudi exports, drove Brent and WTI down by 3.4% and 4.5% in a single day, respectively.

U.S. Strategic Petroleum Reserve drops to lowest level since 1982. Data from the U.S. Department of Energy showed that the U.S. Strategic Petroleum Reserve fell to 284.6 million barrels last week, the lowest level since October 1982. The U.S. had previously initiated a release program totaling 172 million barrels from the strategic reserve. With the Middle East conflict still ongoing, U.S. strategic crude inventory levels continue to draw attention from energy markets.

California signs seven data center regulation bills, subjecting AI infrastructure expansion to stricter constraints. The governor of California signed seven new bills targeting the data center industry, with regulatory scope covering electricity costs, water usage, and local government approvals. As AI data centers rapidly increase demand for electricity and water, multiple U.S. states are tightening oversight of AI infrastructure construction costs.

European Central Bank officially launches Pontes, a blockchain financial settlement platform. The European Central Bank has launched its Pontes service, connecting existing payment systems with blockchain financial markets to enable banks and institutional investors to directly settle tokenized asset transactions using ECB-backed euros without relying on private stablecoins. Institutions such as Deutsche Bank, Santander, and Clearstream are among the initial participants.

Smart ring maker Oura launches U.S. IPO, seeking a valuation of up to $15.6 billion. Oura plans to offer 50 million shares priced between $40 and $44 per share, raising up to approximately $2.2 billion and seeking a fully diluted valuation of around $15.62 billion. Eli Lilly has indicated interest in subscribing to up to $100 million in shares, and the company expects to list on Nasdaq next week under the ticker symbol "OURA".

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