Ja, things are looking lekker on the JSE! The AI buzz is real, driving the Dow, S&P 500, and Nasdaq to record highs. Even with the US government shutdown dragging on, investors are feeling positive.
AI Powers the Rally
The tech-heavy Nasdaq Composite led the charge, followed by the S&P 500 and the Dow Jones Industrial Average. Chip stocks are soaring worldwide, with Nvidia hitting a new record. AMD and SK Hynix are also seeing gains. Seems like everyone wants a piece of the AI pie!
OpenAI Valuation Soars
OpenAI, the company behind ChatGPT, is now valued at a whopping $500 billion! This is after an employee share sale, boosting hopes for a tech rally. They've even overtaken Elon Musk's SpaceX as the most valuable startup in the world. Eish, that's a big deal!
Government Shutdown? Ag, No Worries!
Surprisingly, the US government shutdown hasn't really affected the markets. It seems like investors are used to the political drama. President Trump is threatening to fire federal workers and cut funding to blue states, but Wall Street is looking elsewhere.
Jobs Report Delay
The September jobs report is delayed because of the shutdown. This has Wall Street focusing on other data. The Fed is keeping a close eye on the labor market for their October rate decision. Private data shows hiring plans are at their lowest level since 2009. We'll have to wait and see what happens next, but for now, the AI boom is keeping the markets happy.
So, while there are some challenges, the AI sector is providing a much-needed boost to the global economy. Let's hope this trend continues and brings even more opportunities for South African investors!