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▸ Land­mark deal between OpenAI and chip­maker AMD buoys Wall Street

▸ European stocks weighed by polit­ical tur­moil in France as PM resigns

▸ Tokyo equit­ies soar to record highs as Takai­chi elec­ted leader of rul­ing party

A rally in global tech­no­logy stocks car­ried Wall Street higher yes­ter­day after a land­mark deal between OpenAI and chip­maker AMD.

OpenAI agreed to buy tens of bil­lions of dol­lars’ worth of chips from AMD in order to accel­er­ate the Chat­GPT maker’s devel­op­ment of its new data centres to power its AI mod­els.

AMD’s share price rose as much as 37 per cent in early trad­ing before par­ing some gains to stand up about 27 per cent.

Other semi­con­ductor names were buoyed by the deal with Super Micro Com­put­ing rising 5.4 per cent, Palantir up 4.5 per cent and Arm Hold­ings rising 4.2 per cent.

Wall Street’s tech-heavy Nas­daq Com­pos­ite index was up 0.6 per cent by early after­noon in New York. The blue­chip S&P 500 index gained 0.4 per cent des­pite the ongo­ing gov­ern­ment shut­down in the US.