"In the absence of macro jobs data due to the U.S. government shutdown, traders are piling into AI stocks, ING told clients this morning. "Financial market volatility is falling across the board, partly driven by the US government shutdown and the delay to key data releases such as the September jobs data. Instead, investors remain transfixed by the AI-driven rally in megacap tech shares, which shows no signs of slowing.""
""For now, AI is being driven by a handful of US Big Tech players spending almost $350 billion on Cap-Ex this year with now the cavalry coming as more enterprises and governments from around the world get into the AI spending game. The Middle East is a perfect example as now Saudi and UAE are diving into the deep end of the pool with Nvidia and US hyperscalers set to build out massive AI driven data centers""
The S&P 500 reached a new all-time high as AI-driven megacap stocks led gains, with Nvidia, Palantir, and Amazon rising. Investor interest intensified amid a U.S. government shutdown that delayed key macro data, prompting traders to focus on AI narratives. Big Tech is driving massive capital expenditure, with roughly $350 billion in CapEx from major U.S. players and expanding AI projects in the Middle East involving Saudi Arabia, UAE, Nvidia, and hyperscalers building large data centers. Goldman Sachs notes increasing use of debt to fund AI build-outs; AI-related issuers have accounted for $141 billion in corporate credit issuance in 2025 to-date.
Read at Fortune
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