Bank of America and Morgan Stanley beat earnings estimates, while ASML, the Dutch semiconductor-equipment maker, posts better-than-expected third-quarter earnings and issues an upbeat forecast.

Oracle will deploy 50,000 AMD AI chips and launch a new open lakehouse platform, signaling a major push to rival NVIDIA in the enterprise AI cloud race.

Today, companies focused on artificial intelligence, such as OpenAI, are aggressively pursuing better AI inference. Groq is benefiting from the trend, resulting in a $750 million fundraising round in September, which boosted its valuation to nearly $7 billion.

HSBC upgraded Nvidia to “buy” with a Street-high $320 target, citing expanding AI chip demand and potential recovery in China.

A group including BlackRock, Nvidia and Microsoft is buying Aligned Data Centers in an approximately $40 billion deal in an effort to expand next-generation cloud and artificial intelligence infrastructure.

Laffont bulked up his position in AMD in late 2022 and early 2023, as the popularity and potential of generative AI became clear. At one point, AMD was Coatue's third-largest publicly traded equity position. But since reaching a peak in mid-2023, Laffont has trimmed 89% of his position in the GPU maker.

AMD (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA) have been locked in a high-stakes AI chip race that has sent investors into a frenzy, especially around AMD. Recently, AMD announced a major AI infrastructure partnership with OpenAI.

Hedge fund manager Philippe Laffont sold most of his AMD stake to buy Arm Holdings, betting on 340% growth by 2030.