The S&P 500 rose to an all-time intraday on Tuesday, touching 7844.52 and surpassing its August 13 intraday peak when it hit 7,830. The benchmark also closed for the first time over 7,800.
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With Treasury yields climbing this week to their highest levels since 2007, companies reliant on debt are poised to see their borrowing costs rise. That means the AI infrastructure buildout, which has already reached historic levels, is about to get even more expensive.
Investors were rattled this week as the benchmark 10-year Treasury yield soared to its highest level since 2007, but sticky inflation is just one of the factors behind this latest surge.
Editor's note: A previous version of this story, based on information provided by a Synchrony Financial executive, mischaracterized the collaboration between Synchrony and OpenAI. Details, quotes and characterizations attributed to Synchrony and the executive have been removed. A corrected version is below.
Synchrony Financial, the credit card issuer for brands including Amazon, Walmart and Lowe's, is working with OpenAI to allow shoppers to buy products directly inside ChatGPT using their store cards.
Nvidia and Intel recently tapped the bank to help them meeting soaring demand for compute.
S&P 500 companies are keeping more profit from every dollar in sales than ever before, providing another tailwind for stocks.
Steve Eisman is warning that the artificial intelligence boom has become increasingly dependent on the fortunes of just two companies: OpenAI and Anthropic.