AMD Surges 13% as Wall Street Revives AI Chip Trade | Closing Bell

Following a broad-based rally where the S&P 500 gained 2.3% driven largely by a 6.9% surge in the semiconductor sector, market participants focused on upcoming CPI data that may influence a potential Federal Reserve interest rate hike before year-end. Skydance Media announced a $6 billion cost-cutting plan and a streaming bundle strategy, while Lucid Group secured a $1.75 billion loan despite reporting wider losses, contrasting with Rocket Lab's positive revenue beat and upgraded guidance. Despite the sector-wide strength, analysts warn that risks remain high due to concentrated positioning and mixed signals regarding the sustainability of the AI investment cycle.