The big roll out for AI continues. AMD (AMD) is jumping over 25% near all time highs after announcing a long term to provide chips to a new key supplier, OpenAI’s for an artificial-intelligence infrastructure buildout. AMD management said they expect the OpenAI partnership will enable the company to eventually generate tens of billions of dollars in annual revenue and over $100 billion in total revenue from selling chips over the next several years.

Telecom stocks are taking a hit. Verizon (VZ) is down 4%, AT&T (T) is down 3%. Verizon rattled the market by naming a new CEO. The last CEO had been there for 7 years. The new CEO said the company is at a critical juncture to redefine their trajectory and grow their market share across all segments of the market. A&T has received two downgrades in the last week as analysts worry about margin pressures with iPhone upgrades.

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