Markets rally on AI hopes, yen continues its descent
Investors are making up for a lack of actual intelligence on the state of the economy by betting on artificial intelligence instead. The dollar is attracting inflows, mid-curve Treasury yields are pushing higher, and equity futures are pointing to further gains at the open after OpenAI and Advanced Micro Devices yesterday announced they would collaborate to build AI data centres, with the ChatGPT maker agreeing to buy tens of billions of dollars’ worth of chips from AMD while taking a 10-percent stake in the chipmaker over time. The euro is consolidating around lower levels as the dust settles after French...