Markets Rally Into the Open, Supported By AI Outlook and Weaker Inflation
Optimism is rippling across the financial markets and US equity futures are setting up for another strong open after Oracle Corp. said its contract backlog exploded by a staggering 359 percent to $455 billion in its first quarter, underscoring the sheer scale of the ongoing buildout of artificial intelligence infrastructure. By our estimates, the top ten AI-focused companies listed on US exchanges have collectively invested approximately $383 billion in capital expenditures over the past four quarters—equivalent to nearly 1.3 percent of gross domestic product—and are poised to commit at least another $475 billion over the coming year, providing a powerful...