市场综述：人工智能交易热潮持续，欧美股市进一步上涨

A new round of large-scale artificial intelligence transactions and cooperation agreements has sparked new optimism, with the global stock market rally driven by the technology sector continuing unabated.

Asian tech stocks lead the rally: Japan's Hitachi has reached a cooperation agreement with OpenAI in the energy and related infrastructure sectors; Fujitsu has expanded its collaboration with NVIDIA. Additionally, Global Infrastructure Partners is in deep negotiations to acquire Aligned Data Centers, a major beneficiary of the artificial intelligence spending boom, with the deal potentially valuing it at around $40 billion.

S&P 500 futures rose 0.3%, and if this trend continues, the U.S. benchmark index will achieve six consecutive gains, marking the longest winning streak since July. Nasdaq 100 futures also rose 0.3%. The European Stoxx 600 index continued its record rally, with mining stocks leading the gains—driving copper prices to potentially see their largest weekly increase since April.

Investors are betting that the billions of dollars flowing into the artificial intelligence sector will translate into actual profits, further boosting tech stock gains. This rally highlights that, despite the U.S. government shutdown entering its third day and causing key economic data releases to pause, bullish market momentum has overshadowed these concerns.

In the commodities sector, driven by declining U.S. interest rates and ongoing inflation concerns prompting central banks worldwide to purchase gold, gold is poised for a seventh consecutive weekly gain. Furthermore, despite the heightened interest in the artificial intelligence sector and significant surges in chip stocks this year, gold mining stocks have actually become a better investment choice.

By 2025, the MSCI Global Gold Index has surged approximately 135%. This index is expected to achieve its best historical performance relative to the MSCI Index of major semiconductor companies.

In other market areas, oil prices are poised for their largest weekly decline since late June—prior to the OPEC+ meeting, where the market anticipates that this meeting will lead to the restoration of more idle crude oil production capacity. The U.S. dollar remains stable, U.S. Treasury prices fell slightly, and the yield on the 10-year U.S. Treasury rose by 1 basis point to 4.10%.

The ongoing optimism in the artificial intelligence sector has also raised questions about the sustainability of the rally. As related spending has yet to translate into actual earnings, concerns about overvaluation in the market are growing.

Wolf von Rothberg, a stock strategist at Swiss bank Julius Baer, stated: "The market is likely to start questioning whether the current valuation levels are reasonable. Future gains are destined to be more moderate, and the risk of a pullback is quite high."