Good evening and welcome to Markets Desk, your closing bell briefing on the stories moving markets right now.
AMD delivered a standout quarter, with shares surging seven percent after the chipmaker reported data center revenue nearly doubling on the strength of AI chip demand. The results beat expectations across the board and signal that the race for AI infrastructure spending is far from cooling off.
Shifting to the broader tape, J.P. Morgan's strategists are watching the S and P five hundred with serious concern. The index is approaching what they describe as a technical cliff at seven thousand five hundred. A break below that level, they warn, could trigger a sharp acceleration in selling pressure and tip the market into a full-blown correction.
And in the crypto and AI crossover space, bitcoin miners who pivoted to running AI data centers are finding the new business no smoother than the old one. Power costs, infrastructure complexity, and volatile demand from AI clients are creating headaches that look remarkably familiar to anyone who lived through the crypto boom and bust cycle.
That's the tape. Markets Desk, signing off the floor.
