The trillion-dollar club
Semiconductor stocks rallied earlier this week as signs of success for Meta Platforms’ [META] new artificial intelligence (AI) agent fuelled expectations of increased chip demand. Advanced Micro Devices [AMD] became the latest US chipmaker to surpass a $1tn market capitalisation, joining Nvidia [NVDA], Broadcom [AVGO] and Micron [MU]. The wider trillion-dollar club also includes Amazon [AMZN], Alphabet [GOOGL] and Microsoft [MSFT].
Will OpenAI’s warnings be heeded?
The AI startup has urged the Trump administration to lead an international coalition setting standards for AI systems, ahead of Sam Altman’s appearance at the UN Security Council. Its proposals call for global coordination to assess AI capabilities and risks, particularly as models become more autonomous, the Financial Times reported. OpenAI also backed US-China dialogue on AI safety, including secure channels for sharing emerging threats.
What’s next for these crypto-adjacent stocks?
The CLARITY Act failed a key Senate vote on 15 September, leaving crypto regulation to rely on existing SEC and CFTC authority rather than new legislation. Despite the setback, bitcoin [BTC] broke above $84,000 and crypto-adjacent stocks including Coinbase [COIN], Robinhood [HOOD] and Strategy [MSTR] have all rebounded. Aureon looks at how each stock is exposed differently to the fallout – from Coinbase’s market structure risk to Robinhood’s tokenisation bet and Strategy’s bitcoin-driven treasury strategy.
Crypto tokens climb post-CLARITY setback
Crypto tokens linked to trading and tokenisation have rallied after US regulators expanded digital-asset markets, despite the CLARITY Act failing to advance. Hyperliquid [HYPE] hit a record $96, Bloomberg reported, while Uniswap [UNI], Avalanche [AVAX], Ethena [ENA] and Ondo [ONDO] also posted sharp gains. The SEC recently granted qualifying venues a five-year exemption to trade tokenised US stocks on-chain.
Paramount clears final hurdle for merger
Paramount Skydance [PSKY] has settled a lawsuit brought by a coalition of US states, clearing a major obstacle to its planned $110bn merger with Warner Bros Discovery [WBD]. Under the agreement, Paramount must release at least 30 films a year and meet minimum US production targets, while establishing an editorial independence board for CBS Newsand CNN. The company will also pay $17.5m into the Writers Guild of America health fund and face penalties, including a potential Miramax divestiture, if it fails to meet its commitments.
What’s on the table for Trump-Xi summit?
Donald Trump and Chinese President Xi Jinping are set to meet in Washington, with AI, tariffs, critical minerals and semiconductor restrictions among the key issues on the agenda. The two sides are also expected to discuss the future of their trade truce. AI has emerged as a particularly important bargaining chip, with Beijing seeking relief from technology restrictions while Washington looks to secure access to critical minerals and address technology and security concerns.
SaaS: The race to monetise AI
As tech leaders warn of AI risks, Salesforce [CRM], ServiceNow [NOW] and SAP [SAP] are racing to prove they can monetise the AI boom. Salesforce’s Agentforce ARR is set to cross $4bn, ServiceNow’s AI Control Tower is capitalising on governance fears and SAP is leaning on agentic assistants to accelerate its cloud migration. Aureon breaks down how each stock’s recent earnings and valuation stack up, even as some analysts remain sceptical that AI monetisation will pay off equally for all three.
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