US stock futures traded higher Thursday morning, with the S&P 500 and Nasdaq 100 extending their march toward record territory. Investors appeared buoyed by a historic surge in artificial intelligence investment and blockbuster startup valuations, while temporarily shrugging off uncertainty created by a persistent US government shutdown.

AI Sector Headlines Drive Market Optimism

The tech sector led Thursday’s cautious advance, powered by news that OpenAI, the maker of ChatGPT, completed a share sale giving the company an astonishing $500 billion valuation. This not only makes OpenAI the world’s most valuable startup, passing Elon Musk’s SpaceX, but also reaffirms the AI sector’s outsized influence on current market dynamics. Participation in the share sale was strong, underscoring investor conviction that AI will remain a growth engine for technology and adjacent industries for years to come.

OpenAI’s growth continues to ripple throughout the chipmaking industry. Shares in leading Asian semiconductor companies soared as the company inked new partnerships to advance massive AI data center projects—most notably with SK hynix and Samsung Electronics. Chip stocks added over $200 billion in market value, reflecting investor confidence in surging hardware demand needed to support AI’s rapid adoption worldwide.

Equities Rally Amid Mixed Economic Signals

Against the backdrop of AI-fueled optimism, the broader US equity indices maintained upward momentum. The S&P 500 scored a record close above 6,700 for the first time on Wednesday, driven partly by softer-than-expected labor data — the ADP private payrolls report showed a surprise loss of 32,000 jobs in September.

Analysts suggest this cooling in the labor market is bolstering bets on Federal Reserve interest rate cuts later in the year. According to the CME FedWatch tool, futures are increasingly pointing to a rate cut at the Fed’s next decision-making window, with cracks in the labor market cited as a key risk factor. Falling rates typically provide a tailwind for growth stocks, including tech heavyweights.

Government Shutdown Casts Economic Shadow

Despite the trading enthusiasm, investors remain wary of the ongoing US government shutdown. Hopes for a quick resolution dimmed Wednesday as the Senate failed to pass either Republican or Democratic funding bills. In observance of Yom Kippur, the Senate is off Thursday, pushing the earliest resolution to Friday at the soonest.

The shutdown has already begun to impact economic reporting. The Bureau of Labor Statistics, responsible for crucial job and inflation data, has paused operations, all but guaranteeing that this Friday’s September jobs report will be postponed. As the Federal Reserve weighs its next moves, any extended lag in government statistics could raise uncertainties for monetary policy and market participants alike.

Other concerns loom as well—social security payments, federal employee salaries, and broader government services hang in the balance the longer the impasse lasts.

Premarket Movers: Chips, Data Centers and E-Commerce

Traders also monitored key premarket movers:

• SK hynix and Samsung Electronics: Shares rose sharply, 9% and 3% respectively, after news of their collaboration with OpenAI on the next wave of AI data centers.
• Equifax fell more than 10% on reports of rising credit card fraud in Canada.
• Alibaba Group was up 2%, buoyed by JPMorgan’s increased price target and ongoing cloud and e-commerce growth.
• Fermi (Rick Perry’s REIT): Surged 54% in its Nasdaq debut, signaling investor appetite for infrastructure tied to growing data demand.

Spotlight: AI and Tech Continue to Dominate Capital Flows

The continued ascent of market heavyweights like Nvidia, Microsoft, and Alphabet underscores how foundational AI has become to modern investing. Major ETFs tracking technology and AI have seen record inflows in 2025, with year-to-date returns outperforming the broader S&P 500 by significant margins.

According to Bloomberg data, capital allocations to AI-related sectors now account for more than 12% of total US equity assets under management, up from just 4% two years ago. This rapid shift mirrors not just investor enthusiasm, but also enterprise demand for automation and digital transformation.

Outlook: Risks Balanced By Tech Momentum

While AI fervor and tech innovation propel markets higher, macroeconomic risks remain. Delayed economic data, potential for a prolonged government shutdown, and the specter of global trade disputes — evidenced by the European Union’s proposal to double tariffs on steel imports — could all generate volatility in the weeks ahead.

Nevertheless, with OpenAI setting a new high-water mark for startup valuations and chipmakers raking in historic gains, capital markets appear firmly oriented toward a technology-centric future. Investors will remain vigilant as geopolitical and policy headwinds play out, but for now, the AI bull run shows no signs of abating.