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   The Street’s (un)surprising rally
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   Plus: Chips and balances.
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               Tuesday, October 7, 2025
              </span>
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               Spencer Platt/Getty Images
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              <span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
               Good morning, Quartz readers! It’s Shannon Carroll with the Daily Brief. Today, the market parties through a shutdown, OpenAI inks a silicon situationship with AMD, Tesla hints at a cheaper thrill ride, and Meta keeps swiping the company card on AI.
               <span class="ql-cursor">
                
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               HERE'S WHAT YOU NEED TO KNOW
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               </span>
              </span>
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             <div>
              <strong style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
               AMD is cashing in on OpenAI’s trillion-dollar hunger 
for chips.
              </strong>
              <span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
               A sweeping supply deal could give the ChatGPT-maker a 10% stake while adding tens of billions in revenue
              </span>
              <a data-linktext="for the chipmaker." data-linktype="Normal" style="font-size:16px;color:#168DD9;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFF;text-decoration:none;" target="_blank">
               for the 
chipmaker.
              </a>
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             <div>
              <strong style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
               OpenAI’s hardware dreams are running hot.
              </strong>
              <span style="font-size:16px;color:#000000;font-family:Helvetica 
Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
               Sam Altman’s palm-sized “AI companion,” designed with Jony Ive, is reportedly overheating and falling behind schedule
              </span>
              <a data-linktext="amid myriad setbacks." data-linktype="Normal" style="font-size:16px;color:#168DD9;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFF;text-decoration:none;" target="_blank">
               amid myriad setbacks.
              </a>
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             <div>
              <strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
               Tesla’s next tease has investors revved up.
              </strong>
              <span style="background-color:#FFFFFF;font-family:Helvetica 
Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
               Two cryptic videos posted Sunday hint at a possible new mass-market model, sending shares higher ahead of
              </span>
              <a data-linktext="Tuesday’s rumored reveal." data-linktype="Normal" style="background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#168DD9;font-size:16px;text-decoration:none;" target="_blank">
               Tuesday’s rumored reveal.
              </a>
             </div>
            </td>
           </tr>
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             <div>
              <strong style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
               Wegovy and Zepbound just became Europe’s favorites.
              </strong>
              <span style="font-size:16px;color:#000000;font-family:Helvetica 
Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
               Influential new guidelines call the GLP-1 drugs the default choice for obesity care, reinforcing forecasts of a
              </span>
              <a data-linktext="$150 billion global market." data-linktype="Normal" style="font-size:16px;color:#168DD9;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFF;text-decoration:none;" target="_blank">
               $150 billion global 
market.
              </a>
             </div>
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                  Sponsored
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                   Hydration That Works 24/7
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               </tr>
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                <td class="td100" colspan="6" style="padding:10px 20px;line-height:1.5;width:100%;background-color:#F0F0F0;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
                 <div>
                  <span style="font-size: 20px">
                   Drinking more water and skincare alone weren’t enough.
                  </span>
                  <strong style="font-size: 20px">
                   <a data-linktext="Pique’s Deep Hydration Protocol" data-linktype="Normal" style="color:#168DD9;" target="_blank">
                    Pique’s Deep Hydration 
Protocol
                   </a>
                  </strong>
                  <span style="font-size: 20px">
                   goes beyond the basics with a two-step, day-to-night ritual designed to keep you glowing, calm, and energized around the clock.
                  </span>
                 </div>
                 <div>
                  <br/>
                 </div>
                 <ul style="font-size: 20px">
                  <li style="font-size: 20px">
                   <span class="ql-ui">
                   </span>
                   <span style="font-size: 20px">
                    B·T Fountain fuels deep hydration, smooths skin, and supports lasting energy.
                   </span>
                  </li>
                  <li style="font-size: 20px">
                   <span class="ql-ui">
                   </span>
                   <span style="font-size: 20px">
                    R·E Fountain melts away tension, calms your mind, and 
promotes deep, restorative sleep.
                   </span>
                  </li>
                 </ul>
                 <div>
                  <br/>
                 </div>
                 <div>
                  <span style="font-size: 20px">
                   Together, they nourish your skin barrier, restore your nervous system, and help you feel radiant from the inside out.
                  </span>
                 </div>
                </td>
               </tr>
               <tr>
                <td class="td100" colspan="6" style="width:100%;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
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                             <table bgcolor="#168DD9" cellpadding="0" cellspacing="0" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; " width="100%">
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                                <td align="center" bgcolor="#168DD9" style="text-align:center;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
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                                  Start My 
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                                 <!--<![endif]-->
                                 <!--[if mso]><a href="https://www.ne16.com/t/9600195/222404108/8006570/6/1009235/?x=d86804a0" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 18px; font-weight: bold; border: none; display: block; ">Start My Ritual</a><![endif]-->
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              <span style="font-size:18px;color:#168DD9">
               DOW AND OUT
              </span>
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            <td class="td100" colspan="6" style="padding-right:30px;padding-left:30px;line-height:1.5;width:100%;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
             <div>
              <span style="font-size: 16px">
               There’s currently no payroll data, no inflation report, and no functioning federal government — yet the S&amp;P just set another record. Gold is up nearly 50%. Bitcoin is sprinting. If this is what a shutdown looks like, 
the market’s apparently fine with the dark. While hundreds of thousands of workers go unpaid and economists fumble for numbers, Wall Street is glowing like a ring light in a blackout.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               According to ADP, the private sector lost 32,000 jobs in September, mostly from small businesses. But that’s not what drives today’s markets. The rally belongs to the top fifth of earners — the ones whose capital doesn’t clock out. The top 20% of earners now account for more than half of U.S. consumer 
spending — and their money isn’t tethered to paycheck cycles. It flows, it gambles, it chases margin spreads. So when Main Street stumbles, Wall Street sidesteps, and the result is an economy that looks like a funhouse mirror: prosperity on one side, precarity on the other.
              </span>
             </div>
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              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               And with Washington’s scoreboard offline, the bulls have built their own. Hedge funds and megabanks run on card-swipe trackers, satellite reads, and AI now-casts, turning missing data into just another tradeable 
variable. Goldman calls profit forecasts “too conservative.” Morgan Stanley says it’s the best setup since 2021. Maybe the optimism is earned — or maybe it’s just another case of investors mistaking static for signal. Either way, the lights are off in Washington, but on Wall Street, the bulbs are burning bright.
              </span>
              <a data-linktext="Quartz’s 
Catherine Baab has more on the market that can’t see the data — or the irony." data-linktype="Normal" style="font-size:16px;color:#168DD9;text-decoration:none;" target="_blank">
               Quartz’s Catherine Baab has more on the market that can’t see the data — or the irony.
              </a>
             </div>
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            <td align="center" class="td100" colspan="6" style="width:100%;padding-top:10px;padding-bottom:10px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
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              <table align="center" border="0" cellpadding="0" cellspacing="0" style="border:0 
#9B9B9B;height:1px;width:100%;text-align:center;background-color:#888888;color:#9B9B9B;margin:0 auto;border-left-width:0;border-right-width:0">
               <tr>
                <td style="font-size:1px;mso-line-height-rule:exactly;line-height:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#000000">
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              </table>
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           </tr>
           <tr style="padding-top:5px;padding-bottom:5px">
            <td class="td100" colspan="6" style="line-height:1.5;width:100%;padding:5px 
20px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
             <h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
              <span style="color:#168DD9;font-size:18px">
               CHIPS ON BOTH SHOULDERS
              </span>
             </h2>
            </td>
           </tr>
           <tr>
            <td class="td100" colspan="6" style="padding-right:30px;padding-left:30px;line-height:1.5;width:100%;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
             <div>
              <span style="font-size: 16px">
               OpenAI just gave its chip strategy a hardware upgrade. The ChatGPT-maker just inked a sweeping deal with AMD to deploy six gigawatts of GPUs and potentially take up to a 10% stake in the chipmaker — a partnership that sent AMD’s stock soaring. For AMD, this is a long-overdue redemption arc; for OpenAI, it’s a survival strategy disguised as courtship. Nvidia still supplies the majority of the world’s AI horsepower, but scarcity has turned compute into currency, and even the biggest players are 
learning that faith in one supplier is bad business.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               This is the moment AMD has been training for since the early 2000s. The company spent decades playing second fiddle — first to Intel, then to Nvidia — before clawing its way back under CEO Lisa Su. The OpenAI partnership gives AMD credibility on a scale it’s never had before: a marquee customer, a foothold in frontier AI, and a chance to prove its chips can power something bigger than gaming rigs and cloud pilots. The leap from 
“alternative” to “essential” is the hardest one to make — and Wall Street clearly thinks AMD just cleared it.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               But with promotion comes pressure. Investors have already priced in success, assuming the partnership will translate into tens of billions in new revenue. Any delay, defect, or supply hiccup could send that halo spinning. Still, the symbolism matters almost as much as the silicon. AMD’s sudden relevance marks the first real crack in Nvidia’s monopoly, and it turns what used 
to be a one-horse race into something closer to a functioning market. And OpenAI, by quietly multiplying its lanes, has reminded everyone that even the Church of Santa Clara answers to the laws of physics.
              </span>
              <a data-linktext="Quartz’s Shannon Carroll has more on AMD’s long game finally paying off in watts." data-linktype="Normal" style="font-size:16px;color:#168DD9;text-decoration:none;" target="_blank">
               Quartz’s Shannon Carroll has more on AMD’s long game finally paying off
in watts.
              </a>
             </div>
            </td>
           </tr>
           <tr style="padding-top:10px;padding-bottom:10px">
            <td align="center" class="td100" colspan="6" style="width:100%;padding-top:10px;padding-bottom:10px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
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              <table align="center" border="0" cellpadding="0" cellspacing="0" style="border:0 #9B9B9B;height:1px;width:100%;text-align:center;background-color:#888888;color:#9B9B9B;margin:0 auto;border-left-width:0;border-right-width:0">
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                 <div style="text-align: 
center">
                  Sponsored
                 </div>
                </td>
               </tr>
               <tr>
                <td class="td100" colspan="6" style="width:100%;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#000000">
                 <a aria-label="Linked image" style="color:#168DD9;" target="_blank">
                  <img class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Feditor.ne16.com%252Fquartz-prod%252F100325-pique-banner-2.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlZGl0b3IubmUxNiIsInRpbWUiOjE3NTk4MzEzOTguNzU3Mjc5Nn0:1v64XO:Hbk73rVjULBJXRu5iOB-0iANF-kGj8RnjwWmfthI4Bc" style="width:600px;max-height:400px;vertical-align:middle;border:0;" width="600"/>
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                 <h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
                  <span style="font-size:24px;color:#000000">
                   Your Daily Ritual for Glowing Skin &amp; Deeper Sleep
                   <span class="ql-cursor">
                    
                   </span>
                  </span>
                 </h2>
                </td>
               </tr>
               <tr style="padding-top:10px;padding-bottom:10px">
                <td class="td100" colspan="6" style="padding:10px 20px;line-height:1.5;width:100%;background-color:#F0F0F0;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
                 <p>
                  <span style="font-size: 20px">
                   Meet hydration, redefined. Pique’s
                  </span>
                  <strong style="font-size: 20px">
                   <a data-linktext="Deep Hydration Protocol" data-linktype="Normal" style="color:#168DD9;" target="_blank">
                    Deep 
Hydration Protocol
                   </a>
                  </strong>
                  <span style="font-size: 20px">
                   is more than water—it’s a 24-hour system that restores balance, resilience, and radiance.
                  </span>
                 </p>
                 <p>
                  <span style="font-size: 20px">
                   Formulated with clinically proven ceramides, hyaluronic acid, and Triple Biomaxed™ Magnesium, it strengthens your skin, supports deep rest, and fuels clear, all-day energy—without sugar, fillers, or artificial flavors. Just spa-grade ingredients, timed perfectly for your body’s rhythms.
                  </span>
                 </p>
                </td>
               </tr>
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display: block; " target="_blank">
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                                  Shop now and save 20%
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                                 <!--[if mso]><a href="https://www.ne16.com/t/9600195/222404108/8006570/7/1009235/?x=f614f0df" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 18px; font-weight: 
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              <table align="center" border="0" cellpadding="0" cellspacing="0" style="border:0 #9B9B9B;height:1px;width:100%;text-align:center;background-color:#888888;color:#9B9B9B;margin:0 auto;border-left-width:0;border-right-width:0">
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            <td class="td100" colspan="6" style="line-height:1.5;width:100%;padding:5px 
20px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
             <h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
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               MORE FROM QUARTZ
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             <div>
              <span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
               📈
              </span>
              <a data-linktext="Buy these 3 stocks if you want to ride the OpenAI wave" data-linktype="Normal" style="font-size:16px;color:#168DD9;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFF;text-decoration:none;" target="_blank">
               Buy these 3 stocks if you want to ride the OpenAI wave
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               💸
               <span class="ql-cursor">
                
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