Wall St surges on AI optimism as oil falls

The Nasdaq surged to a record-high close on Monday, lifted by gains in Advanced Micro Devices and other AI heavyweights, while Treasury yields retreated from recent highs and crude prices tumbled to ⁠an 11-day low on speculation about a potential breakthrough in Middle East talks at a UN meeting this week. Chip stocks rallied, with Intel surging 12.2 percent and Arm Holdings up 17 percent. Advanced Micro Devices rose about 10 percent to reach a market capitalisation of US$1 trillion for the first time. The Nasdaq notched its first record-high close since June 2, while the S&P 500 ended about 0.4 percent below its August 13 record-high close. Investors pointed to signs that suggest spending on AI is still expanding, despite recent safety warnings from leaders of AI giants a week ago that triggered a global tech selloff. The benchmark US 10-year yield fell below the psychologically important 5-percent level as Brent crude futures dipped below US$100 a barrel to their lowest level since September 9, later settling at US$100.34 per barrel. While Washington ⁠and Tehran exchanged threats through the weekend, US President Donald Trump said he would be open to meeting Iranian ⁠President Masoud Pezeshkian, who is expected to attend ⁠the UN General Assembly...