Market Beats | Oracle to Deploy 50,000 AMD MI450 Chips; JPMorgan Beats Estimates With Record Trading and Investment-Banking Gains; Citigroup Tops Revenue Estimates Across All Units; Walmart Partners With OpenAI to Bring Shopping to ChatGPT; Rayonier to Acquire PotlatchDeltic in $3.4 Billion All-Stock Deal; Powell Signals Fed on Track for October Rate Cut; Brookfield to Fully Acquire Oaktree in $3 Billion Deal

—— Oracle to Deploy 50,000 AMD MI450 Chips; JPMorgan Beats Estimates With Record Trading and Investment-Banking Gains; Citigroup Tops Revenue Estimates Across All Units; Walmart Partners With OpenAI to Bring Shopping to ChatGPT; Rayonier to Acquire PotlatchDeltic in $3.4 Billion All-Stock Deal; Powell Signals Fed on Track for October Rate Cut; Brookfield to Fully Acquire Oaktree in $3 Billion Deal

1. Oracle to Deploy 50,000 AMD MI450 Chips

Advanced Micro Devices Inc. said Oracle Corp. will install 50,000 of its upcoming MI450 chips in data center systems beginning in the third quarter of 2026, marking one of the largest single deployments of AMD’s next-generation AI processors. The systems will also feature AMD CPUs and networking components, the companies said Tuesday.

The partnership adds to a surge of commitments from major technology and AI firms racing to expand computing infrastructure amid soaring demand for artificial intelligence services.

The deal represents another endorsement of AMD’s technology as the Santa Clara–based company works to establish itself as a credible alternative to Nvidia Corp., the dominant player in AI accelerators. Like its rival, AMD produces GPU-based AI processors alongside general-purpose CPUs and networking chips, and is seeking to provide full-scale data center solutions.

According to IDC, AMD shipped about 100,000 AI chips in the second quarter, compared with Nvidia’s 1.5 million. While AMD remains far behind, the Oracle partnership signals growing confidence from large-scale cloud providers in its ecosystem.

The announcement follows AMD’s recently signed multi-year deal with OpenAI, which will purchase systems totaling roughly 6 gigawatts of computing capacity using AMD accelerators. OpenAI also announced a separate 10-gigawatt chip capacity partnership with Broadcom Inc. this week, underscoring the industry’s accelerating race to secure AI infrastructure.

The companies didn’t specify the completion timeline but said the deployment is expected to expand through 2027 and beyond.

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2. JPMorgan Beats Estimates With Record Trading and Investment-Banking Gains

JPMorgan Chase & Co. topped Wall Street expectations for the third quarter as trading and investment-banking fees surged amid persistent volatility tied to President Donald Trump’s tariffs.

Fueled by the busiest quarter for IPOs since 2021, investment-banking fees jumped 16% and markets revenue climbed 25%, exceeding analyst projections of 11% and 17%, respectively. Both divisions are now on track for a record year.

Still, Chief Executive Officer Jamie Dimon struck a cautious tone: “While there have been some signs of softening, particularly in job growth, the U.S. economy generally remained resilient,” he said. “However, there continues to be a heightened degree of uncertainty stemming from geopolitical tensions, tariffs, elevated asset prices, and sticky inflation.”

Reflecting that caution, JPMorgan set aside $810 million in loan-loss provisions — more than expected — mostly tied to card services and updated macroeconomic assumptions. Loan quality has been a focus this quarter following auto-sector bankruptcies, including potential losses linked to Tricolor Holdings, Bloomberg reported. The firm recorded $567 million in charge-offs due to “borrower-related collateral irregularities” in some secured lending facilities.

Markets revenue rose to $8.94 billion, while investment-banking fees hit $2.63 billion, driven by a 53% surge in equity underwriting. Equity trading climbed 33% to $3.33 billion, and fixed-income trading rose 21%. Debt underwriting and M&A advisory fees both gained 9%.

Operating expenses totaled $24.3 billion, with full-year adjusted costs now expected around $95.9 billion, also above July’s guidance.

Shares of JPMorgan, up 28% this year, were little changed in early New York trading. Net interest income came in at $24 billion, slightly below estimates of $24.1 billion, though the bank lifted its full-year forecast to $95.8 billion from $95.5 billion in July.

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3. Citigroup Tops Revenue Estimates Across All Units

Citigroup Inc. posted stronger-than-expected third-quarter revenue across all five of its major divisions — markets, banking, services, wealth management and U.S. retail — with total revenue climbing 9%, the bank said Tuesday. The broad-based gains are helping the firm offset rising pay costs and expenses tied to its plan to divest a stake in its Mexican retail arm, Banamex.

Traders in both fixed income and equities beat Wall Street projections, generating a combined $5.6 billion in revenue, up 15% from a year earlier. Expenses also rose 9%, driven by costs from the Banamex transaction and higher compensation and benefits. Chief Executive Officer Jane Fraser has approved a wave of high-profile hires from rival banks to strengthen Citigroup’s investment-banking franchise.

“The cumulative effect of our transformation, refreshed strategy, and simplification has put Citi in a materially different place in terms of competitiveness,” Fraser said in a statement. The stock has outperformed most major U.S. peers this year, trailing only Goldman Sachs Group Inc.

Earnings per share came in at $1.86 — in line with Bloomberg estimates and up 23% from last year. Fixed-income trading brought in $4 billion, compared with $3.6 billion a year ago, while equities traders generated $1.5 billion. Prime balances in the markets division jumped 44% to a record level.

Investment-banking revenue increased 17% amid a rebound in dealmaking, outpacing JPMorgan Chase & Co.’s 16% gain for the same period.

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4. Walmart Partners With OpenAI to Bring Shopping to ChatGPT

Walmart Inc. is partnering with OpenAI to let shoppers browse and buy products directly through ChatGPT, marking the retail giant’s latest move to integrate artificial intelligence into its operations.

Users will be able to shop Walmart’s catalog via a “buy” button embedded in ChatGPT, covering items from apparel and entertainment to packaged food and Sam’s Club products, said Daniel Danker, the company’s executive vice president of AI, product and design.

“We see this as an opportunity to offer convenience by meeting customers where they already are,” said Danker, who joined Walmart from Instacart Inc. earlier this year to drive its AI strategy. Fresh food won’t be included initially, as such purchases tend to repeat weekly. The new feature will roll out in the fall.

Existing Walmart and Sam’s Club accounts will automatically link to ChatGPT, and goods from third-party sellers will also be available.

As consumers increasingly use AI tools for everyday tasks—from writing emails to finding recipes—shopping is emerging as a major new use case. Retailers are responding by deploying AI assistants capable of answering questions in real time and helping shoppers navigate their options more efficiently.

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5. Rayonier to Acquire PotlatchDeltic in $3.4 Billion All-Stock Deal

Rayonier Inc. agreed to acquire PotlatchDeltic Corp. in an all-stock deal valued at about $3.4 billion, creating one of the largest publicly traded timber and wood products companies in North America.

The combined entity will own 4.2 million acres of timberland across 11 US states, the companies said Tuesday. The transaction comes as the Trump administration imposes sweeping tariffs on imported lumber and wood products to aid a domestic industry suffering from weak housing demand and low prices.

Under the agreement, PotlatchDeltic shareholders will receive 1.7339 Rayonier shares for each of their own — a 7.8% premium to the previous closing price. Rayonier shares fell as much as 6.2% in New York trading, while PotlatchDeltic slipped 1.4% after an initial gain.

PotlatchDeltic CEO Eric Cremers said the deal would deliver “significant strategic and financial benefits beyond what either company could achieve independently.” He added that tariffs, lower interest rates and improving housing conditions would help lift lumber prices.

Rayonier shareholders will hold 54% of the merged company. Rayonier President and CEO Mark McHugh will retain his role, while Cremers will serve as executive chairman for 24 months post-merger. The new company — to be renamed — will be headquartered in Atlanta, Georgia, with regional offices in Spokane, Washington, and Wildlight, Florida.

The business will operate seven wood products manufacturing plants, including six lumber mills with a combined capacity of 1.2 billion board feet and one industrial plywood facility. Roughly three-quarters of its timberland portfolio will be located in the US South.

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6. Powell Signals Fed on Track for October Rate Cut

Federal Reserve Chair Jerome Powell indicated the US central bank remains on course to deliver another quarter-point rate cut later this month, even as the government shutdown limits access to key economic data.

Speaking Tuesday at the National Association for Business Economics annual meeting, Powell said the outlook “appears unchanged” since the Fed’s September meeting, when policymakers lowered rates for the first time since December and projected two additional cuts this year.

“A rate cut in October is done,” said Julia Coronado, founder of MacroPolicy Perspectives and a former Fed economist. “The perspective hasn’t changed — there are still downside risks to the labor market.”

Powell emphasized the slowing pace of hiring and warned that further declines in job openings could soon push unemployment higher. “You’re at a place where further declines in job openings might very well show up in unemployment,” he said. “You’ve had this amazing run where job openings fell but unemployment didn’t rise — that can’t last forever.”

Investor expectations for an October rate cut held steady after Powell’s remarks, with futures markets pricing in a nearly 100% probability.

The Fed’s September reduction followed a sharp summer slowdown in hiring. Unemployment ticked up to 4.3% in August, though it remains historically low. The Labor Department has delayed the release of the September jobs report due to the shutdown but plans to publish CPI data later this month.

“The risks to the employment side of the mandate are rising, and that’s what will drive the near-term decision,” said Yelena Shulyatyeva, senior US economist at the Conference Board.

The Fed next meets on October 28–29. At the September meeting, the median projection from its 19 officials pointed to two more rate cuts this year, though nine saw one or fewer as appropriate.

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7. Brookfield to Fully Acquire Oaktree in $3 Billion Deal

Spot silver surged as much as 4.8% to $51.235 an ounce on Thursday — the highest level since the infamous Hunt brothers’ squeeze in 1980 — before paring gains.

The metal has climbed more than 70% this year, outperforming gold’s record rally, as investors flock to safe-haven assets amid mounting concerns over U.S. fiscal risks, an overheated stock market, and threats to the Federal Reserve’s independence. A shortage of freely available silver in London’s bullion market has further fueled the rally, pushing borrowing costs to record levels.

The tightness has upended normal market dynamics: New York silver futures, which typically trade a few cents above spot prices, fell into a steep discount of as much as $2.50 an ounce below spot. Futures dropped as much as 3.2% on Thursday despite the spot rally. According to Bloomberg calculations, borrowing costs for silver in London climbed to 11%, the highest since data began in 2002.

The squeeze has been building for months. Fears that the U.S. might impose tariffs on silver prompted traders to rush shipments to New York, depleting London inventories and reducing the metal available for lending.

Much of the remaining silver in London is locked in vaults backing exchange-traded funds, leaving limited supply for spot transactions.

“The premium in London should eventually attract metal back,” said Daniel Ghali, commodity strategist at TD Securities. “Traders can buy cheaper silver in the U.S. or China and ship it to the U.K. to capture the higher price — but for now, availability in London is critically low.”

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