A rally in chipmakers sent stocks to all-time highs as Advanced Micro Devices Inc.'s deal with OpenAI added fuel to the artificial-intelligence frenzy that has powered Wall Street. Bonds fell. The dollar rose. OpenAI will deploy 6 gigawatts' worth of AMD graphics processing units over multiple years, according to the pact, which is just over half the size of an agreement the AI startup recently reached with Nvidia. It also sets the stage for OpenAI to acquire a large stake in the chipmaker. The deal represents a high-stakes test for AMD — one that could deliver tens of billions of dollars in new revenue and burnish its status as a serious contender in AI technology. There are also risks: It further ties AMD's prosperity to an AI market that some worry is in a bubble. For more on the markets, we turn to Ed Butowsky, managing partner of Chapwood Investments.

We turn to Japan, where they are set to have its first ever woman leader in Sanae Takaichi. Takaichi wants to become the country's version of her Idol, Margaret Tatcher. However, Bloomberg Opinion Columnist Gearoid Reidy writes that some might fear that she might be another Liz Truss. He joins us to explain.

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