Shares of Samsung Electronics and SK Hynix surged to multiyear highs after the South Korean memory-chip makers struck initial agreements with ChatGPT maker OpenAI as part of a global artificial-intelligence push. OpenAI Chief Executive Sam Altman signed letters of intent with Samsung Group affiliates and SK Hynix on Wednesday to team up to establish the global AI infrastructure, including next-generation data centers, under his company-led Stargate initiative. No deal value was disclosed. The partnership includes potential megadeals for the South Korean companies to help OpenAI secure a massive volume of powerful AI chips, including high-bandwidth-memory products, and build OpenAI’s Stargate data centers, according to statements from Samsung and SK Hynix. On South Korea’s main stock market on Thursday, shares of HBM leader SK Hynix advanced as much as 12% to 404,500 won, equivalent to $288.35, while Samsung Electronics climbed as much as 5.0% to 90,300 won. The rally boosted their combined market value by more than $30 billion, pushing the benchmark Kospi 3% higher to a record. Samsung, which is also partnering with OpenAI, on Wednesday said its construction and trading affiliate, Samsung C&T, and shipbuilding affiliate, Samsung Heavy Industries, will jointly develop floating data centers.

Buoyed by a significant performance of pharmaceutical stocks, the Swiss stock market rallied on Wednesday. The pharmaceutical sector was the clear winner of the day in Europe. US President Donald Trump has unveiled plans to launch a government website called TrumpRx, which will allow consumers to buy drugs directly from manufacturers. The SMI rose 2.1 percent to 12,360 points, closing at its daily high. Of the 20 SMI stocks, 12 gained and 8 lost ground. A total of 21.86 (previously: 20.88) million shares were traded. The shutdown in the US had no negative impact. Among the pharmaceutical heavyweights, Roche (GS +8.6%) in particular saw a veritable jump in its share price, whereas Novartis (+3.4%) also closed firmly in positive territory. Sika shares climbed 0.6 percent. The Swiss group is acquiring Danish mortar manufacturer Marlon Tørmørtel A/S. However, no financial details were disclosed.

Europa
European stock markets edged higher on Wednesday, as investors shrugged off the partial shutdown of the US federal government. The Stoxx Europe 600 index gained 1.2% to 564.6 points. In Paris, the CAC 40 and SBF 120 rose 0.9% each. In Frankfurt, the DAX 40 climbed 1%, as did the FTSE 100 in London. SOITEC (+4.6%): The semiconductor substrate specialist announced that Pierre Barnabé would be stepping down as CEO for “personal reasons.” PHARMACEUTICAL SECTOR: US President Donald Trump and the pharmaceutical group Pfizer have reached an agreement on the prices of certain drugs in the United States. While Donald Trump has indicated that his administration is in talks with other laboratories, including Eli Lilly, to conclude “similar agreements,” investors hope that this cooperation project could also involve the European pharmaceutical industry. In Paris, Sanofi jumped 8.4% and Sartorius Stedim Biotech increased 8.1%. In Zurich, Roche surged 8.6%, while in London, AstraZeneca rallied 10.9%.

Stati Uniti
On Wednesday, the Dow Jones index added 0.1 percent to 46,441 points. The S&P 500 rose 0.3 percent, accompanied by a 0.4 percent increase for the Nasdaq Composite. “Shutdowns tend to raise noise more than change trend,” said Larry Adam, chief investment officer at Raymond James. Since 1976, the S&P 500 has averaged a roughly 0.05% gain during shutdowns, according to Dow Jones Market Data. Pharmaceutical shares helped lift major indexes to new highs Wednesday. Pharma stocks climbed for a second session, extending gains that began after President Trump unveiled a direct-to-consumer website for Americans to buy drugs. Amgen and Merck both climbed more than 5%, to push the Dow Jones Industrial Average up 0.1% to its second straight record. Thermo Fisher, Biogen and Eli Lilly were among the top gainers in the S&P 500, which added 0.3%. Pfizer rose 6.8% and Johnson & Johnson added 0.3%. Stocks have hit record after record in recent weeks, buoyed by interest rates coming down, earnings growth continuing to remain robust and tax cuts poised to bolster corporate coffers. The pharma gains helped investors look past the start of a federal government shutdown that could lead to a blackout of key economic data, including Friday’s scheduled release of the jobs report. A prolonged government closure could also push back the mid-October consumer-price index. A look at private-sector payrolls proved discouraging Wednesday. Private employers shed 32,000 jobs in September, the ADP National Employment Report said. August’s figure was revised down. The weak report removed any lingering doubt among traders about whether the Federal Reserve will cut interest rates this month. Gold, which often thrives during times of uncertainty, rose 0.7% to $3,867.50 a troy ounce, a record and its fifth consecutive gain. Earnings season begins next week. With some official data sidelined, investors will be listening closely to what corporate America says about business conditions. If the early reports come in positive, investors might be patient for a bit longer about the shutdown delaying economic data.

Asia
In Asia, major indexes rallied on Thursday. Seoul led the Asian markets, with the Kospi gaining 3 percent and reaching a record high. A partnership with OpenAI on AI chips drove up the share prices of chip manufacturers Samsung Electronics and SK Hynix by 4.6 and 10.3 percent, respectively. Technology stocks also gave the Hang Seng Index in Hong Kong a boost, which rose by 1.5 percent. Meanwhile, the Shanghai stock exchange is still closed for a public holiday. In Tokyo, the Nikkei 225 index advanced 0.8 percent. Shares in the semiconductor sector such as Lasertec (+2%), Tokyo Electron (+7.6%) and Advantest (+1.9%) are in demand.

Obbligazioni
Long-dated U.S. government debt yields slipped on Wednesday, with the benchmark 10-year yield falling to 4.10%. Fed Governor Cook is allowed to remain in the job at least until January.

Analisi
Clariant target price: Barclays cuts to CHF 8 (12.40) – Equal Weight
Sonova target price: Jefferies downgrades to CHF 235 (245) – Hold
Sika target price: Goldman Sachs lowers to CHF 245 (250) – Buy

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