On Monday local time (October 13th), the three major US stock indices opened higher collectively. As of the time of writing, the gains have expanded: the Dow Jones is up 1.05%, the Nasdaq is up 2.08%, and the S&P 500 is up 1.48%.

The Philadelphia Semiconductor Index rose rapidly at the open, gaining over 4.5%.

On the news front, OpenAI and Broadcom will jointly develop a system, which includes Broadcom's accelerators and Ethernet solutions for scale-up and scale-out. Broadcom will deploy AI accelerator and network system racks, with plans to start in the second half of 2026 and complete by the end of 2029.

OpenAI will design the accelerators and systems, which will be developed and deployed in collaboration with Broadcom. By designing its own chips and systems, OpenAI can directly embed the knowledge gained from developing cutting-edge models and products into the hardware, thereby unlocking new capabilities and levels of intelligence.

These racks, fully scaled using Broadcom's Ethernet and other connectivity solutions, will meet the global surge in demand for AI and will be deployed in OpenAI's facilities and partner data centers.

Rare earth concept stocks surged, with USA Rare Earth up over 18% and Critical Metals up over 13%.

Popular Chinese concept stocks continued to expand their gains. As of the time of writing, the Nasdaq Golden Dragon China Index is up over 3%. Alibaba and Baidu are up nearly 5%, Pinduoduo is up 3.4%, JD.com is up nearly 4%, and Futu Holdings is up 6.7%.

Spot gold rose over 1.5% during the day, touching $4,093 per ounce, setting another historical high.

COMEX silver futures rose 6.5% during the day to $50.33 per ounce. Spot silver broke through $52 per ounce, setting another historical record high, with a daily gain of 4.07%. Bank of America's global commodities team issued a bullish outlook for precious metals and set a target price of $65 per ounce for silver in 2026.