Rachael Li upset Alice Lee to win the Women's Championship, while the open section remains completely up for grabs. After Thursday's games, four players share the lead: Wesley So, Andy Woodward, Fabiano Caruana, and Awonder Liang.

Caruana bounced back from earlier struggles with a win over Sam Shankland, climbing into contention. The field produced six decisive games on the day, a sign that nobody has established control yet. With so many strong players bunched at the top, the remaining rounds will determine everything.

Li's victory over Lee signals that the women's title is no one's to lose. The tournament has delivered genuine drama rather than a coronation, which is exactly what the championship format should produce.

The open section's four-way tie at the top means Caruana, So, Woodward, and Liang will all be pressing hard down the stretch. One of them will break through. None can afford to slip.