Team NZ now continuing off to the right and Oracle are well in touch. Finally, some incredibly competitive racing.
Both boats are heading towards gate two now with Team NZ barely in front.
Team NZ round the mark with a very slight lead.
Only a matter of seconds. This is superb stuff.
Team NZ gybe to the left and the boats have some real separation as we head up-wind for the first time.
A nice move from Oracle and Team NZ tack to the left - but Team NZ still the faster boat upwind.
Some pained faces on the Team NZ boat.
Team NZ are almost 100m in front now, with Oracle well to the right.
Team NZ now tacking to the right and the boats are coming together once again.
A crucial cross coming up...
The first lead change in the America's Cup.
Team NZ are the faster boat still but Oracle, off to the left, are still just in front as they are set to cross again.
They're crossing and Oracle are still just in front.
In breaking news, Tokyo has won the rights to the 2020 Olympics.
But in San Francisco, Oracle are maintaining a slight edge as we head to mark three.
Team NZ at 24 knots on the up-wind leg.
Oracle still ahead on leg three, as Team NZ get set for another cross.
Team NZ are faster through the water but they're sailing deeper.
Oracle well off to the left, they'll have to tack to avoid the boundary.
We're crossing again and Team NZ cross in front but Oracle keep the lead as they head towards to right.
Only 17 metres between the boats.
Intriguing tactical battle here as Team NZ grab the lead!
Team NZ are a couple of knots faster as Oracle are forced to tack away.
It is breath-taking stuff as the one-sided Louis Vuitton series is forgotten.
Team NZ have a clear lead, approaching 150 metres.