US EditionS&P 500, Nasdaq reach all-time closing highs on AI dealmaking boost
AMD shares surged over 30% after OpenAI's multibillion-dollar AI chip deal, boosting S&P 500 and Nasdaq's fourth weekly gain in five weeks, rising 1.1% and 1.3% respectively.
- Last week, the S&P 500 and Nasdaq Composite completed their fourth weekly advance, rising 1.1% and 1.3% respectively as Wall Street hit record highs.
- OpenAI committed to buying several generations of AI chips from Advanced Micro Devices and could take a stake, but the companies did not disclose the transaction cost in their joint announcement Monday.
- Chipmaker stocks rallied on signs of booming AI demand as Advanced Micro Devices shares jumped over 30% shortly after the open, while Micron Technology rose about 3% to around $193.
- Investors shrugged off shutdown worries as the Dow Jones Industrial Average rose, and Tom Lee, head of research at Fundstrat, wrote `Nevertheless, we think this is a 'sidebar' issue and probabilities heavily favor stocks remaining strong from October to December this year. In fact, we see S&P 500 reaching at least 7,000 by year-end and maybe higher`.
- The shutdown delayed key economic data including the September jobs report, while Federal Reserve officials including Fed Governor Stephen Miran and Chair Jerome Powell are slated to speak this week.
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These 2 Artificial Intelligence Stocks Could Outperform the S&P 500 by 2030 @themotleyfool #stocks $NVDA $AMD
Key PointsNvidia’s annual product cadence is proving to be a major competitive edge. AMD is seeing significant wins for its EPYC CPUs and Instinct accelerators in the enterprise market. Both companies trade at premium valuations, which are justified by their fundamentals and future growth prospects. 10 stocks we like better than Nvidia › Artificial intelligence (AI) is fast becoming the backbone of global business. According to PwC, AI is expect…
Dow Jones Today: Nasdaq, S&P 500 Post New Closing Highs to Begin Week; AMD Shares Soar on OpenAI Deal; Gold, Bitcoin Trade at Records
Stock indexes mostly gained Monday, with the Nasdaq and S&P 500 registering fresh closing highs, as investors continued to downplay the U.S. government shutdown and AMD shares soared on news that OpenAI plans to deploy 6 gigawatts of its newest chips.
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