AI stocks bounce back — with one notable exception
Summary
U.S. technology stocks rallied on Monday, with the Nasdaq 100 rising 3.4% and the semiconductor index gaining 6.9%. Most AI-related stocks advanced, while Nvidia was a notable exception amid uncertainty surrounding CEO Jensen Huang; Broadcom and AMD posted strong gains.Key Facts
- The Nasdaq 100 rose 3.4%, its biggest daily gain since late March and its second-best performance of the year.
- The semiconductor index rose 6.9%, its strongest daily gain since late July.
- Stocks tied to data center construction, equipment, storage and computing capacity advanced.
- Meta gained 5.1% as major cloud-computing companies rose.
- Nvidia lagged as investors weighed reports about Huang’s personal conduct and the potential effect on his future at the company.
- Broadcom rose 8.8%, its best daily performance in nearly a year.
- AMD gained 13.3%, helped in part by an Oppenheimer analyst upgrade to “Outperform.”
- Analysts at Goldman Sachs, Morgan Stanley and JPMorgan said the recent market decline could present buying opportunities.
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