Nasdaq Hits Record Close Amid AI Rally and Paramount Merger Settlement
The Nasdaq Composite closed at a record high on Monday driven by strong performance in artificial intelligence-related stocks such as Intel, AMD, and Qualcomm. The index rose 2.26%, marking its first record close since June. Advanced Micro Devices reached a $1 trillion market cap for the first time, while Meta's stock surged over 11% following positive reception of its new Muse AI app. Paramount Skydance announced a settlement with state attorneys general regarding an antitrust lawsuit challenging its $110 billion merger with Warner Bros. Discovery. The deal had been at risk of being delayed until mid-2027, potentially incurring significant fees for Paramount. As part of the agreement, Paramount will increase domestic production and establish editorial independence measures for CBS and CNN. OpenAI released new safety proposals for AI development emphasizing global cooperation on standards for frontier models. These came amid broader discussions around regulatory responsibility, with Treasury Secretary Scott Bessent urging developers to take accountability rather than expecting government protection.
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Topics: AI rally Bitcoin price rise Meta stock surge Nasdaq record close