AI Momentum Lifts Markets as Akamai Surges on Anthropic Deal
On September 25, the U.S. stock market saw gains driven by artificial intelligence (AI) momentum and strong performance in tech stocks despite rising Treasury yields. The S&P 500 rose slightly to 7,713 as of midday trading, with technology and utilities leading sectoral advances while energy and communication sectors lagged. Akamai Technologies saw a significant boost after announcing an $11.6 billion cloud services deal with AI developer Anthropic in after-market trading the previous day. The stock surged 15% initially but pared gains during morning sessions on September 25. This development highlights Akamai's growing role as an infrastructure provider for major AI initiatives. Market analysts noted that tech strength helped offset concerns over rising bond yields, which climbed to 5.21%. Consumer sentiment data also showed a decline in September due to high living costs.
Topics: AI development Dow Jones Industrial Average Nasdaq Composite S&P 500 Treasury yields