Nvidia Aims for Record High Close Amid Tech Sector Gains
The stock market started the week on an upbeat note as tech stocks led gains, with the Nasdaq hitting a new record despite rising bond yields. Nvidia was at the forefront of this rally and is poised to set another closing high. Microsoft also saw strong performance after a long-time bearish analyst turned positive, while Meta Platforms benefited from continued enthusiasm for its AI products. Intel shares dipped following news that Elon Musk confirmed discussions with TSMC regarding an AI manufacturing project previously attributed solely to Intel. This development raised concerns about reduced involvement in the ambitious Terafab initiative but does not fundamentally change expectations of Intel's role due to the long-term nature and scale of the project. In contrast, demand for Intel’s CPUs remains strong. The market is also watching upcoming Fed speeches as monetary policy uncertainty persists into year-end. Marvell Technology plans an Investor Day that could influence perceptions in the AI sector.
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Topics: bond yields Intel Magnificent Seven stocks Nasdaq Terafab project