Nasdaq closed higher to start November, boosted by Amazon and other AI leaders
The Nasdaq Composite rose on Monday as investors moved further into the artificial intelligence trade following a number of deal announcements.
The tech-heavy Nasdaq advanced 0.4%, while the S&P 500 traded up 0.2%. The Dow Jones Industrial Average fell 272 points, or 0.6%.
“Magnificent Seven” name Amazon supported the market, with shares rallying 4% after the company reached a $38 billion deal with OpenAI. Notably, the partnership will utilize hundreds of thousands of Nvidia’s graphics processing units.
Shares of chipmakers saw a boost as well Monday after data center company Iren reached a multiyear $9.7 billion deal with Microsoft to provide the megacap technology company access to Nvidia GB300 GPUs. Micron Technology gained 5% to lead chip stocks higher, while Nvidia was up 2%. The VanEck Semiconductor ETF (SMH) climbed about 1%. Shares of Iren, meanwhile, were last up 12%.
Nvidia shares continued to move higher Monday following Microsoft’s announcement that it has secured export licenses from the Trump administration to ship Nvidia chips to the United Arab Emirates. The company added that its total UAE investment will amount to $15.2 billion by the end of 2029.
Source: CNBC
