What happened
The Nasdaq Composite jumped 2.3% to a record closing high of 27,122.09, with Intel up 12% and AMD's market cap hitting $1 trillion for the first time.
Why it matters
A 2.3% jump to a record close signals broad investor appetite for chipmakers, and AMD joining the $1 trillion club marks a shift in how the market values semiconductor firms beyond Nvidia.
What to watch
The rally is riding on expectations for the Trump-Xi meeting Thursday, and D.A. Davidson expects low odds of any major breakthroughs. Watch whether the tariff truce expiring in November gets extended.
WHO IT HITSThe move lands on portfolio managers and retail investors holding chip stocks like Intel, AMD, Qualcomm and Nvidia, whose gains drove the broader index higher.
Summaries like this, every morning.
Monday's rally extended beyond chipmakers. Communication services led sector gains, followed by tech, while energy was the steepest decliner, with West Texas Intermediate crude down 4.7% at $95.56 a barrel and Brent down 3.7% at $100.06.
The session also brought separate corporate moves. Paramount Skydance agreed to settle a multistate antitrust lawsuit tied to its proposed deal with Warner Bros. Discovery, sending Warner Bros. shares up nearly 11% while Paramount fell 2.9%. Novo Nordisk's US-listed shares slumped 8% as the drugmaker laid out long-term growth ambitions ahead of patent expirations for semaglutide.
On rates, Chicago Fed President Austan Goolsbee said policymakers can no longer look through supply shocks without evidence they are fading, calling a credible path back to 2% inflation harder to justify otherwise. Whether the chip-led rally holds is likely to hinge on the outcome of the Trump-Xi talks Thursday and on whether the tariff truce set to expire in November is extended.
Pick your industry and the AI tools you use, and get news related to your work every day.
Free · 30 seconds with Google · unsubscribe anytimeWhat is AIToday? →
Ask AI anything about this article. The AI reads this article, earlier AIToday articles, and Wikipedia, and cites its sources. Q&As are published on this page for other readers too.
TMJ, part of the Secm Group, is hosting an online seminar called "The Walls to AI Adoption and How to Break Th…
The Yomiuri 333 index rose 1,040 yen, its first rebound in four trading sessions, while the Nikkei average ext…
AIsmiley will hold AIエージェント博 2026 on 12/15-16, with a session on where AI agent adoption in finance stands and…
JX Metals said it will build a new Ypinogue high-purity copper sulfate line at its Hitachi district in Ibaraki…
The final day of "ネットショップ担当者フォーラム 2026 秋" on November 6 features sessions by LINEヤフー and 楽天グループ on AI agent-er…
A market analysis projects the ABF substrate market will grow to $9.5 billion to $12.1 billion by 2032, citing…
