Stock Market
The U.S. major indexes closed as follows: Dow Jones up 0.56% at 53,061.95; S&P 500 up 0.46% at 7,666.60; NASDAQ up 0.45% at 26,217.83. A modest rebound in technology and communication services shares helped all three benchmarks finish in positive territory, extending the market’s early-September momentum.
Chipmakers and select tech names set the tone for unusual moves. Dell Technologies (DELL) jumped 15.81% at $492.20 after blow-out AI-server results. AI bellwether Nvidia (NVDA) rose 3.21% at $224.41, while memory giant Micron Technology (MU) added 2.43% at $956.08. Social-media parent Meta Platforms (META) gained 2.47% at $592.85.
On the downside, custom-chip supplier Credo Technology (CRDO) fell 20.04% at $165.22, and data-analytics firm Palantir (PLTR) declined 5.81% at $169.46 amid valuation concerns. Electric-vehicle maker NIO (NIO) slipped 4.93% at $3.86, while Broadcom (AVGO) eased 0.66% at $367.24 even after upbeat earnings.
Overall, investors rotated within the tech complex, rewarding companies with clear AI revenue momentum and punishing those facing competitive or pricing pressures.
Broader participation remained mixed. Index-tracking ETFs such as SPDR S&P 500 ETF Trust (SPY) added 0.44% at $765.16, mirroring the benchmark’s climb, whereas leveraged products saw milder shifts: ProShares UltraPro QQQ (TQQQ) edged 0.65% higher at $69.60. Semiconductor bulls enjoyed tailwinds as the Direxion Daily Semiconductors Bull 3× (SOXL) gained 0.42% at $106.35, contrasting with the inverse SOXS, which fell 0.75% at $51.83. The day’s dispersion underscored an environment where AI optimism coexists with profit-taking in select high-flyers.
Other Markets
U.S. 10-year Treasury yield was unchanged at 0.00%, latest at 4.79%. USD/CNH rose 0.00%, at 6.78; USD/HKD rose 0.00%, at 7.84. U.S. Dollar Index rose 0.02%, at 99.58. WTI crude futures fell 0.29%, at 90.75 USD/bbl; COMEX gold futures rose 0.35%, at 4,430.20 USD/oz.
Top News
1. Broadcom Claimed Its New TPUs Could Outperform Nvidia’s Flagship GPUs. CEO Hock Tan told analysts that initial shipments to Google have started and early benchmarks suggest parity or better performance versus Nvidia’s forthcoming Rubin chips. The remarks intensify debate over whether custom accelerators will chip away at Nvidia’s AI dominance.
2. Dell’s Blockbuster AI-Server Quarter Boosted Confidence in Nvidia’s Demand Outlook. Dell reported that revenue from AI servers doubled year-over-year, signaling broad enterprise appetite beyond hyperscalers. Analysts said the performance validates Nvidia’s thesis of expanding AI adoption, helping NVDA shares climb more than 3%.
3. Activist Investor Elliott Built a Stake in Deutsche Telekom and Urged It to Scrap a T-Mobile Merger Plan. Bloomberg reported Elliott prefers larger share buybacks over pursuing what could become the largest public-company merger. T-Mobile stock rose about 3% as investors weighed potential alternatives for unlocking value.
4. Broadcom’s Quarterly Profit More Than Tripled on Surging AI Chip Demand. Revenue leapt to $29.59 billion, beating estimates, while adjusted EPS hit $3.32. AI semiconductor sales soared to $16.7 billion, yet shares slipped 3.6% after hours as investors digested lofty expectations.
5. Snowflake Lifted Its Product-Revenue Guidance, Citing Strong Uptake of AI-Ready Data Tools. July-quarter revenue grew 35% to $1.55 billion, topping forecasts and sending the stock up about 13% in late trading. Management said enterprises are migrating data to create foundations for AI development.
6. Morgan Stanley Said Palo Alto Networks Stands to Gain from Growing Demand for Integrated Cybersecurity Platforms. Analysts highlighted the firm’s 220 “platformizations” and consolidation of fragmented security tools. They believe enterprises’ need to manage AI-driven threats will accelerate platform adoption.
7. Palantir Suffered Its Sharpest One-Day Slide Since February Amid Rate-Sensitive Valuation Pressures. The share price fell over 7%, with analysts noting its 80-plus forward P/E makes it vulnerable to rising bond yields. Investors rotated away from high-multiple growth names despite the company’s recent earnings beat.
8. Alphabet Avoided a Forced Divestiture of Google’s AdX Business After a Federal Judge Rejected a DOJ Breakup Request. The court accepted behavioral remedies, marking the antitrust enforcers’ third high-profile setback against Big Tech. Alphabet shares firmed about 1% on relief from the ruling.
9. Delivery Hero’s Board Endorsed Uber’s Proposed $14.8 Billion Takeover Offer. Management said the combination could accelerate innovation across global food-delivery markets. The recommendation advances a potential tie-up that would reshape competition in the sector.
10. Uber’s Planned 10% Workforce Reduction Could Free Up $1.75 Billion for Reinvestment, According to Wedbush. Analysts expect savings to fund new growth initiatives rather than simply bolster profits, reinforcing confidence in Uber’s margin expansion strategy.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data Disclaimer: This content is for reference only and does not constitute investment advice.
