AI-Driven Mega-Cap Tech Rally
Hype around artificial intelligence is a significant factor driving stock performance in 2023.
Too little corroboration in the last 3 days to call a trend (20 articles). Watching for it to gain traction.
Mainstream financial press is carrying this — attention has broadened beyond specialist outlets.
"Technology-related companies continued to receive support from investors because confidence in artificial intelligence remained strong. That helped lift both the Nasdaq and the S&P 500 even as the Dow Jones slipped."
"The recent artificial intelligence-led sell-off attracted bargain hunters betting that the industry's investment boom will continue to support robust corporate earnings. Chipmakers and AI-related companies were among the biggest gainers in pre-market trading, suggesting investors still believe the AI investment cycle has plenty of room to run."
"A primary driver of this optimism is the artificial intelligence boom, which BlackRock believes is 'lifting U.S. corporate earnings, underpinning our U.S. equity overweight.'"
"Meanwhile, market participants remain focused on the prospect of upcoming IPOs of leading AI firms, highlighting the persistent allure of AI in shaping financial markets."
"The S&P 500 and Nasdaq indexes inched closer to record highs on Tuesday, buoyed by optimism surrounding AI advancements."
"Dan Ives...remain bullish on the AI frenzy, powered by Big Tech earnings and relentless enthusiasm around artificial intelligence. Ives sees the tech-heavy Nasdaq index surging to 30,000 over the next year."
"Gains in processor and memory chipmakers, the key drivers of the recent rally in the artificial intelligence trade, led stock gainers on Wednesday."
"The Nasdaq Composite climbed 0.35% and the S&P 500 edged up 0.19%, lifted by a relentless tech rally that just won't quit."
"Intel rose more than +23% to a record high to lead chipmakers higher after forecasting Q2 revenue of $13.8 billion to $14.8 billion, well above expectations of $13.04 billion. The surge in Intel has reignited optimism over the economic potential of artificial intelligence for semiconductor manufacturers."
"Shares of GE Vernova jumped 13.7% after the company reported stronger-than-expected quarterly profits. The energy equipment maker is also benefiting from the AI boom with robust equipment orders including for data centers."