Nasdaq leads Wall Street gains as SpaceX, Super Micro boost AI sentiment
NEW YORK: The tech-heavy Nasdaq led Wall Street to a higher close on Wednesday after quarterly results from SpaceX and Super Micro Computer improved investor appetite for artificial intelligence-related stocks while weakness in communication services stocks capped gains.
On Wednesday, the tech-heavy Nasdaq led Wall Street to a higher close, driven by improved investor sentiment towards artificial intelligence-related stocks following strong quarterly results from SpaceX and Super Micro Computer. SpaceX, owned by Elon Musk, reported its first profit as a public company, resulting in a 7.8 percent share price increase.
Musk suggested a potential merger between SpaceX and Tesla, further boosting Tesla shares. Super Micro Computer shares rose 9.6 percent, surpassing Wall Street estimates and signaling continued AI demand resilience. Other AI server makers, such as HPE and Dell, also saw notable gains. The positive earnings reports aimed to reassure investors concerned about the sustainability of AI spending and profitability.
The technology sector, previously hit by a selloff in AI-linked stocks, saw a rebound with the Nasdaq Composite gaining 1.05 percent, the largest gain among the S&P 500's 11 major industry sectors.
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