Tech Stocks Surge Amid AI Demand and Rate Cut Anticipation
The S&P 500 reached another record-high as Oracle surged due to AI-driven demand for its cloud services. This, combined with cooler-than-expected inflation data, raised expectations for a Federal Reserve interest rate cut. The Nasdaq and PHLX chip index also saw significant gains, while Apple lagged behind.
The S&P 500 set a new record high on Wednesday, bolstered by a surge in Oracle shares and moderated inflation data suggesting imminent interest rate cuts by the Federal Reserve.
Oracle achieved its largest single-day percentage rise since 1992, driven by increased demand from AI firms for cloud services, pushing its market value toward $970 billion.
Meanwhile, AI-related chip stocks like Nvidia saw gains, and power suppliers to data centers also benefited, though Apple continued to decline, reflecting mixed performances across tech sectors.
(With inputs from agencies.)
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