Chip stocks bolster US market rebound, S&P nears record high, spot gold breaks above $4,000 for the first time, silver futures jump over 3% intraday.

Chip stocks bolster US market rebound, S&P nears record high, spot gold breaks above $4,000 for the first time, silver futures jump over 3% intraday.

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Chip stocks are leading the rebound in the US stock market, with the main US stock indexes poised to approach their recently set record closing highs.

The three major US stock indexes opened higher together. In early trading, the S&P 500 and Nasdaq maintained their gains, rising nearly 0.5% and nearly 0.8% respectively, with the S&P approaching its intraday record high. The Dow Jones turned negative at the start but then dropped more than 104 points, before rebounding to rise over 130 points, nearly 0.3%, about half an hour after the open.

Before the US market opened, Nvidia CEO Jensen Huang said that the market demand for Nvidia's Blackwell products is really quite high. He confirmed that Nvidia has invested in Musk's xAI and expressed excitement about xAI's ongoing fundraising, saying he regretted not investing in OpenAI earlier. Nvidia, which had fallen for three straight days, rebounded on Wednesday, rising more than 2% in early trading and performing the best among the tech “Magnificent 7.”

Nvidia led the overall surge in chip stocks. The Philadelphia Semiconductor Index rose more than 1% in early trading.

After sharply raising its performance guidance for the next four years on Tuesday due to optimistic views of AI demand, Dell's stock accelerated its rise, at one point up 10% in early trading.

 

 

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