Meta and AMD lead a broad AI-sector rally, pushing the Nasdaq to record highs while Brent crude retreats on potential diplomatic breakthroughs in the Middle East.
Meta surged more than 11% on Monday due to a buzzy reception for its new AI assistant Muse, recharging optimism in the broader AI stock universe.
The Nasdaq reached record highs as the release of Meta's Muse recharged optimism in AI-related stocks and chip firms after weeks of hesitation.
Advanced Micro Devices surged almost 10% to become the latest chipmaker to reach $1 trillion in market valuation, driven by renewed AI optimism and strong semiconductor export data from South Korea.
The SOX chip sector index rose more than 4% on Monday, boosted by record semiconductor shipment growth in South Korea and the broader rally in AI stocks.
Brent crude slipped below $100 per barrel on hopes of diplomatic progress regarding Iran reopening the Strait of Hormuz and Saudi Arabia restarting pipeline operations.
The Nasdaq reached record highs on Monday, fueled by an 11% surge in Meta shares following the launch of its Muse AI assistant. The rally extended to the semiconductor sector, where AMD achieved a $1 trillion market valuation, supported by record-breaking chip export data from South Korea. Meanwhile, Brent crude prices slipped below $100 per barrel amid signs of diplomatic progress regarding the Strait of Hormuz.
The rally is primarily driven by the positive reception of Meta's new AI assistant, Muse, and strong semiconductor export data from South Korea, which has eased previous concerns regarding AI-related risks.
Oil prices retreated due to reports that Iran may reopen the Strait of Hormuz if the US eases military pressure, alongside the resumption of operations at Saudi Arabia's East-West Pipeline.