S And P 500 Tops 7,500 as Nvidia Lifts Tech
The s and p 500 crossed 7,500 for the first time on Thursday as the artificial intelligence trade came back into focus. The Dow also moved back above 50,000, leaving U.S. stocks with fresh records across the major averages.
The s and p 500 rose about 0.8%, while the tech-heavy Nasdaq Composite advanced 0.9%. For index funds and portfolios tied to large-cap tech, the move concentrated gains in the same names that have been driving the market higher.
Nvidia and Cisco lead
Nvidia stock rose over 4% after news that the United States had approved sales of its H200 chips to several Chinese firms. reported that about 10 Chinese firms were cleared to buy the chip, including Alibaba, Tencent, ByteDance, and JD.com.
$5.7 trillion was Nvidia’s market cap on Thursday, a record, while its shares reached an all-time intraday high. That rally came ahead of earnings next week and kept the semiconductor giant at the center of the AI trade that pushed the broader market higher.
Cisco shares soared after quarterly earnings beat expectations and the company laid out an AI-focused restructuring plan that will cut around 4,000 jobs. Cerebras added another sign of appetite for the theme when it began trading on Thursday afternoon under the ticker CBRS and surged above its IPO price.
Trump and Xi summit
Donald Trump and Xi Jinping began a two-day U.S.-China summit on Thursday and called for better ties as the talks opened. The meeting was expected to cover tariffs and artificial intelligence, putting trade policy and chip access in the same frame as the market rally.
Jensen Huang was set to attend Xi’s welcome to top U.S. CEOs as Nvidia’s shares surged on AI demand. If H200 access to Chinese buyers expands further, the chip trade that helped lift the s and p 500 could stay concentrated in a few large names rather than spread across the market.
