The stock market picked up steam on Monday after Nvidia delivered the artificial intelligence rally its latest spark.
The Dow was up 61 points, or 0.1%. The S&P 500 rose 0.4%. The Nasdaq Composite gained 0.6%.
The S&P and Nasdaq each set fresh record intraday highs. All three big indexes were on track for record closes after finishing last week at closing highs.
Things really picked up after Nvidia announced plans to invest up to $100 billion in OpenAI.
“NVIDIA and OpenAI have pushed each other for a decade, from the first DGX supercomputer to the breakthrough of ChatGPT,” Nvidia CEO Jensen Huang said. “This investment and infrastructure partnership mark the next leap forward—deploying 10 gigawatts to power the next era of intelligence.”
Nvidia stock spiked 4.2%, which bled into major indexes. The stock’s rally this year stalled a touch after the firm’s earnings report in August, but today’s move put it on track for a fresh record closing high. Teradyne, Oracle, and Super Micro Computer were also among the S&P 500’s top stocks. The iShares Semiconductor ETF was up 1.7%.
Magnificent Seven stocks were mixed, though Apple and Tesla were both up more than 2%, too. Amazon.com and Alphabet were down more than 1%, while Meta and Microsoft were both down more than 0.5%. Put together, the Roundhill Magnificent Seven ETF was up 0.8% on the day.
Market breadth was improving from earlier in the morning, but a majority of S&P 500 stocks were still down on the day.