"Most of the major indices are racing higher this morning. While the Dow is down 33 points, the NASDAQ is up about 175. The S&P 500 tacks on another 22 points. Meanwhile, the SPDR S&P 500 ETF ( SPY) is up about $2.21 to $684.45. Fueling upside are cooling trade war tensions and further momentum in AI trades. Helping, shares of Nvidia ( NASDAQ: NVDA) are up on news that Microsoft ( NASDAQ: MSFT) secured export licenses from the Trump Administration to ship NVDA chips to the United Arab Emirates."
"OpenAI is accessing AWS compute comprising hundreds of thousands of state-of-the-art NVIDIA GPUs, with the ability to expand to tens of millions of CPUs to rapidly scale agentic workloads. AWS has unusual experience running large-scale AI infrastructure securely, reliably, and at scale-with clusters topping 500K chips. AWS's leadership in cloud infrastructure, combined with OpenAI's pioneering advancements in generative AI, will help millions of users continue to get value from ChatGPT."
Major U.S. indices moved higher with the NASDAQ outperforming while the Dow lagged slightly. Market gains were supported by easing trade tensions and continued momentum in AI-related trades. Nvidia rose after Microsoft obtained export licenses to ship NVDA chips to the United Arab Emirates. More than 300 S&P 500 companies have reported earnings, with roughly 80% beating expectations and names like Palantir and AMD scheduled to report later. OpenAI agreed to a $38 billion compute deal with AWS to run large-scale workloads on NVIDIA GPUs and thousands of CPUs. Loop Capital reiterated a buy rating on Nvidia with a $350 price target.
Read at 24/7 Wall St.
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