Gains from semiconductor and software stocks send S&P 500, Nasdaq 100 to new record closes
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Stocks continued to power higher, with the S&P 500 and Nasdaq 100 setting new record closing highs, though the Russell 2000 dipped. The S&P 500 has risen for its eighth-straight session, its longest winning streak in over a year.
Gains were concentrated in the information technology and energy sectors, as software stocks rallied and oil rose.
On Truth Social, President Trump posted that talks with Iran “are continuing, at a rapid pace,” pushing back against reporting earlier in the day. Moving higher: |
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Nvidia climbed after announcing its entry into the laptop market with a new PC “superchip” that will power a fresh line of Windows laptops by Dell and HP.
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Nvidia's new laptop superchip — which uses Arm architecture — sent shares of Arm higher, validating demand for its IP in the PC market.
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Jensen Huang's comments at Computex threw fuel on the AI software trade, lifting Microsoft, Salesforce, ServiceNow, Snowflake, Oracle, Atlassian, Zscaler, Okta, MongoDB, Figma, Asana, and BigBear.ai in a broad software rally.
- Salesforce got an additional boost after Bloomberg reported its $50 million investment in Anthropic is now valued at around $5 billion.
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AI data center stocks surged after Dell delivered an Nvidia server to CoreWeave, with Dell, CoreWeave, Nebius, and POET Technologies all climbing.
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IREN rose after closing a $3.65 billion GPU financing facility to support its Microsoft contract.
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Taylor Morrison jumped after Berkshire Hathaway agreed to buy the homebuilder for $6.8 billion.
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AMC and Cinemark climbed on record May movie theater attendance.
- MGM Resorts surged after a report that Barry Diller is planning a bid for the company.
- IBM surged after Barclays initiated coverage with a $350 price target, while a 2025 video of Trump saying the stock will “go up a lot more” went viral.
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Nio gained after reporting a 62% surge in May deliveries, with Chinese EV peer XPeng also climbing as sales mostly rebounded.
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HP climbed as one of the manufacturers set to build laptops powered by Nvidia’s new chip.
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HYPE hit an all-time high as its treasury companies proved to be the only profitable ones in the space, with treasury stock Hyperliquid Strategies also climbing.
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Nvidia's entry into the laptop market with a new PC superchip pressured incumbent chipmakers, with Intel, AMD, and Qualcomm all falling on the competitive threat.
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Strategy sank after revealing it sold bitcoin.
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Apple slipped as Nvidia's push into the laptop market with a new superchip raised questions about competitive pressure on MacBooks.
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Bitcoin continued to dip after closing May in the red, raising questions about whether June will bring more downside.
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An $8 AI subscription won’t plug a $19 billion hardware hole. Read more. |
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Higher prices have pushed many members to the retailer’s pumps for the first time. Read more. |
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Despite a massive surge in corporate AI spending, the technology is broadly failing to deliver the massive cost reductions executives had anticipated, according to a new global survey from Bain & Co. shared with Bloomberg. The largest share of major companies measuring their AI returns — 40% — realized cost savings of 10% or less, with poor access to internal data cited as the primary roadblock. Read more.
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