Tech stocks seem to be off to a strong start this week, buoyed by gains from Nvidia and Apple.
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Technology-focused
Nasdaq Composite Index
It was up 0.3% early Tuesday after closing at a record high on Friday. The index has risen 10.7% over the past five weeks, according to Dow Jones Market Data.
Apple shares are up 0.9% this year, nearing positive territory. The company’s iPhone shipments in China surged 52% in April, Bloomberg reported, citing data from the China Academy of Information and Communications Technology. Competition in China and weakening iPhone demand have been major concerns for investors, with the company’s shares down 1.3% so far in 2024 through Friday.
Prior to Apple’s latest earnings report, the company’s shares had fallen 10% this year.
Nvidia shares are soaring again, up 4.8%, and the surge looks set to continue. The company’s shares surpassed the $1,000 mark last week after reporting first-quarter earnings, and as of Friday’s close, they’re up 115% through 2024.
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Elon Musk’s artificial intelligence startup xAI could be the latest catalyst for Nvidia’s stock price rally. Musk’s company, an Nvidia client, announced it raised $6 billion in its latest venture funding round on Sunday. xAI hasn’t said it’s building its own chips, so much of the new funding could go toward Nvidia hardware.
Gains were seen across the semiconductor sector, with Advanced Micro Devices up 0.7%, Micron Technology up 1%, Qualcomm up 1.2% and Intel up 0.9%. AI stocks were more mixed, with Palantir Technologies down 0.6%, C3.ai down 1.2% and AI server maker Super Micro Computer up 0.5%.
Email Callum Keown at callum.keown@barrons.com.
