BUZZ-US stocks weekly: AI ascendancy
SPY•Sector moves
- Vast majority of sectors lift: Energy vaults, while Consumer Discretionary slumps
- Energy .SPNY surges 7.3%. Sector gains as crude rises on Hormuz uncertainty, notches biggest weekly gain since Oct. 2022 O/R
- Financials .SPSY up 0.9%. Nvidia NVDA.O said it partnered with Apollo APO.N, BlackRock BLK.N, Blackstone BX.N, Brookfield BAM.N, Goldman Sachs GS.N and KKR KKR.N to raise $500 bln for AI buildout, propelling alternative asset manager stocks
- Tech .SPLRCT up 0.2%. Memory storage co Sandisk SNDK.O rockets 35% on week as executives tout growth and contract pipeline, encouraged by strong demand amid rapid AI infrastructure expansion
Company moves
- AI server maker Super Micro SMCI.O soars after upbeat annual rev forecast on data center adoption
- Intel INTC.O initially falls after upsized $20 bln share sale to fund chip contract manufacturing business, then recovers, finishes week slightly in the green
- Semiconductor index .SOX up 0.5%
- Network equipment maker Cisco CSCO.O falls despite upbeat 2027 rev forecast, as expectations were high for AI-linked firms
- Similarly, chip equipment maker Applied Materials AMAT.O drops as strong outlook fails to impress amid lofty investor hopes
- Materials .SPLRCM lose 0.9%. That said, all that glitters is rallying again. Spot Gold XAU= up 0.7% for the week, PHLX Gold/Silver Index .XAU adds 0.5%
- Consumer Discretionary .SPLRCD slides 2%. Tapestry TPR.N tumbles on soft rev forecast amid Kate Spade weakness
