Nasdaq leads gains as SpaceX, Super Micro results improve AI appetite
SMCI•The Nasdaq rose 0.56% as SpaceX gained 10.7% after posting its first profit as a public company and Super Micro jumped 12% on a stronger-than-expected forecast. Netflix fell 2.5% after issuing a weaker-than-expected fourth-quarter profit forecast.
1. AI stocks lift Nasdaq
The Nasdaq gained 0.56% on Wednesday as results from SpaceX and Super Micro Computer improved appetite for AI-linked stocks. The S&P 500 rose 0.23% and the Dow added 0.17%.
2. Company results drive moves
SpaceX climbed 10.7% after saying it had posted its first profit as a public company; Elon Musk had also said a merger with Tesla would be “a good idea.” Tesla rose 3.7%. Super Micro jumped 12% after forecasting quarterly revenue and profit margin above Wall Street estimates. HPE and Dell gained 3% and 5%, respectively.
3. Caution remains in sector
Netflix fell 2.5% after issuing a weaker-than-expected forecast for fourth-quarter profit, while CoreWeave slipped 2.4%. Oil prices remained elevated, with Brent crude futures near $110 a barrel. Investors were scrutinizing earnings from AI-aligned companies for signs about the sustainability of AI spending and the effect of rising oil prices.
