Wall Street closed the week riding a semiconductor rebound that pushed the AI infrastructure trade back into favor, even as a spike in Treasury yields tested the rally’s staying power. Advanced Micro Devices Inc.
(NASDAQ:AMD) supplied the week’s biggest milestone. Shares surged as much as 10% on Monday, pushing the company past a $1 trillion market capitalization for the first time and capping a five-session winning streak fueled by renewed demand for AI chips.
The stock has very nearly tripled since the start of the year. The performance gap vis-à-vis Nvidia Corp.
(NASDAQ:NVDA) has reached over 160 percentage points since the start of the year, the widest one since the start of the AI era. Read Also: Everyone Bought Nvidia for AI: Now AMD Could Win the $211 Billion CPU Race, Bank Of America Says Meta Platforms Inc.
(NASDAQ:META) also posted double-digit weekly gains after its new Muse AI agent became the top free app on Apple’s App Store, outpacing ChatGPT’s early download pace. ” Moderna Inc.
(NASDAQ:MRNA) rallied about 30% over the week, notching the best performance among S&P 500 stocks. Thursday’s 7% jump came after three abstracts on its experimental cancer vaccine, intismeran autogene, were accepted at next month’s European Society for Medical Oncology Congress in Madrid.
The headline presentation covers late-stage melanoma data combining the vaccine with Keytruda from Merck & Co. Inc.
(NYSE:MRK). Moderna has more than tripled since mid-August.
Akamai Technologies Inc. (NASDAQ:AKAM) joined the AI trade from an unexpected angle.
6 billion deal to supply Anthropic with computing capacity. Shares rallied over 15% on Friday.
S. business growth in over five years, but with input costs rising at their fastest clip in four years.
53%, its highest since 2004. Markets now price in a 68% chance of a Fed rate hike next month and a 50% chance of an additional hike in December.
2% as Economy Runs Hot AI Agent Wave Hits Subscription Stocks Muse’s success had a flip side. Investors began asking what happens to businesses that rely on customers forgetting to cancel.
Planet Fitness Inc. (NYSE:PLNT) fell as much as 11% on Tuesday as the app’s rise hit companies built on consumer inertia, with banks, insurers and travel sites also under pressure.
” Planet Fitness, Comcast Corp. (NASDAQ:CMCSA) and Liberty Global Ltd.
(NASDAQ:LBTYA) were among its largest weights. ” Gen Digital Inc.
(NASDAQ:GEN), the owner of Norton, Avast and LifeLock, fared worse, falling more than 20% for the week. The stock dropped 12% on Thursday after the Financial Times reported that Gen had approached GoDaddy Inc.
(NYSE:GDDY) about a possible acquisition. The talks are in the early stages, according to the report, and may not produce a deal.
Next week, all eyes will be on Micron Technology Inc. (NASDAQ:MU), which reports fourth-quarter results after the close on Wednesday.
31 billion in the same quarter a year earlier.
