[New York Stocks] AI shares rally on CoreWeave earnings surprise; SOXL soars 18%

[Financial News]  

New York stocks posted broad gains on the 11th (local time), led by technology shares.
The AI theme regained momentum after neocloud provider CoreWeave, an AI company, reported solid results after the market close the previous day.
NVIDIA, which had plunged nearly 10% over two days, rebounded after three sessions, rising nearly 3%. SOXL, a leveraged semiconductor exchange-traded fund (ETF), soared nearly 18%.

The Dow Jones Industrial Average closed up 254.60 points (0.49%) from the previous session at 52,486.49.
The tech-heavy S&P 500 and Nasdaq Composite each rose around 1.5%.
The S&P 500 gained 98.45 points (1.31%) to 7,619.38, while the Nasdaq rose 400.31 points (1.60%) to 25,466.19.
The Nasdaq-100, comprising 100 large-cap technology stocks, surged 633.46 points (2.28%) to 28,374.25. ProShares UltraPro QQQ (TQQQ), a leveraged ETF that tracks three times the index’s daily move, jumped $3.88 (6.86%) to $60.44.
The ‘Wall Street fear gauge,’ the Chicago Board Options Exchange (CBOE) Volatility Index (VIX), fell another 1.99 points (10.23%) to 17.47.

NVIDIA rebounded after three sessions. Recovering from a nearly 10% slide over two days, it surged $4.84 (2.87%) to close at $173.73.
Investors’ belief that NVIDIA could maintain a solid trajectory even if CEO Jensen Huang leaves the company amid the current affair scandal—just as Apple remained resilient after Steve Jobs’ death—lifted the stock.
NVIDIA surged more than 5% intraday, briefly reaching $177.54, but later gave back some of its gains.

CoreWeave breathed new life into the AI theme, sending semiconductor stocks sharply higher.
Micron surged $86.19 (11.89%) to $811.30, while Intel jumped $4.37 (7.52%) to $62.50.
AMD, which has been benefiting from the fallout of the Jensen Huang scandal, surged $37.69 (7.32%) to $552.90. Broadcom gained $13.24 (3.99%) to close at $345.22.
Flash-memory maker SanDisk surged $117.70 (13.69%) to $977.69, while SK hynix American depositary receipts (ADRs) jumped $12.59 (9.71%) to $142.25.
The Roundhill Memory ETF surged $4.21 (10.36%) to $44.85, outperforming the iShares Semiconductor ETF (SOXX), which gained $8.81 (6.01%) to close at $155.40.
Direxion Daily Semiconductor Bull 3X Shares (SOXL), which tracks three times the daily share-price moves of 30 semiconductor stocks, soared $9.97 (17.78%) to $66.03.

CoreWeave, a leading pure-play AI stock, closed up $12.04 (24.71%) at $60.77.
Lumentum Holdings, an optical networking equipment maker, surged $62.49 (10.67%) to $648.06, while Dutch neocloud provider Nebius soared $20.69 (15.44%) to $154.69.
Another neocloud provider, IREN, also jumped $1.11 (5.63%) to close at $20.84.

Big Tech stocks turned in a mixed performance.
Apple gained $7.12 (2.04%) to $355.63, while Alphabet rose $6.07 (2.11%) to close at $293.45.
Tesla surged $11.06 (2.91%) to $390.84, while Palantir climbed $3.58 (2.12%) to finish at $172.40.
By contrast, Microsoft (MS) fell $12.03 (2.26%) to $521.13, and Amazon slid $4.70 (1.74%) to $266.17.
SpaceX fell $3.34 (2.33%) to $139.75.

[email protected] Song Kyung-jae Reporter