AI Rally Pushes Wall Street to New Records as NVIDIA and Cerebras Surge

US stock markets delivered another strong performance on Thursday, driven by renewed momentum in technology and artificial intelligence shares, with both the S&P 500 and Nasdaq Composite closing at fresh record highs.

The technology-heavy Nasdaq gained roughly 0.9%, while the Dow Jones Industrial Average and S&P 500 both advanced 0.8%.

The Dow Jones closed above the 50,000-point level for the first time since February, while the S&P 500 surpassed the 7,500-point mark for the first time in history, reflecting continued investor enthusiasm surrounding artificial intelligence, resilient corporate earnings, and broader optimism around the US economy.

Technology giants delivered mixed performances, but NVIDIA once again led the market higher, surging more than 4% to a new all-time high.

Investor sentiment toward NVIDIA remained supported by strong global demand expectations for AI infrastructure, particularly as NVIDIA CEO Jensen Huang participated in the high-profile summit between US President Donald Trump and Chinese President Xi Jinping in Beijing.

The summit continued attracting intense market attention amid expectations that trade, semiconductor policy, artificial intelligence development, and energy cooperation would remain central topics of discussion.

In the IPO market, Cerebras Systems dominated headlines after its shares surged nearly 68% during their first trading session. The company successfully raised approximately $5.5 billion in what became the largest US initial public offering of the year so far, underscoring the extraordinary investor appetite surrounding AI-focused businesses.

Meanwhile, Cisco Systems jumped 13% after posting stronger-than-expected quarterly earnings and issuing optimistic forward guidance.

Cisco also announced workforce reductions as part of a broader strategic shift toward higher-growth segments including semiconductors, optics, cybersecurity, and artificial intelligence infrastructure.

Elsewhere in post-earnings trading, Doximity fell 23%, while StubHub gained around 13%, and Klarna surged 20% following upbeat corporate updates and forecasts.

In commodity markets, oil prices edged modestly higher as traders continued monitoring geopolitical developments tied to the Beijing summit and ongoing Middle East tensions. West Texas Intermediate crude rose 0.7% to settle near $101.75 per barrel, while Brent crude closed slightly higher around $105.72.

The bond market remained under pressure, with the yield on the benchmark 10-year US Treasury note stabilizing near 4.48%, close to its highest level since July. Investors continued evaluating the outlook for Federal Reserve policy amid resilient economic conditions and persistent inflation concerns.

Meanwhile, gold futures declined 0.8% to approximately $4,670 per ounce as risk appetite improved across equity markets.

Bitcoin rebounded toward the $81,400 level after recovering from earlier losses, while the US Dollar Index continued strengthening to 98.84.
Market Outlook

Global markets are expected to remain heavily influenced by artificial intelligence momentum and technology-sector earnings in the near term, particularly as investors continue rotating capital toward semiconductor, infrastructure, and AI-linked companies.

The strong performances from NVIDIA, Cisco, and Cerebras have reinforced market confidence that institutional investment into artificial intelligence infrastructure remains in a powerful expansion phase.

At the same time, markets will continue closely monitoring developments from the Trump-Xi summit in Beijing, especially regarding trade policy, semiconductor access, and broader geopolitical tensions that could influence global supply chains and energy markets.

Attention also remains firmly on upcoming US economic data and the future direction of Federal Reserve policy under incoming Chair Kevin Warsh. Elevated Treasury yields and persistent inflation pressures could continue driving volatility across equities, currencies, and commodities despite the current strength in technology stocks.

If bond yields continue rising, high-growth sectors may face renewed valuation pressure. However, sustained optimism around AI demand and resilient corporate earnings could continue supporting Wall Street’s broader upward momentum in the weeks ahead.