Tech stocks started the week positively, boosted by Nvidia and Apple.
The Nasdaq Composite Index, which focuses on technology, increased by 0.3% early Tuesday after reaching a record high on Friday. Over the past five weeks, the index has risen by 10.7%, according to Dow Jones Market Data.
Apple’s stock neared positive territory for the year, rising by 0.9%. Bloomberg reported that iPhone shipments in China increased by 52% in April, based on data from the China Academy of Information and Communications Technology. Concerns about competition in China and weakening iPhone demand have contributed to a 1.3% decline in Apple shares in 2024, as of Friday. Prior to its recent earnings report, Apple shares were down 10% for the year.
Nvidia’s stock continued its impressive climb, jumping 4.8%. The stock has surged by 115% in 2024 through Friday, surpassing the $1000 mark after its first-quarter earnings. Nvidia’s rise may be further fueled by Elon Musk’s AI start-up, xAI, which raised $6 billion in its latest venture round on Sunday. As xAI has not indicated plans to develop in-house chips, it is likely to spend much of this funding on Nvidia’s hardware.
The chip sector also saw gains: Advanced Micro Devices rose 0.7%, Micron Technology increased by 1%, Qualcomm climbed 1.2%, and Intel was up 0.9%. AI-related stocks had mixed results—Palantir Technologies fell 0.6%, C3.ai declined by 1.2%, and AI server maker Super Micro Computer rose by 0.5%.
