Tech Titans Propel Wall Street's Ascent Amid AI Buzz

Wall Street experienced a robust lift on Wednesday, driven by significant gains in technology giants including Nvidia and Amazon. Nvidia's 2% rise was fueled by a deal with Meta Platforms to supply AI chips, although Meta's shares remained nearly unchanged.

Stocks in the AI realm, such as Sandisk and Seagate, also posted strong performances, adding between 2% and 6.2% on recent demand surges. Meanwhile, the PHLX chip index enjoyed a 1.3% rise amidst past concerns over high valuations. Amazon's shares rose 2.3%, with Alphabet trailing closely behind at 0.7%.

The S&P 500 saw a 0.61% rise, while the Nasdaq advanced by 0.99%. The Dow Jones noted a modest gain of 0.27%. Positive economic data bolstered market confidence, with traders predicting a possible Federal Reserve rate cut by June. Several companies, including Global Payments and Moderna, surpassed expectations, contributing to an optimistic market outlook.