Chips Stocks Soar on Record Day for Stocks
5/6/20262 min
Optimism over AI helped fuel the rally. Plus: Uber shares rise after an increase in revenue and bookings.
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First 90 secondsSpeaker 00:00
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Katherine Sullivan· Host0:14
[calm music] Here's your closing bell brief for Wednesday, May 6th. I'm Katherine Sullivan for the Wall Street Journal. US stocks climbed to new record highs today. The Nasdaq led the benchmarks with a 2% gain. The S&P 500 rose 1.5%, while the Dow added 1.2%. Renewed faith in artificial intelligence powered the broad market rally. Optimism over a potential Middle East peace deal also boosted sentiment. Falling oil prices provided a backdrop for the day of trading. Among individual companies, Advanced Micro Devices shares soared 19%. The chip maker reported stronger sales and higher profit in its latest update. While Disney shares jumped 7.5% during the session, new CEO Josh D'Amaro outlined his plan to use technology to increase profits. Uber Technologies shares jumped 8.5% after its earnings report. The ride hailing company saw a rise in both revenue and bookings. And Intel shares added 4.5% to continue yesterday's climb. Investors remain enthusiastic about the semiconductor sector as a whole. Heads up, an artificial