Nasdaq 100 Record Turf
Live Blog Update #2 Published
The Nasdaq 100 index has clinched a new record, surpassing the 30,000 level for the first time in history. Some of today’s biggest gainers catapulting the index to record levels include Micron Tech (Nasdaq: MU), Monolithic Power Systems (Nasdaq: MPWR) and Lam Research (Nasdaq: LRCX).
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A surge in chip and memory stocks has lifted Micron (Nasdaq; MU) to a fresh all-time high, catapulting the company into the $1 trillion market-cap club. Micron stock is currently soaring by 16.2% as it inches closer to the $900/share level. The rally in MU stock appears to be fueled by a bullish Wall Street report in which UBS analysts lifted their price target on the stock to above $1600/per share. Meanwhile, Qualcomm (Nasdaq; QCOM) stock is up 5.3% today after clinching a reported chip deal with China’s ByteDance.
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SoftBank has built a nearly $65 billion position in OpenAI, and the market is starting to take notice. Shares hit a record high Tuesday, up roughly 40% over five trading sessions, fueled by reports that OpenAI is preparing to file for an IPO in the coming days. The commitment would give SoftBank an approximately 13% stake in the ChatGPT maker by October, a position significant enough that, excluding treasury shares, the company has passed Toyota as Japan’s most valuable company for the first time since 2000. SoftBank’s power unit, SB Energy, is also planning a confidential U.S. IPO filing of its own. One analyst tempered the enthusiasm, telling Bloomberg: “Right now the stock is moving purely based on expectation.”
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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