Live Market Updates: Nasdaq Composite Down as Ciena (CIEN), Vertiv (VRT) and Other ‘Stargate’ Stocks Rise Again

We have reached midday in the markets, and most major indexes are up while the Nasdaq Composite is dropping:

• Dow Jones Industrial Average: +Up 288.90 (+.65%)
• S&P 500:Up 5.48 (+.09%)
• Nasdaq Composite: Down 78.15 (-.39%)
• Russell 2000: Up 6.64 (+.29%)

Tech stocks led the market yesterday following the announcement of ‘Project Stargate.’ The project claims it’ll invest $500 billion in AI infrastructure across the next four years and is being led by OpenAI, Oracle, Softbank, and MGX. 

Some Stargate stocks continue to soar today while other technology stocks have fallen back. Let’s dig into the biggest stories in today’s market. 

Stargate ‘Winners’ Continue to Rally

In our preview yesterday of stocks that could be ‘winners’ from Stargate, we highlighted Ciena (Nasdaq: CIEN) and Vertiv (NYSE: VRT). 

Ciena is a leader in the interconnects that will be used to link the data centers being built for Stargate. Meanwhile, Vertiv specializes in liquid cooling which will be essential for next-generation GPUs from NVIDIA (Nasdaq: NVDA). 

Today, both Ciena and Vertiv are rallying. As of 12:45 p.m. ET, Ciena is up 6% while Vertiv is up 3.25%. 

Other AI Stocks Struggle After SK Hynix Earnings 

South Korean memory maker SK Hynix reported earnings last night which beat expectations on the profit side. However, the company’s guidance on capital expenditures was more muted than market expectations. 

This has led to weakness across rivals like Micron (Nasdaq: MU), which is down 3.75%, and also semiconductor equipment companies like Applied Materials (Nasdaq: AMAT) and Lam Research (Nasdaq: LRCX). 

So, overall it’s a mixed day for AI stocks with some Stargate beneficiaries seeing continued gains while other stocks in the industry take a breather.