AMD Hits $1 Trillion, Muse Spooks Subscription Stocks: This Week on Wall Street
Wall Street closed the week riding a semiconductor rebound that pushed the AI infrastructure trade back into favor, even as a spike in Treasury yields tested the rally’s staying power. Advanced Micro Devices Inc. (NASDAQ: AMD ) supplied the week’s biggest milestone. Shares surged as much as 10% on Monday, pushing the company past a $1 trillion market capitalization for the first time and capping a five-session winning streak fueled by renewed demand for AI chips. The stock has very nearly tripled since the start of the year. The performance gap vis-à-vis Nvidia Corp. (NASDAQ: NVDA ) has reached over 160 percentage points since the start of the year, the widest one since the start of the AI era. Read Also: Everyone Bought Nvidia for AI: Now AMD Could Win the $211 Billion CPU Race, Bank Of America Says Meta Platforms Inc. (NASDAQ: META ) also posted double-digit weekly gains after its new Muse AI agent became the top free app on Apple’s App Store, outpacing ChatGPT’s early download pace. JPMorgan analyst Doug Anmuth wrote that Muse “has the potential to become the most widely used consumer AI application since ChatGPT.” Moderna Inc. (NASDAQ: MRNA ) rallied about 30% over the week, no
Wall Street closed the week riding a semiconductor rebound that pushed the AI infrastructure trade back into favor, even as a spike in Treasury yields tested the rally’s staying power. Advanced Micro Devices Inc. (NASDAQ: AMD ) supplied the week’s biggest milestone. Shares surged as much as 10% on Monday, pushing the company past a $1 trillion market capitalization for the first time and capping a five-session winning streak fueled by renewed demand for AI chips.
The stock has very nearly tripled since the start of the year. The performance gap vis-à-vis Nvidia Corp. (NASDAQ: NVDA ) has reached over 160 percentage points since the start of the year, the widest one since the start of the AI era. Read Also: Everyone Bought Nvidia for AI: Now AMD Could Win the $211 Billion CPU Race, Bank Of America Says Meta Platforms Inc.
(NASDAQ: META ) also posted double-digit weekly gains after its new Muse AI agent became the top free app on Apple’s App Store, outpacing ChatGPT’s early download pace. ” Moderna Inc. (NASDAQ: MRNA ) rallied about 30% over the week, notching the best performance among S&P 500 stocks. Thursday’s 7% jump came after three abstracts on its experimental cancer vaccine, intismeran autogene, were accepted at next month’s European Society for Medical Oncology Congress in Madrid.
The headline presentation covers late-stage melanoma data combining the vaccine with Keytruda from Merck & Co. Inc. (NYSE: MRK ). Moderna has more than tripled since mid-August.
Akamai Technologies Inc. (NASDAQ: AKAM ) joined the AI trade from an unexpected angle. 6 billion deal to supply Anthropic with computing capacity. Shares rallied over 15% on Friday.
S. business growth in over five years, but with input costs rising at their fastest clip in four years. 53%, its highest since 2004. Markets now price in a 68% chance of a Fed rate hike next month and a 50% chance of an additional hike in December.
2% as Economy Runs Hot AI Agent Wave Hits Subscription Stocks Muse’s success had a flip side. Investors began asking what happens to businesses that rely on customers forgetting to cancel. Planet Fitness Inc. (NYSE: PLNT ) fell as much as 11% on Tuesday as the app’s rise hit companies built on consumer inertia, with banks, insurers and travel sites also under pressure.
” Planet Fitness, Comcast Corp. (NASDAQ: CMCSA ) and Liberty Global Ltd. (NASDAQ: LBTYA ) were among its largest weights. ” Gen Digital Inc.
(NASDAQ: GEN ), the owner of Norton, Avast and LifeLock, fared worse, falling more than 20% for the week. The stock dropped 12% on Thursday after the Financial Times reported that Gen had approached GoDaddy Inc. (NYSE: GDDY ) about a possible acquisition. , and may not produce a deal.
Next week, all eyes will be on Micron Technology Inc. (NASDAQ: MU ), which reports fourth-quarter results after the close on Wednesday. 31 billion in the same quarter a year earlier. Read Also: 80% Odds Micron Beats Every Analyst On Wall Street, This Model Says Image: Shutterstock