S&P 500 climbs to record high as in-line inflation data point to Fed rate cut
Investing.com-- Chinese chipmaking stocks rose sharply on Thursday, lifted by renewed optimism around artificial intelligence demand after Oracle (NYSE:ORCL) shares surged in the U.S.
Oracle shares closed 36% higher at a record high on Wednesday after the software company announced multi-billion-dollar cloud contracts with AI developers, including a deal reported to be worth about $300 billion with OpenAI.
The gains pushed Oracle’s market value close to $913 billion, raising prospects it could soon join the trillion-dollar club.
The rally spilled into global semiconductor shares. In the U.S., Nvidia gained 3.8%, Broadcom rose nearly 10%, and AMD added 2.4%. Investors bet rising AI workloads will fuel demand for both cloud services and the chips that power them.
In Asia, Chinese chipmakers advanced as traders looked for local beneficiaries of the global build-out.
Hong Kong-listed shares of Semiconductor Manufacturing International Corp (HK:0981) jumped more than 5% while Hua Hong Semiconductor (HK:1347) stock surged 6%.
AI hardware supplier Cambricon Technologies (SS:688256) climbed over 10%.
NAURA Technology (SZ:002371), a top supplier of chip manufacturing equipment, rose over 4%, while optical fibre and cable maker Yangtze Optical Fibre (SS:601869) surged 8%.