Stocks saw new highs and big declines: How the volatile AI trade moved last week's market
Looking to balance out our AI exposure, we put more of our sizable cash pile to work.
TL;DR
- Stocks reached fresh record highs early last week, with the S&P 500 and Nasdaq logging weekly gains.
- Renewed volatility in the artificial intelligence trade impacted market sentiment.
- SpaceX is reportedly seeking to raise $40 billion for AI compute expansion and acquired a nationwide spectrum portfolio.
- OpenAI's reported revenue figures caused AI stocks to decline sharply before rebounding.
- Starbucks showed signs of a turnaround with improving consumer intentions to spend more, according to new data.
- The market action was driven by developments in AI, SpaceX, and consumer trends.