Stocks Surge to Record Highs on AI Optimism, Soft Landing Hopes
• US stock markets closed at record highs on Friday, with the S&P 500, Nasdaq, and Dow all notching gains • Investors are enthusiastic about artificial intelligence (AI), driving up shares of chipmakers Nvidia and AMD • Nvidia closed above a $2 trillion market valuation for the first time ever • The Philadelphia semiconductor index and Nasdaq both reached new record highs • Markets have drawn support from a resilient economy and expectations of a soft landing for interest rate hikes from the Federal Reserve