The S&P 500 added 0.3% in the midweek trading session, notching a record close for the second straight day.
Oracle (ORCL) shares skyrocketed 36%, securing the S&P 500’s top daily performance.
The surge in Oracle stock lifted the net worth of chair and co-founder Larry Ellison above that of Elon Musk, according to Bloomberg, making Ellison the richest person in the world.
The award provides Tan with performance stock units that will vest only if Broadcom clears ambitious AI revenue milestones.
Synopsys (SNPS) shares plummeted 36%, posting the steepest decline of any S&P 500 stock, after the provider of semiconductor design software missed quarterly sales and adjusted profit estimates.
A major U. S. Midweek trading saw a mixed performance from equity indexes as an unexpected drop in wholesale inflation was reported by the August Producer Price Index report. The day before the widely anticipated release of the Consumer Price Index data, there was a signal of a slowing price pressure.
The SandP 500 closed at a record close for the second day in a row, gaining 0.3 percent during the midweek trading session. The Nasdaq managed to post a new closing record and a daily gain of less than 0.1 percent, while the Dow fell 0.5 percent. Go here to read Investopedia’s comprehensive analysis of today’s trading.
Shares of Oracle (ORCL) surged 36%, securing the best daily performance of the S&P 500. Oracle increased its guidance for its cloud infrastructure business, citing booming AI demand and expectations for several significant customer additions in the upcoming months, despite the fact that its fiscal first-quarter sales and profits results fell short of consensus projections. Bloomberg reports that Larry Ellison, the chair and co-founder of Oracle, became the richest person in the world after his net worth surpassed Elon Musk’s due to the spike in Oracle stock.
Following Oracle’s outlook, other AI-exposed stocks saw an increase in value. When the chipmaker announced that it had approved a long-term equity award for CEO Hock Tan that ties his pay to the company’s success in the AI space, Broadcom’s (AVGO) shares surged 9 points. Tan will receive performance stock units under the award, which will only vest if Broadcom meets aggressive AI revenue targets.
An additional aspect of the AI narrative has been the potential associated with the increasing energy consumption of power-hungry data centers. On Wednesday, the stock prices of Vistra (VST) and Constellation Energy (CEG), two utilities that have been trying to take advantage of the AI data center boom by using their nuclear facilities and other generating capabilities, were up 8% and 63.4 percent, respectively.
Following the semiconductor design software provider’s missed quarterly sales and adjusted profit estimates, Synopsys’ (SNPS) stock fell 36%, marking the steepest decline of any S&P 500 stock. Synopsys also lowered its full-year forecast and gave lower-than-expected guidance for adjusted earnings per share in the current quarter.
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