[New York = E-Daily Seong Joowon Correspondent] The New York stock market continued its upward trend on the 27th (local time), buoyed by strong performance in artificial intelligence (AI) semiconductor stocks. The Nasdaq, driven primarily by technology stocks, led the gains as expectations for AI investments were reignited by Anthropic’s plans for an initial public offering (IPO), compounded by news of large-scale semiconductor procurement funding. Falling international oil prices also bolstered investor sentiment.

On the New York Stock Exchange that day, the tech-heavy Nasdaq Composite Index closed at 26,477.81, up 1.18% from the previous session. The S&P 500 index closed at 7,722.60, up 0.60%, while the Dow Jones Industrial Average closed at 52,377.57, up 0.03%.
Semiconductor stocks led the rally. Broadcom rose about 4% on news that Bank of America (BofA), Citigroup, Morgan Stanley, and Blackstone would raise $63 billion to finance Anthropic’s acquisition of Broadcom’s technology. AMD rose about 5.5%, and Micron rose 2.8%.
This marked the second consecutive day of strength in AI-related stocks, a rally triggered by the release of Anthropic’s IPO filing the previous day. However, concerns remain regarding the debt burden and profitability resulting from expanded AI investments. According to Reuters, while the Philadelphia Semiconductor Index has risen more than 60% this year, it remains more than 20% below the all-time closing high it reached last June.
Zed Ellerbrook, a portfolio manager at Agent Capital Management, told CNBC, “The market periodically expresses concerns about AI investment spending, but eventually, tech stocks lead the rally again,” adding, “It looks like the switch that had been off for the past two weeks has been turned back on this week.”
Meta, on the other hand, showed weakness amid the burden of large-scale fundraising to expand its AI business. According to Reuters, Meta expanded its fundraising target to $97.5 billion. The market appears to be reflecting both expectations for AI investment and the burden of fundraising simultaneously.
The decline in international oil prices also had a positive effect on the stock market. Following reports that Iran had discussed conditions for ending the war, West Texas Intermediate (WTI) crude futures closed at $99.90 per barrel, down 1.83% from the previous session, while Brent crude futures closed at $113.88, down 1.67%. However, oil price volatility remains high as military tensions in the Middle East persist.
Stock price divergence driven by corporate earnings was also pronounced. Boeing plummeted about 10.7% after reporting a third-quarter loss larger than market expectations. In contrast, UPS rose about 5.8% on better-than-expected quarterly results, and JetBlue surged 19% on the prospect of improved fourth-quarter profitability.
The overall sentiment during earnings season has been positive. According to financial information provider London Stock Exchange Group (LSEG), nearly half of the S&P 500 companies have reported their third-quarter earnings, and 83% of them beat market expectations.
The market’s next focus is on the Federal Reserve’s (Fed) monetary policy decision and earnings from Big Tech companies. The Fed, which began its two-day Federal Open Market Committee (FOMC) meeting today, is expected to keep the benchmark interest rate unchanged at the current range of 3.75% to 4.00% on the 28th. Investors are likely to look for clues regarding the possibility of an additional rate hike in December during Fed Chair Kevin Warsh’s press conference.
The scale of AI investments by Alphabet, Microsoft (MS), and Amazon—all of which are reporting earnings this week—is also a key variable. The market is focusing not only on how much AI-related spending is increasing but also on whether these massive investments are actually translating into profits.