Nasdaq 100 Soars as AI Earnings and Inflation Data Boost Tech Stocks

The Nasdaq 100 index rose on Wednesday, led by strong earnings from artificial intelligence infrastructure companies and a benign inflation reading. The July consumer price index came in line with forecasts, rising 0.1% month-over-month and 3.4% year-over-year.

Core CPI also cooled to 2.5%, the softest in five months, while energy inflation slowed to a four-month low of 14.7%. Treasury yields eased after the data, with the 10-year yield falling to 4.67% and the policy-sensitive 2-year dropping 3 basis points.

The Nasdaq 100 index outperformed its peers, rising 0.7%, while the S&P 500 gained 0.2%. Within the semiconductor sector, Nvidia Corp. climbed 2.8%, while other chip stocks such as Micron Technology Inc., Lam Research Corp., and Applied Materials Inc. also rose.