Nasdaq Reaches New Highs Amid AI Wave, Meta's AI App Surges
The Nasdaq Composite Index has reached new all-time highs for four consecutive days, driven by the ongoing AI wave in tech stocks. The $Nasdaq Composite Index (.IXIC.US)$ rose while the $Dow Jones Industrial Average (.DJI.US)$ fell 0.4% and the $S&P 500 Index (.SPX.US)$ ended roughly flat.
Chip stocks have been on a six-day winning streak, led by Micron Technology (MU.US)$. NVIDIA (NVDA.US)$ and Advanced Micro Devices (AMD.US)$ also saw gains. Goldman strategist Rich Privorotsky notes that the rally is more complex than just buying AI-related assets, as inference-side logic differs from front-end training.
The next wave of AI investment may shift from large labs spending trillions on larger models to billions of distributed agents, broadening what counts as AI infrastructure demand. Invesco QQQ Trust (QQQ.US)$ has been steadily rising along a blue ascending trendline since its April low and remains in an uptrend channel.
The trendline support role is crucial, as it will act as key dynamic support if a short-term pullback occurs. The 61.8% Fibonacci level (714.777) and the blue trendline may form a confluence zone on the right side, which is critical for medium-term defensive levels.
$Meta Platforms (META.US)$ has seen its personal AI agent app, Muse, surpass ChatGPT's performance in two key metrics, downloads and daily active users. This has given Meta a fresh narrative, with the stock surging 11% on Monday. However, there is caution as the RSI peak was lower than expected, indicating a short-term top divergence signal.