In May, the Nasdaq experienced a significant 9.6% increase, its largest monthly gain since November 2023, driven mainly by strong performances in the Information Technology and Communication Services sectors. Key players, including the “Magnificent Seven”—NVIDIA, Microsoft, Meta, Alphabet, Amazon, Apple, and Tesla—reported robust Q1 earnings.
NVIDIA’s earnings surpassed expectations, further solidifying confidence in the ongoing AI market, particularly as chipmakers benefited from new AI infrastructure projects in the Middle East. Microsoft’s Azure division saw notable growth due to AI services, while Meta raised its capital expenditure guidance. However, Apple and Amazon faced challenges related to tariffs, with Apple under pressure for lagging in AI advancements.
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