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US stock markets closed at record highs on Wednesday, with the S&P 500 rising 0.58 per cent to 6,753.72 and the Nasdaq Composite jumping 1.12 per cent to 23,043.38. The Dow Jones Industrial Average remained nearly flat, slipping just 1.20 points to 46,601.78.
The rally came after Nvidia CEO Jensen Huang told CNBC that demand for AI computing has surged substantially in the past six months. Nvidia shares gained 2 per cent following his comments, helping ease concerns about the sustainability of the artificial intelligence trade that emerged earlier in the week when Oracle shares dropped on reports of weaker cloud margins.
The technology, utilities, and industrials sectors led the gains, all closing at fresh highs. Wedbush Securities analyst Dan Ives predicted tech stocks could climb another 7 per cent through the year-end, projecting $3 trillion in AI-related spending over the next three years, from enterprise and government sources.
In extended trading, Joby Aviation plunged 11 per cent after announcing a $500-million stock offering to fund its air taxi operations ahead of a planned 2026 US launch. AST SpaceMobile surged 11 per cent on news of a deal with Verizon to provide a satellite-based cell service starting next year.
The market showed little reaction to Federal Reserve meeting minutes revealing officials were divided on the number of rate cuts needed for the remainder of the year, though nearly all supported the September rate reduction.
The ongoing US government shutdown entered its eighth day, with the Senate again rejecting competing funding proposals. However, the political impasse has had minimal impact on equity markets so far.
Published on October 9, 2025
