{"id":86695,"date":"2023-11-20T15:16:29","date_gmt":"2023-11-20T20:16:29","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/nasdaq-gains-again-as-microsoft-leads-big-tech-stock-rally\/"},"modified":"2023-11-20T15:16:30","modified_gmt":"2023-11-20T20:16:30","slug":"nasdaq-gains-again-as-microsoft-leads-big-tech-stock-rally","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=86695","title":{"rendered":"Nasdaq Gains Again As Microsoft Leads Big Tech Stock Rally"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Technology stocks rallied<strong> <\/strong>Monday as an eventful weekend in the burgeoning artificial intelligence space and a hotly anticipated earnings report drove optimism, sending several notable stocks to their highest level on record. <strong> <\/strong><\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>The Nasdaq Composite gained 1.1% by mid-afternoon, outpacing the S&amp;P 500\u2019s 0.8% gain.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Microsoft was the most notable riser, jumping more than 2% to an all-time high share price of nearly $380 after a stunning series of events at its minority-owned OpenAI resulted in OpenAI\u2019s CEO Sam Altman leaving to head up Microsoft\u2019s new advanced AI division, a move that analysts view as a surprise but overall boon for Microsoft.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Nvidia, another $1 trillion-plus and AI-committed company, is similarly on track to close at its highest-ever share price, rising 2% Monday to extend its November rally to 24%, as investors await Nvidia\u2019s Tuesday afternoon earnings report, which is expected to unveil a roughly 1,000% annual increase in profits.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Also hitting its highest level on record Monday were shares of chipmaker Broadcom, while several other AI-exposed tech stocks\u2014Adobe, Intel, Meta, Micron and Palantir\u2014all hit their highest respective share prices in more than a year, according to FactSet.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>OpenAI, which Microsoft acquired a reported 49% stake of in January, helped spur a broad boost in the market\u2019s appetite for tech stocks with its November 2022 debut of the generative AI phenomena ChatGPT. The Nasdaq shrank nearly 30% in the 11-month period preceding ChatGPT\u2019s release, slipping as higher interest rates weighed on the growth-focused index\u2019s valuation, but is up about 25% since ChatGPT set off bullishness for big tech\u2019s earnings potential. OpenAI, a private company originally founded as a nonprofit before launching its \u201ccapped profit\u201d division in 2019, shocked the market, and even its investors like Microsoft, on Friday when it announced the firing of Altman. Despite much internal and external backlash, OpenAI ultimately did not reinstate Altman, leading him to directly join Microsoft, though the Verge reported Monday afternoon Altman may still return directly to OpenAI.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Surprising Fact<\/h2>\n<p>The Nasdaq is now up 11% in November, on pace to notch its best month since last July and its fourth-best month of the last decade. The tech-heavy index\u2019s 37% year-to-date jump outpaces the S&amp;P\u2019s 19% gain.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Big Number<\/h2>\n<p>$4.9 trillion. That\u2019s how much market cap the world\u2019s seven most valuable tech stocks\u2014Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla\u2014have added this year.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/11\/20\/not-just-microsoft-these-big-tech-stocks-also-just-hit-record-highs\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Technology stocks rallied Monday as an eventful weekend in the burgeoning artificial intelligence space and a hotly anticipated earnings report drove optimism, sending several notable stocks to their highest level on record. Key Facts The Nasdaq Composite gained 1.1% by mid-afternoon, outpacing the S&amp;P 500\u2019s 0.8% gain. Microsoft was the most notable riser, jumping [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":86696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-86695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nasdaq Gains Again As Microsoft Leads Big Tech Stock Rally | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Technology stocks rallied Monday as an eventful weekend in the burgeoning artificial intelligence space and a hotly anticipated earnings report\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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