Nasdaq closes at fresh high as AI chipmakers spark rally

The Nasdaq logged a fresh closing high on Monday led by AI-focused chipmakers, with AMD up about 10% to a $1 trillion market cap and Intel and Arm surging over 12%. The Nasdaq Composite rose 2.26%, the S&P 500 gained 1.49%, and the Dow 0.71%, while the PHLX semiconductor index jumped around 4%. Oil prices fell and long-dated yields eased as investors priced in gradual rate hikes, underscoring continued risk appetite amid signs of expanding AI spending despite recent warnings from AI leaders.