US stock markets achieved record highs on Wednesday, with the S&P 500 climbing 0.58% to close at 6,753.72, and the Nasdaq Composite increasing by 1.12% to finish at 23,043.38. The Dow Jones Industrial Average remained nearly unchanged, dipping just 1.20 points to 46,601.78.
This rally was spurred by comments from Nvidia CEO Jensen Huang, who stated in an interview with CNBC that demand for AI computing has surged significantly over the past six months. Following his remarks, Nvidia’s shares rose by 2%, alleviating concerns regarding the longevity of the artificial intelligence sector, which had come into question earlier in the week after Oracle reported weaker margins in its cloud business.
The technology, utilities, and industrial sectors led the day’s gains, all reaching new highs. Wedbush Securities analyst Dan Ives projected that tech stocks could increase another 7% by year-end, estimating $3 trillion in AI-related spending from both enterprise and government sources over the next three years.
In after-hours trading, shares of Joby Aviation fell by 11% after the company announced a $500 million stock offering to finance its air taxi operations in anticipation of a launch in 2026. Conversely, AST SpaceMobile’s stock rose 11% following the announcement of a partnership with Verizon to introduce a satellite-based mobile service next year.
The market appeared largely unfazed by the release of the Federal Reserve’s meeting minutes, which indicated a split among officials regarding the number of interest rate cuts necessary for the remainder of the year, although there was consensus on supporting a rate reduction in September.
Meanwhile, the ongoing US government shutdown has now reached its eighth day, with the Senate again rejecting different funding proposals. Despite the political stalemate, equity markets have shown minimal reaction thus far.
Published on October 9, 2025.
