A frenzy night for US tech stocks! AMD soars 8.77%, secures a $60 billion order in partnership with Meta, semiconductor sector surges collectively, while gold briefly falls below $5,100 intraday.
On February 24 local time, the US stock market saw a broad rally, with all three major indexes closing higher and reversing the downward trend of the previous trading day. The Dow Jones Industrial Average rose 370.44 points, or 0.76%, to 49,174.50 points; the S&P 500 Index gained 52.32 points, or 0.77%, to 6,890.07 points; the Nasdaq Composite Index was particularly strong, rising 236.41 points, or 1.04%, to close at 22,863.68 points. Market sentiment improved, with more than 3,500 stocks advancing and a trading volume of approximately $377.8 billion.

Tech stocks led the gains, with the semiconductor sector standing out. AMD shares jumped 8.77% after Meta announced a multi-year partnership with the company. Under the agreement, both parties will deploy up to 6 gigawatts of AMD GPU chips in Meta’s AI data centers, with the order valued at as much as $60 billion. Meanwhile, Meta has the right to purchase up to 10% of AMD’s equity at $0.01 per share, further strengthening their strategic alliance.
Other chip stocks followed suit, with Intel rising more than 5%, TSMC up 4.25% with its market cap surpassing $2 trillion, and both ARM and Qualcomm gaining over 3%. Notably, storage chip company SanDisk was targeted by short-seller Citron Research, with its stock closing down 4.2%. Citron believes the market has mistakenly priced cyclical storage chips as core AI assets, and the industry’s supply-demand balance could quickly reverse.

The software sector also rebounded, as AI company Anthropic signaled “collaboration rather than replacement” in a briefing, easing concerns about AI overturning traditional software. Thomson Reuters surged 11.41%, Salesforce rose 4.07%, and FactSet gained 5.9%. Wedbush Securities analysts pointed out that AI tools are still limited by data access and are unlikely to fully replace the existing software ecosystem for now.
Most US-listed Chinese stocks strengthened, with the Nasdaq Golden Dragon China Index rising 1.37%. XPeng Motors, GDS Holdings, and 21Vianet jumped over 6%, while Alibaba, Pinduoduo, and JD.com all posted modest gains, with TSMC leading the way. However, Baidu edged down 0.23% and Futu Holdings fell nearly 2%.

In commodities, international gold prices fell significantly, with London spot gold briefly dropping below the $5,100/oz mark intraday and eventually closing down about 1.6% near $5,144. Spot silver also fell 1.16%. Analysts noted that cooling expectations for a Federal Reserve rate cut have weighed on precious metals, with CME data showing only a 2% probability of a March rate cut.
Oil prices continued to decline, with WTI crude futures down 0.35% to $66.08 per barrel and Brent crude dropping to $70.77. Geopolitical risks remain in focus, as the US military deployed 11 F-22 fighter jets to southern Israel in preparation for potential conflict. Iran’s foreign minister said talks with the US would resume but warned that “any US mistake would result in significant casualties.” Trump stated that he hopes to reach an agreement with Iran, but threatened that failed negotiations would mean “a very bad day.”
Markets are closely watching upcoming key events: Nvidia will release its earnings report after the close on Thursday (UTC+8), and Wall Street expects continued strong demand for its AI chips; Trump will deliver the State of the Union address in Congress today (UTC+8), with potential volatility from remarks on tariffs and Iran policy. Amid the uncertainty, investors are reassessing the long-term impact and short-term risks of the AI wave.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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