Tech stocks post best gain in nearly two years

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Tech stocks post best gain in nearly two years

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are among the biggest winners. Stock in the chipmaker added 19% over the five-day stretch, while

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climbed 3%. Shares of iPhone maker Apple notched a 4% gain, respectively. Looking at the big picture, the the Technology Select Sector SPDR Fund (XLK) added more than 7% and notched its best week since November 2022. The exchange traded fund is now only less than 7% away from its all-time high. XLK 5D mountain The The Technology Select Sector SPDR Fund (XLK) registered its best week in two years. This week has been a favorable one for investors hoping for reassurance that the economy is on stable footing, and largely saw stocks erase their gains from the sell-off to start August. The S & P 500 earned about a 4% gain. The S & P 500 is now less than 2% away from its July record-high. But the revival of technology stocks should come as no surprise as the fundamental tailwind of AI hasn’t materially changed in recent months despite some companies drawing investor ire because of rising capital expenditures to fund AI projects, according to Deepwater Asset Management managing director Gene Munster. “Nothing has changed in the underlying AI trade, [but] I’m surprised that people came back as fast as they did,” Munster told CNBC on Friday. “Investors needed this mental reset.” The market’s next test to assess how long the rebound in tech stocks will last is Nvidia’s second-quarter results on Aug. 28, Munster explained. “What we’ve seen in the market over the past week [with] this recovery is, at its most basic level, optimism around what Nvidia is going to say. That of course is the bellwether, and so that’s gonna be where all of the attention gets pulled to,” he added. Munster also posited that even if Nvidia executives say they expect an elongated delay of its Blackwell AI chip, that in and of itself is actually a tailwind. “If they say its delayed and they still expect a big ramp, then investors will probably be patient and stick with it,” Munster said.

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#Tech #stocks #post #gain #years

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