S&P 500, Nasdaq Record Highs on AI Surge, Iran Peace
SkimNews Take
Two distinct tailwinds are compounding: AI-driven tech valuation expansion layered onto peace-induced oil declines that simultaneously reduce costs across the broader market.
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- S&P 500 closed at a record high of 7,365.09, up 1.46% on May 6, 2026.
- Nasdaq closed at a record high of 25,838.94, up 2.03% on the same day.
- AMD shares surged almost 19% to an all-time high after forecasting quarterly revenue above expectations on strong data-center chip demand.
- Intel shares rose 4.5% and the PHLX chip index rallied 4.5%, contributing to a 62% year‑to‑date gain for the chip sector.
- Iran said it was reviewing a new U.S. proposal, and sources said Washington and Tehran were close to a one‑page memorandum to end the war, prompting Brent crude futures to fall about 8% to $101 a barrel.
- Corning surged after announcing a partnership with Nvidia to expand U.S. production of optical connectivity products for AI data centers, while Nvidia climbed 5.7%.
- Hut 8 jumped 35% after signing a 15‑year $9.8 billion lease for its Beacon Point data‑center campus in Texas.
Why it matters: Investors in the S&P 500 and Nasdaq gain as AI‑heavy stocks and chip makers rally, while oil‑dependent sectors benefit from the 8% Brent price drop driven by tentative US‑Iran peace progress. The surge lifts tech firms like AMD, Intel, Corning and Nvidia, reinforcing a profit‑growth outlook for the broader market.
