The New York stock market ended mixed as selling concentrated in artificial intelligence (AI) semiconductor stocks despite a sharp drop in international oil prices.
On the 27th (U.S. Eastern time), the Dow Jones Industrial Average finished at 52,210.08, up 262.83 points (0.51%) from the previous session. The Standard & Poor's (S&P) 500 rose 1.20 points (0.02%) to 7,413.18, while the tech-heavy Nasdaq composite fell 43.74 points (0.18%) to 24,932.08.
Although international oil prices fell sharply as the United States halted airstrikes on Iran over the weekend, continued selling centered on AI-related semiconductor stocks limited the market's gains. The Philadelphia Semiconductor Index, which consists of 30 major semiconductor stocks listed in the United States, fell 2.23% on the day.
In particular, AI bellwether Nvidia plunged 4.99%, and major semiconductor corporations such as Micron (-2.25%), SanDisk (-11.02%), Western Digital (-4.21%), and AMD (-5.17%) also fell across the board. Apple, meanwhile, climbed to No. 1 in market capitalization, rising to about $4.9 trillion and overtaking Nvidia at about $4.8 trillion.
Earlier, the Wall Street Journal (WSJ) reported that Nvidia is in talks to provide about $250 billion in financial guarantees to support OpenAI's large-scale data center project. As a result, concerns about so-called "circular financing," which could artificially inflate AI investment demand and corporate value, surfaced in the market, dampening investor sentiment.
Thomas Martin, senior portfolio manager at Globalt Investment, said in an interview with CNBC that "uncertainty surrounding tech stocks is very high," and "uncertainty persists over how the situation will unfold and whether investors will reallocate funds to other assets."