Nasdaq Surges Amidst Market Uncertainty as AI Stocks Drive Gains

The U.S. stock market ended a subdued session with minimal changes, seeing Broadcom's significant gains due to AI chip demand projections. While the Nasdaq saw its fourth consecutive week of gains, other indices faced declines. Investor sentiment was affected by the Fed's anticipated interest rate cut.

This trading week concluded with a low-key session for U.S. stocks, where major changes were scarce. Despite the quiet end, the Nasdaq posted its fourth consecutive week of gains driven by interest in technology and AI stocks. Meanwhile, indices like the S&P 500 and Dow experienced weekly downturns.

Broadcom's optimism about its custom AI chips influenced its shares to an unprecedented high, marking a 24% rise that lifted its market cap above $1 trillion. This fervor in tech was mirrored by other players like Marvell Technology, which gained 10.8%, though Nvidia saw a modest drop.

Investor confidence took cues from economic indicators and the forthcoming Federal Reserve decision on a potential quarter-point interest rate cut. Despite ongoing economic dynamics, it's clear that the growing anticipation around AI technology is currently steering market enthusiasm.

(With inputs from agencies.)