WS #16099
The Nasdaq surged over 1% in early trading, driven by a rebound in AI stocks and anticipation of major earnings reports. However, the rally is narrow, with PayPal facing a downgrade from Cleveland Research due to weak trends and share losses. Conversely, AI chip startup Tenstorrent more than doubled its valuation in a new funding round, highlighting continued investor appetite for AI infrastructure despite broader macro concerns. The market is selectively bullish on tech, with earnings season acting as a key catalyst for individual stock performance.
Tech Rally and Earnings Anticipation
The Nasdaq surged over 1% in early trading, driven by a rebound in AI stocks and anticipation of major earnings reports. However, the rally is narrow, with PayPal facing a downgrade from Cleveland Research due to weak trends and share losses. Conversely, AI chip startup Tenstorrent more than doubled its valuation in a new funding round, highlighting continued investor appetite for AI infrastructure despite broader macro concerns. The market is selectively bullish on tech, with earnings season acting as a key catalyst for individual stock performance.