Dear traders, dear stock market friends.<\/p>\n\n\n\n
Technology stocks have once again taken the lead in the US stock market in recent weeks. The Nasdaq 100 gained 5.5 percent in the last trading week alone. Stocks in the areas of artificial intelligence, semiconductors, cloud infrastructure, and data centers, in particular, led the rally.<\/p>\n\n\n\n
Once again, the Nasdaq 100 was the clear winner among the major US indices in the past trading week. While the S&P 500 also reached new highs, the strength in the technology sector was particularly evident. Among the winners were particularly stocks of companies that directly or indirectly benefit from growth related to artificial intelligence, data centers, semiconductors, and cloud infrastructure.<\/p>\n\n\n\n
What was striking was not only the height of the price gains, but also the speed of the movement. The Nasdaq 100 ended the week again at a new all-time high and is now increasingly approaching the next major psychological price mark of 30,000 points. Sentiment remains very optimistic, however, many technology stocks are significantly overbought in the short term.<\/p>\n\n\n\n
The development shows that the market is currently willing again to accept high valuations for strong growth. What is crucial is that the rally is not based on pure fantasy. Many companies delivered robust quarterly figures, convincing outlooks, or benefited from continued high demand for AI infrastructure.<\/p>\n\n\n\n
During the rallies of the past few weeks, alongside the classic AI heavyweights, stocks from the semiconductor, memory, and data center sectors were particularly in focus. Nvidia remains the driving force and the most important sentiment indicator for the entire sector. AMD, Micron, and SanDisk also saw significant gains, benefiting from the expectation that the expansion of AI infrastructure will continue to fuel demand for computing power and memory in the coming quarters.<\/p>\n\n\n\n
This is precisely where the difference lies compared to previous tech-driven rallies. Artificial intelligence is no longer just a future promise on the stock market, but an ongoing investment cycle with tangible order books. Hyperscalers are investing double-digit billions in GPUs, data centers, and storage solutions, and recent quarterly figures show that this money is indeed reaching suppliers. The more data-intensive applications become, the more momentum shifts from individual leading stocks to the entire supply chain.<\/p>\n\n\n\n
In addition to the tailwind from earnings season, last Friday\u2019s release of the nonfarm payrolls report provided further positive signals from the labor market: 115,000 new nonfarm jobs were created in April, significantly more than expected. Depending on the survey, the consensus estimate was only around 55,000 to 62,000 new jobs. The unemployment rate remained unchanged at 4.3% (MoM), while average hourly wages rose only moderately by 0.2% (MoM) and 3.6% (YoY). <\/p>\n\n\n\n
The market reaction was correspondingly positive: The Nasdaq rose by about 0.6% on Friday, the S&P 500 by about 0.5%, and bond yields fell, as did the U.S. dollar. The data thus confirmed the soft-landing narrative: The U.S. economy remains robust without wages signaling new inflationary pressures.<\/p>\n\n\n\n