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Tech Giants Fuel S&P 8,000 Chase Amid AI Spending War

Major technology shares are leading a massive market rotation that could soon push the broader indexes to historic milestones. Analysts are predicting that the S&P 500 could target the 8,000 mark by the end of August if tech momentum persists. This bullish push comes despite deep internal volatility regarding corporate artificial intelligence budgets.

For instance, SpaceX saw its stock fluctuate wildly after disclosing an enormous $18.4 billion quarterly capital expenditure primarily dedicated to building out AI capabilities. However, the AI arms race continues to benefit crucial hardware suppliers. Nvidia shares jumped more than 3% following confirmation that SpaceX would exclusively deploy its processing chips.
  • Nvidia chip demand: Gained 3.4% following exclusive supply confirmations.
  • AMD stock retreat: Slipped 7% due to shifting buyer priorities.
  • Corporate spending trend: Capital expenditures are rapidly extending into broader industrial AI.
Track the ongoing market movements live at the Wall Street Journal.
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