Nasdaq closes at record as technology gains outpace broader market

The Nasdaq Composite closed at an all-time high on Tuesday as technology shares advanced, despite concerns over AI safety, elevated valuations and the energy shock from the US war on Iran. The Nasdaq 100 gained 0.82 per cent, while the S&P 500 was essentially flat.

Monolithic Power Systems rose 8.1 per cent, Shopify gained 7.1 per cent and Micron Technology added 5 per cent. Nvidia was up 0.7 per cent. Meta fell 0.63 per cent after rising 11.4 per cent on Monday amid excitement about its AI assistant, Muse.

Al Jazeera reported that oil prices had fallen more than 3 per cent the previous day amid improving flows from the Gulf and hopes of renewed US-Iran diplomacy. Brent crude futures were at US$99.18 a barrel at 01:00 GMT on Wednesday.

US President Donald Trump said US and Iranian officials had held a “very good” meeting on the sidelines of the United Nations General Assembly and would meet again soon. He had warned in his address that he could “annihilate” Iran if Tehran did not agree to a deal. The report provides no independent account of the meeting or timing for further talks.

Analyst Jay Goldberg told Al Jazeera that signs of diplomatic progress had refocused investors on AI’s potential to generate profits. That link is an assessment, and the market figures do not establish what drove the gains. Asian markets were mixed in early Wednesday trading, with Japan and South Korea higher and Hong Kong lower.