Tech stocks enjoyed a surge Wednesday, driven by a sharp rise in semiconductor shares after President Donald Trump, OpenAI’s Sam Altman, Oracle Corp. ORCL co-founder Larry Ellison, and SoftBank CEO Masayoshi Son unveiled the Stargate Project on Tuesday.
The $500 billion initiative is set to develop AI infrastructure in the U.S. over the next four years.
According to OpenAI, “this infrastructure will secure American leadership in AI, create hundreds of thousands of American jobs, and generate massive economic benefit for the entire world.”
The iShares Semiconductor ETF SOXX was up 2.3% by midday trading in New York, eyeing their fourth straight positive session, the longest streak since late September.
Yet, Tesla Inc. TSLA’s CEO Elon Musk questioned the financial viability, saying that founders “don’t actually have the money.”
The earnings season continues to be off to a strong start, with companies surpassing fourth-quarter expectations, showcasing the resilience of corporate America. Netflix Inc. NFLX delivered a stronger-than-expected quarterly performance across the board, driving its shares up 12%.
Elsewhere, small caps paused for a breather following Tuesday’s outperformance vis-à-vis large-cap counterparts.
Chinese stocks slipped, with the iShares China Large-Cap ETF FXI down 0.8%, after Trump floated the idea of imposing a 10% tariff on China starting from Feb. 1.
In commodities, gold prices surged to an 11-week-high, marking their tenth gain in the past eleven sessions, as investors flocked to safe-haven assets amid rising geopolitical risks.
On Wednesday, Trump warned Russian President Vladimir Putin of potential new sanctions if a peace deal for Ukraine is not reached. Meanwhile, oil prices remained flat after three consecutive sessions of losses.
In the crypto market, selling pressure is mounting as traders react to the absence of crypto-related commentary from the new administration, which had previously positioned itself as crypto-friendly. Bitcoin BTC/USD retreated nearly 2% to $104,000.
Wednesday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %chg |
| Nasdaq 100 | 21,933.62 | 1.7% |
| S&P 500 | 6,103.81 | 0.9% |
| Dow Jones | 44,173.70 | 0.3% |
| Russell 2000 | 2,307.01 | -0.5% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust SPY rose 0.8% to $602.64.
- The SPDR Dow Jones Industrial Average DIA inched 0.3% higher to $441.25.
- The tech-heavy Invesco QQQ Trust Series QQQ rallied 1.6% to $533.22.
- The iShares Russell 2000 ETF IWM fell 0.5% to $228.56.
- The Technology Select Sector SPDR Fund XLK rallied, up 2.4%; the Utilities Select Sector SPDR Fund XLU lagged, down 1.6%.
Wednesday’s Stock Movers
- Oracle Corp. rallied 7% as reaction to the Stargate project. Arm Holdings plc ARM was the chipmaker’s top performer on Wednesday, up 14%. Nvidia Corp. NVDA rose over 4%.
- Procter & Gamble Co. PG rose 2.8% in reaction to quarterly results beating Street’s estimates.
- Other stocks reacting to company earnings include Interactive Brokers Group Inc. IBKR, up 8.8%, Capital One Financial Corp. COF, up 2.6%, United Airlines Holdings Inc. UAL, down 2%, Seagate Technology Holdings plc STX, up 9%, Bank of America Corp. BAC, down 1.3%, Johnson & Johnson JNJ down 3.4%, Abbott Laboratories ABT, up 2.2%, GE Vernova Inc. GEV, up 2.2%, Amphenol Corp. APH, up 6%, The Travelers Co. TRV up 3.8%, Halliburton Co. HAL, down 1.3%, Ally Financials Inc. ALLY, up 4.5%.
- Major large-cap companies slated to report earnings after the close include Kinder Morgan Inc. KMI, Discover Financial Services DFS and Steel Dynamics Inc. STLD,
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