Nasdaq rises to start November, pushed higher by Amazon and other AI leaders

The Nasdaq Composite rose on Monday as investors moved further into the artificial intelligence trade following a number of deal announcements.

The tech-heavy Nasdaq advanced 0.7%, while the S&P 500 traded up 0.3%. The Dow Jones Industrial Average fell 196 points, or 0.4%, bogged down by a decline in shares of UnitedHealth.

“Magnificent Seven” name Amazon supported the market, with shares rallying 4% after the company reached a $38 billion deal with OpenAI. Notably, the partnership will utilize hundreds of thousands of Nvidia’s graphics processing units.

Shares of chipmakers saw a boost as well Monday after data center company Iren reached a multiyear $9.7 billion deal with Microsoft to provide the megacap technology company access to Nvidia GB300 GPUs. Micron Technology gained 5% to lead chip stocks higher, while Nvidia was up 3%. The VanEck Semiconductor ETF (SMH) climbed 1%. Shares of Iren, meanwhile, were last up 9%.

Nvidia shares continued to move higher Monday following Microsoft’s announcement that it has secured export licenses from the Trump administration to ship Nvidia chips to the United Arab Emirates. The company added that its total UAE investment will amount to $15.2 billion by the end of 2029.

Outside of technology stocks, however, little was gaining in the trading day, as more than 400 stocks in the S&P 500 were in the red. This weak breadth has been an ongoing concern of the market, with more stocks in the major benchmark declining than rising in October, even as the AI trade pushed it higher for the month.