Google stock’s 7% gain helped boost the Nasdaq to a near 2% gain.
Topline
An epic reported artificial intelligence partnership out of Silicon Valley sent stocks off to a hot start Monday ahead of a crucial week for markets.Key Facts
Shares of Google parent Alphabet shot up 7% after Bloomberg reported the search engine giant and Apple are discussing a deal to bring Google’s Gemini generative artificial intelligence services to Apple’s iPhones, a potentially massive win for Alphabet as some believe it’s lagged behind rival Microsoft thus far in the generative AI space.
The Alphabet rally, which added some $120 billion to the company’s market capitalization, boosted major stock indexes to notable gains, as the benchmark S&P 500 and tech-heavy Nasdaq rose 1% and 1.5%, respectively.
Much of Monday’s gains were concentrated among big tech companies, with shares of Apple inching up 2%, shares of AI semiconductor chip designer Nvidia jumping 4% as investors awaited Nvidia CEO Jensen Huang’s keynote speech at the AI leader’s afternoon conference and electric vehicle maker Tesla’s stock rose 2% after the company hiked prices on some of its cars.
