Wall Street hits fresh highs as Nvidia CEO boosts AI sentiment

Market Performance - US stock markets closed at record highs, with the S&P 500 rising 0.58% to 6,753.72 and the Nasdaq Composite increasing 1.12% to 23,043.38, while the Dow Jones Industrial Average slipped slightly by 1.20 points to 46,601.78 [1] AI Sector Insights - Nvidia CEO Jensen Huang reported a substantial surge in demand for AI computing over the past six months, leading to a 2% increase in Nvidia shares and alleviating concerns about the sustainability of the AI trade [2] - Wedbush Securities analyst Dan Ives projected that tech stocks could rise another 7% by year-end, with an anticipated $3 trillion in AI-related spending from enterprise and government sources over the next three years [3] Sector Performance - The technology, utilities, and industrials sectors led the market gains, all closing at fresh highs [3] Company-Specific Developments - Joby Aviation's shares fell 11% after announcing a $500 million stock offering to fund air taxi operations ahead of a planned 2026 US launch [4] - AST SpaceMobile's shares surged 11% following news of a deal with Verizon to provide satellite-based cell service starting next year [4] Economic Context - The market showed minimal reaction to Federal Reserve meeting minutes indicating divided opinions on the number of rate cuts needed for the remainder of the year, although there was support for the September rate reduction [5] - The ongoing US government shutdown has entered its eighth day, with minimal impact on equity markets thus far [5]