NEW YORK: The tech-heavy Nasdaq led Wall Street to a higher close on Wednesday after quarterly results from SpaceX and Super Micro Computer improved investor appetite for artificial intelligence-related stocks while weakness in communication services stocks capped gains.
SpaceX shares finished up 7.8 per cent after Elon Musk's rocket and space technology firm posted its first profit as a public company. Musk said, following the report, that a merger of SpaceX and Tesla would be "a good idea," also boosting Tesla shares.
Elsewhere in earnings, Super Micro shares jumped 9.6 per cent and it was among the S&P 500's top gainers after the AI server maker forecast quarterly revenue and profit margin above Wall Street estimates, signaling that AI demand remained resilient. The report also benefited peers HPE, which rose 3.7 per cent, and Dell, which rose 5.3 per cent.
