Due to the rise of semiconductor stocks, including the artificial intelligence (AI) powerhouse NVIDIA, the Nasdaq index recorded an all-time high on the 15th (local time).
As of 11:58 a.m. on the same day, the Nasdaq index was trading at 20,769.16, up 0.62% from the previous session at the New York Stock Exchange (NYSE). The Nasdaq index reached as high as 20,836.04 during trading, setting a new all-time high.
This is analyzed to be due to the U.S. government's approval of sales of NVIDIA's AI chip H20GPU, which has been restricted for exports to China.
NVIDIA's stock price recorded $171.28, up 4.39% at the same time. This was the first time that NVIDIA's stock price exceeded $170, peaking at $172.40 during trading. NVIDIA holds the top position in global market capitalization.
Jensen Huang, CEO of NVIDIA, noted in an interview with China Central Television (CCTV) that "the U.S. government has approved exports, allowing us to ship. We will now sell H20 in the Chinese market."
The Trump administration had restricted NVIDIA's H20 exports in May for national security reasons. In response, Huang criticized the export controls, stating that the restrictions led to a loss of $8 billion in sales for the quarters of May to July.
AMD, which is positioned as a rival to NVIDIA, has also been able to resume exports of AI chips to China. Bloomberg reported that along with NVIDIA, AMD received assurances from the U.S. government that some AI chip exports to China would be approved and plans to resume sales within China. Reuters reported that the U.S. Department of Commerce is reviewing AMD's application for authorization to export its MI308 chip to China.
As a result, AMD's stock also rose by 6.53% at the same time. The news of the resumption of AI chip exports to China from NVIDIA and AMD also caused the Philadelphia Semiconductor Index, composed of semiconductor-related stocks, to rise by 1.78%.
Meanwhile, on the same day, the S&P 500 index also set a new all-time high early in the trading session. The S&P 500 index reached a peak of 6,301.20 right at the opening bell, marking the first time this index surpassed 6,300. The U.S. consumer price index (CPI) rose by 2.7% (annualized) in June, in line with market expectations.