AI Mega IPO, Cisco Results Propel US Stocks to Another Milestone
Traders work on the floor of the New York Stock Exchange.
Photographer: Michael Nagle/BloombergThe artificial intelligence trade kept firing up US equities to fresh records after upbeat earnings from Cisco Systems Inc. and a landmark AI IPO.
The S&P 500 Index advanced 0.8% in New York on Thursday, eclipsing the 7,500 level, while the Nasdaq 100 Index gained 0.7%. Cisco’s double-digit rally sent shares to an all-time high after the company delivered a better-than-anticipated sales forecast and announced plans to cut thousands of jobs to focus on the fast-growing AI market.