June 16, 2024

AI Drives Surprise Profits and Record Highs in Top S&P 500 Gainers

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Super Micro and Micron Lead S&P 500 Index on Monday with AI Stocks

On the stock market, Super Micro Computer (SMCI), Micron Technology (MU), Constellation Energy (CEG), Dexcom (DXCM), and Moderna (MRNA) were the top gainers in the S&P 500 index.

Micron’s stock rose by 6.2% to 117.04, building on its strong performance from last week. The memory-chip giant reported a surprise profit and provided bullish guidance thanks to AI advancements. Dexcom’s stock also climbed by 5.2% to 140.10, breaking out of a mini-consolidation within the buy zone of a flat base.

Constellation Energy’s stock saw a 5.1% increase to 187.26, hitting a record high. The company, a major electric utility, has benefitted from the increasing demand for energy due to booming data centers. Meanwhile, Super Micro’s stock surged 7.2% to 1,042.79, bouncing above the 21-day line and 1,000 mark. The company manufactures AI servers and utilizes chips from Nvidia (NVDA) and other companies.

Moderna’s stock rose by 4.7% to 11.38, approaching a 114.25 buy point from a cup-with-handle base

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