The Nasdaq composite (^IXIC) has further raised its all-time high level, hitting 20,000 for the first time amid the ongoing AI rally. Technology stocks show no signs of slowing down after their recent surge, and Donald Trump’s administration is expected to have looser regulation of the tech and AI industry. On Wednesday, the Nasdaq climbed as much as 353 points to 20,040.86. In 2024, it has jumped more than 33%, outperforming the benchmark S&P 500 and blue-chip Dow.
The index hit 19,000 points for the first time in early November when Donald Trump secured victory in the U.S. presidential election and his Republican Party swept both houses of Congress. Now, 20,000 marks its latest milestone, thanks to some big tech players.
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Nvidia, Microsoft, and Apple are leading the way in 2024 for tech stocks, although the entire industry is thriving. The three companies form the $3-trillion club, with the iPhone maker gaining a narrow lead. The boom of artificial intelligence has carried the Nasdaq index far and away in the stock market race, as well as helped those big three tech companies create new products for consumers.
The tech stock surge also faces company-specific issues. Intel fell after CEO Pat Gelsinger retired. Stellantis dropped when CEO Carlos Tavares left suddenly. These leadership changes create uncertainty. Despite these issues, enough momentum is being carried by the Mag-7 to keep the Nasdaq chugging upward.
