Nvidia Surges 4% to Record High as U.S. Stock Indexes End Mixed

U.S. Market Close: Nvidia Leads Tech Sector to Fresh Record High

On April 27, the three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average dipped 0.13%, the Nasdaq Composite rose 0.2%, and the S&P 500 edged up 0.12%. Driven by AI chip giant Nvidia's strong rally, both the Nasdaq and S&P 500 posted positive returns, though overall market sentiment remained cautious.

Nvidia Jumps 4% as AI Chip Momentum Continues

The undisputed star of the day was Nvidia (NVIDIA), whose stock surged 4% to set yet another all-time high. As the core supplier of global AI computing infrastructure, Nvidia continues to benefit from the explosive growth in demand for large language model training and inference. Since the AI wave ignited by ChatGPT, Nvidia's GPU products have remained in a state of near-constant shortage, with its data center business becoming its most powerful growth engine.

Market analysts noted that Nvidia's repeated record highs reflect the sustained, massive investments global tech giants are pouring into AI infrastructure. Whether it is Microsoft, Google, or Meta, all are aggressively expanding data centers and procuring large volumes of GPUs — a trend that shows no signs of slowing in the near term.

Clear Divergence Among Large-Cap Tech Stocks

Beyond Nvidia, other large-cap tech stocks showed a clear split. On the upside, Intel gained over 2%, Google rose more than 1%, and Tesla, Meta, and Microsoft all posted modest gains. On the downside, Apple, Netflix, and Amazon each fell more than 1%, indicating a notable rotation of capital within the tech sector.

Notably, Intel's 2%-plus gain may be linked to the latest developments in its chip foundry business. Propelled by the AI wave, traditional chipmakers are also actively seeking transformation opportunities, aiming to carve out a share of the AI chip market.

Chinese ADRs Under Pressure, Mostly Lower

Most popular Chinese ADRs declined on the day. iQIYI led the losses, falling more than 5%. Alibaba, UP Fintech, and Bilibili dropped over 2%, while JD.com slid more than 1%. Only New Oriental bucked the trend with a gain of over 1%, delivering a relatively standout performance.

The overall weakness in Chinese ADRs is partly attributable to sector-specific fundamental expectations and partly to shifting global capital allocation preferences. Current market flows are increasingly favoring assets directly tied to AI, while traditional internet and consumer-focused Chinese stocks are losing some of their appeal.

Outlook: AI Remains the Dominant Investment Theme

Judging by the day's trading, AI remains the most central investment theme in the U.S. stock market. Nvidia's continued strength not only reflects the market's optimistic outlook on AI computing demand but also provides a degree of confidence support for the broader tech sector.

However, analysts also cautioned investors about potential risks. Nvidia's valuation is already in historically elevated territory, and if future earnings growth falls short of expectations, the stock could face significant volatility. Additionally, uncertainties in the global macroeconomic environment and the direction of Federal Reserve interest rate policy will continue to influence the overall trajectory of U.S. equities.

In the near term, the upcoming Big Tech earnings season will be a key focus for the market. The scale of AI-related investments and commercialization progress reported by major companies will directly shape market confidence and valuation assessments for the AI sector.