Tech stocks rally despite Brent crude jumping 4.2%, WTI 5.5%
Nvidia surges more than 6% after unveiling AI PC chip; Dell, HP also climb
Intel, Qualcomm fall; software stocks rebound
![A trader works on the floor of the New York Stock Exchange on Monday. [Reuters]](https://wimg.heraldcorp.com/news/cms/2026/06/02/rcv.YNA.20260602.PRU20260602000501009_P1.jpg)
All three major New York stock indexes closed at all-time highs Monday despite a sharp surge in crude oil prices. Middle East tensions sent oil prices soaring during the session, but a technology rally led by Nvidia — which jumped more than 6% — drove the indexes higher.
The Dow Jones Industrial Average closed up 46.42 points, or 0.09%, at 51,078.88. The S&P 500 rose 19.90 points, or 0.26%, to 7,599.96, while the Nasdaq Composite, heavily weighted toward technology stocks, gained 114.19 points, or 0.42%, to finish at 27,086.81.
Nvidia was the session's standout. At the GTC Taipei event in Taiwan, the company unveiled the N1 X — its first AI PC chip, co-developed with Microsoft — and formally entered the AI laptop market. The announcement sent Nvidia's share price up 6.26%.
Dell Technologies and HP, both of which announced plans to release PCs powered by the new Nvidia chip, also surged, climbing 10.70% and 9.20%, respectively.
Established chipmakers took the opposite path. Intel, long dominant in the PC CPU market, fell 4.67%, while Qualcomm — which had positioned itself as a challenger in the PC processor space — tumbled 8.78%. Nvidia's entry into the PC processor market was widely read as a signal that the competitive landscape among legacy semiconductor companies could be reshuffled.
Software stocks also posted strong gains. Salesforce climbed 9.68%, while ServiceNow rose 9.24%, Intuit gained 6.71% and Adobe added 5.72%. Concerns earlier in the year that the spread of AI could erode software companies' profitability had weighed on the sector, but investor sentiment toward technology broadly revived Monday.
A spike in oil prices tied to Middle East developments weighed on the market during trading. Iranian media reported that Iran had suspended ceasefire negotiations with the United States to protest Israel's attacks on Lebanon, sending crude prices sharply higher intraday. The gains were partially trimmed after President Donald Trump said talks with Iran toward ending the conflict were proceeding "at a rapid pace."
Brent crude futures settled at $94.98 a barrel, up 4.2% from the previous session. West Texas Intermediate futures rose 5.5% to $92.16 a barrel.
kacew@heraldcorp.com
