Nasdaq hits record close as chip stocks extend rally on AI momentum

23 September 2026 · Source balance: Centre

The Nasdaq Composite closed at a record 27,244 points on Tuesday, September 22nd, gaining half a percent for its second straight record close. The rally was led by semiconductor stocks, particularly memory companies like Micron Technology and SanDisk, which extended a six-day winning streak. The Philadelphia Semiconductor Index jumped 4.3 percent. Advanced Micro Devices reached a one trillion dollar market cap for the first time, while Intel and Arm Holdings surged over 12 percent each. The broader market was more mixed, with the S&P 500 essentially flat and the Dow declining slightly as money rotated from financials into technology. Investors focused on Meta Platforms' new AI assistant called Muse, which launched earlier in September and has already recorded 2.8 million downloads. The stock gains were also supported by falling oil prices, which dropped toward 99 dollars per barrel amid diplomatic efforts in the Middle East. Despite the tech enthusiasm, some financial stocks faced selling pressure on concerns that AI agents might compete with traditional finance companies.