Chip stocks support the rebound of U.S. stocks, with the S&P approaching its highest record, spot gold breaking $4,000 for the first time, and silver futures rising over 3% during the session

Chip stocks lead the way in supporting the rebound of the U.S. stock market, with major U.S. indices set to approach their recently established closing record highs.

The three major U.S. indices opened higher collectively, with the S&P 500 and Nasdaq maintaining their upward momentum in the early session, rising nearly 0.5% and nearly 0.8% respectively, with the S&P nearing its intraday record high. After initially turning negative, the Dow Jones Industrial Average fell over 104 points but turned positive about half an hour after the opening, at one point rising over 130 points, up nearly 0.3%.

Before the market opened, NVIDIA CEO Jensen Huang stated that the demand for NVIDIA's Blackwell products is really quite high. He confirmed that NVIDIA has invested in Elon Musk's xAI, expressing excitement about the ongoing financing for xAI and regretting not investing in OpenAI earlier. After three consecutive declines, NVIDIA rebounded on Wednesday, rising over 2% in the early session, performing the best among the Magnificent Seven (Mag 7).

NVIDIA drove the overall rise of chip stocks. The Philadelphia Semiconductor Index rose over 1% in the early session.

On Tuesday, after significantly raising its performance guidance for the next four years due to optimism about AI demand, Dell's stock price accelerated its rise, with early session gains reaching as much as 10%.

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