AI Stocks Nvidia, Broadcom, Palantir Drive Nasdaq to 18,382 Record

Yahoo Finance anchor Seana Smith reported on October 10, 2024, that Nvidia (NVDA), Broadcom (AVGO) and Palantir (PLTR) drove the Nasdaq Composite to a record close of 18,382.76, up 0.9%. Combined trading volume topped 500 million shares.

S&P Dow Jones Indices reported on September 30, 2024, that AI sector weighting in the Nasdaq hit 45%, up from 35% in 2023.

AI Stocks Gains on Record Day

Nvidia shares rose 2.1% to $134.81 USD. Broadcom advanced 1.8% to $181.94 USD. Palantir climbed 3.4% to $37.22 USD. Smith attributed moves to enterprise AI contracts announced that week.

CoinGecko recorded prices at 1400 UTC on October 10, 2024.

• Asset: BTC · Price (USD): 78,079.00 · 24h Change: +0.5%
• Asset: ETH · Price (USD): 2,335.08 · 24h Change: +0.8%
• Asset: USDT · Price (USD): 1.00 · 24h Change: 0.0%
• Asset: XRP · Price (USD): 1.43 · 24h Change: 0.0%
• Asset: BNB · Price (USD): 632.40 · 24h Change: -0.4%

Fear & Greed Index Shows Crypto Fear

Alternative.me's Fear & Greed Index read 33 on October 10, 2024. This fear level followed 2024 Bitcoin halving highs.

Federal Reserve Chair Jerome Powell's October 9, 2024, rate comments shaped sentiment, per Yahoo Finance analysts.

Institutional Investors Back AI Stocks

BlackRock's Q3 2024 13F filing with the SEC lists $45 billion in Nvidia holdings. CEO Larry Fink stressed AI infrastructure during the October earnings call.

Palantir delivers AI analytics to governments and enterprises. CEO Alex Karp stated in the Q3 update that US government contracts total $1.2 billion annually.

Broadcom supplies custom AI chips to hyperscalers including Google Cloud. CFO Kirsten Spears reported $10 billion in AI chip revenue during earnings release.

Regulations Shape AI Expansion

Reuters EU correspondent Foo Yun Chee wrote that the EU AI Act enforces rules starting August 2026. President Biden's October 2023 executive order on AI safety established US standards.

Reuters reported enterprises invested $200 billion in AI during 2024. McKinsey partner Michael Chui estimates AI tools will lift economic productivity by 1.5% annually.

Nvidia Dominates GPU Supply for AI

Nvidia posted Q3 2024 revenue of $30 billion, up 94% year-over-year, CFO Colette Kress said on the October 8 earnings call. The company claims its GPUs power 90% of large AI models.

Data center buildouts fuel demand. Nvidia's Blackwell platform began shipping to major clients in Q4 2024, per company statements.

Broadcom Powers AI Supply Chain

Broadcom's Q3 revenue reached $13.1 billion, with AI contributing 40%, according to the earnings release. Deals with Meta and ByteDance accelerated growth.

Custom accelerators support AI training at scale. Partnerships expanded AI revenue streams across cloud providers.

Palantir Fuels Enterprise AI Adoption

Palantir's Foundry platform analyzes government and commercial data. Q3 commercial revenue grew 54% to $295 million, CEO Alex Karp announced on October 7.

Contracts with Oracle and Microsoft boosted reach. US public sector annual contract value hit $1.2 billion.

Palantir's growth mirrors AI startups scaling to public markets. Nasdaq listing aids capital access for such firms.

Outlook for AI Stocks and Nasdaq

Yahoo Finance's Seana Smith projects 25% upside for NVDA, AVGO and PLTR over 12 months. Rising AI weighting in Nasdaq heightens their index impact.

S&P Dow Jones Indices forecasts AI sector weight at 50% of Nasdaq by 2026. Institutional funds shift from volatile crypto to AI equities.

AI-blockchain projects emerge on layer-2 networks like Polygon. AI stocks lead inflows while crypto awaits halving cycle recovery.