Technology shares pushed higher again on hopes for growth in artificial intelligence and the semiconductors that make it possible.

Nvidia's stock jumped to another record high, its third in as many trading days. The stock responded to a weekend report that Elon Musk's xAI venture is buying Nvidia AI chips for a powerful new supercomputer.

Elon Musk's xAI said it raised $6 billion in its latest fundraising round, as the OpenAI rival looks to invest more in research and development amid fierce competition in the burgeoning sector.

The funding round brings the valuation of the year-old startup to $24 billion, including the newly raised funds, making it the second-most valuable AI startup outside of OpenAI.

Write to Patrick Sullivan at

(END) Dow Jones Newswires

05-28-24 1703ET