Nasdaq Closes at Record 27,477.31 as AI Chip Stocks Rally

The record close is less about the headline index level than the composition of the move: AI chip names and Chinese ADRs are doing the heavy lifting, which ties US equity risk appetite to two concentrated, policy-sensitive themes. The ISM services print complicates that picture — softer activity with a four-year-high prices index leaves the rate path murky, even as metals steady after their selloff. Whether chip leadership can broaden beyond a narrow set of names, and whether input-price pressure feeds into the next inflation read, are the open questions.