The Nasdaq-100 may be confirming a breakout as the New Year begins with more strength in AI.
The tech-heavy index probed below 21,000 last week before reversing higher. That pullback included tests under its October high, December low and 50-day moving average. Successfully holding a spot like that may suggest buyers remain in control.
Microsoft (MSFT) boosted sentiment by saying that data center investment is running higher than expected. Vice Chairman and President Brad Smith noted in a blog post Friday the software giant is building “AI-enabled datacenters to train AI models and deploy AI and cloud-based applications.”
That eased worries the AI boom may be slowing. It’s also potentially positive for Nvidia (NVDA), whose chips are crucial to machine learning and AI models.
NVDA will be in the spotlight this week with CEO Jensen Huang kicking off the consumer electronics show (CES 2025) this evening. It presents to analysts tomorrow afternoon and may reveal details about new products. Executives from other companies like Delta Air Lines (DAL) and Accenture (ACN) will also appear this week and discuss the potential for expanding AI investment.
Nasdaq-100, daily chart, with select patterns and indicators.
Apple (AAPL) slid 4.8 percent last week, its biggest decline in eight months. The iPhone maker had steadily climbed in the previous six weeks. Could the pullback draw buyers to the world’s most valuable company by market cap? NVDA also jumped after making a higher weekly low, a potential sign its longer-term uptrend remains intact. AAPL and NVDA are the two largest members of the Nasdaq-100, accounting for about 18 percent of the index.
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