Closing Bell Closing Bell Overtime: Markets Hit Record Highs as Tech Reshapes and AI Expands 10/28/25
Oct 28, 2025
Mike Santoli, a senior markets commentator, dives into the impressive record highs of the stock market, driven primarily by Big Tech and AI investments. He discusses Amazon's significant job cuts amid its AI push and explores the promising future of semiconductors fueled by infrastructure spending. The conversation also touches on potential economic challenges like labor market discrepancies and housing softness, alongside insights into Starbucks' struggles and trade tensions with India that impact tech investments.
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AI Deals Driving Market Records
- NVIDIA's deals and investments are central to the current market rally and helped push indexes to record highs.
- The AI theme is concentrating market gains into a small group of mega-cap tech names.
Narrow Market Led By Mega Caps
- Investors are paying up for mega-cap tech even as both earnings and multiples rise.
- The market is narrowing with the top seven names making up about 35% of the S&P.
NVIDIA Partnership Roll Call
- Christina Partsinevelis lists NVIDIA partnerships including Uber, DOE, CrowdStrike and Nokia and notes Nokia spiked on a $1B investment.
- Jensen Huang argued AI will make companies more productive and that they are still hiring.