Meta Rally and Cheaper Oil Lift Stocks as AMD Hits $1 Trillion

Meta shares jumped more than 11% on Monday as its new AI assistant Muse drew investor interest. Advanced Micro Devices rose nearly 10%, briefly pushing the chipmaker’s market value above $1 trillion.

The gains helped revive appetite for AI stocks after weeks of concern that the technology could disrupt businesses and that chip valuations had run too high. The Philadelphia semiconductor index climbed more than 4% on Monday, while the Nasdaq reached a record.

Chip demand also showed up in South Korea’s trade data. Exports rose 78.3% year over year to $71.4 billion in the first 20 days of September, with semiconductor shipments up 259.4%, according to customs figures.

Oil added support for stocks as prices retreated from last week’s highs. Brent crude briefly fell below $98 a barrel on Tuesday and settled at $99.25, down 1.1%, according to the Associated Press.

Hopes for progress in talks with Iran weighed on crude. Kyodo News reported that Tehran had offered to reopen the Strait of Hormuz within seven days if Washington took initial steps to ease military pressure. Saudi Arabia also restarted its East-West oil pipeline, Reuters reported.

The broader market’s Tuesday finish was mixed. The Nasdaq Composite rose 0.5% to a record, while the S&P 500 edged down less than 0.1% and the Dow fell 0.4%, AP reported.

Investors now face a test of whether AI optimism can persist beyond a single surge. A Thursday, September 24, meeting between U.S. President Donald Trump and Chinese President Xi Jinping is expected to address AI and trade, against tensions over Taiwan and the Iran war.

Oil remains a competing market force. Brent was still well above the roughly $72 a barrel level before the Iran war began, leaving energy costs and the security of Middle East shipping in focus.