Stock market today: Dow, S&P 500, Nasdaq hit 3rd record in a row as Nvidia soars on OpenAI deal

US equities extended their record-setting streak for a third day, propelled by Big Tech megacaps, notably Nvidia's $100 billion investment in OpenAI and Oracle's strategic role in securing TikTok's U.S. operations. Significant corporate developments included Pfizer's up to $7.3 billion acquisition of Metsera to bolster its weight-loss drug pipeline and an analyst upgrade for ASML driven by anticipated AI demand. Concurrently, gold reached an all-time high on rate cut expectations, while cryptocurrencies saw a $1.5 billion liquidation, as investors keenly await Friday's PCE inflation data and further Federal Reserve commentary for directional cues.

Analysis

US equity indices reached their third consecutive day of record highs, propelled by sustained strength in technology megacaps. The rally's primary catalyst was Nvidia's (NVDA) stock surge following its announced plan to invest up to $100 billion in OpenAI, a move that also lifted shares of nuclear energy producers like Constellation Energy (CEG) and Vistra (VST) on expectations of increased data center power demand. This overarching AI theme was further reinforced by an analyst upgrade for chip-equipment manufacturer ASML (ASML), citing AI-driven demand as a key growth driver. Other significant corporate developments included Oracle (ORCL) shares rising 3% after the White House confirmed its central security role in the new US-based TikTok venture, a deal which solidifies a key revenue stream and overshadows a concurrent CEO transition. In M&A, Pfizer's (PFE) acquisition of Metsera (MTSR) for up to $7.3 billion, causing MTSR stock to soar over 60%, underscores a strategic push into the lucrative weight-loss drug market. These bullish corporate narratives are set against a macro backdrop where gold (GC=F) also hit a new all-time high above $3,750 on bets of further Fed rate cuts, a sentiment that will be tested by Friday's upcoming Personal Consumption Expenditures (PCE) inflation data. In contrast, the cryptocurrency market experienced a significant downturn, with over $1.5 billion in bullish positions liquidated.

Key Decisions for Investors

• Given the powerful momentum driven by Nvidia's $100 billion OpenAI investment, investors should evaluate exposure across the entire AI value chain, including secondary beneficiaries like data center power providers such as Constellation Energy and Vistra.
• Assess individual megacap tech positions based on their distinct catalysts, such as Oracle's secured role in the TikTok venture or Apple's strong iPhone 17 cycle forecast, rather than treating the group as a monolithic block.
• Closely monitor Friday's PCE inflation data and upcoming Fed commentary, as the current market rally and gold's all-time highs are heavily predicated on expectations of further rate cuts, while the crypto market's sharp liquidation signals potential volatility around this macro pivot.
• The significant premium in Pfizer's acquisition of Metsera highlights continued M&A appetite in the biopharma space for assets in high-growth areas like obesity treatments, warranting a re-evaluation of small-to-mid-cap developers with promising pipelines.