The market experienced a 0.1% decline in Producer Price Index, leading to a mixed reaction. The S&P 500 and Nasdaq Composite hit record highs, while the Dow Jones Industrial Average slipped. Oracle emerged as a top performer, despite missing earnings expectations. Nvidia also performed well, but the Russell 2000 fell.

Despite Oracle’s earnings miss, its stock soared 35.5%. Taiwan Semiconductor Manufacturing saw a 3.8% increase, and Broadcom was up 9.8%. TSMC posted a 34% increase in August revenue, signaling strong demand for its semiconductor chips. TSMC is a key chipmaker for Nvidia, a leader in AI chips.

Broadcom, a trillion-dollar semiconductor company, saw a 9.7% increase after Oracle. Broadcom recently secured a $10 billion deal with a mystery customer, believed to be OpenAI. CEO Hock E. Tan stands to earn over $600 million in stock awards if they meet AI revenue goals by 2030.

Oracle expects cloud infrastructure revenue to hit $114 billion by 2029, aiming to compete with major players like Google Cloud and Amazon Web Services. Citi upgraded Oracle to Buy from Neutral, with a price target of $410. The tech giant also signed a $300 billion computing power deal with OpenAI, making its CTO the world’s richest man.

Read more at Yahoo Finance: Oracle soars, TSMC & Broadcom emerge winners: Market Wrap