The U.S. stock markets showed mixed performance on Thursday. By the close in New York, the Dow finished at 51,921 points, marking a 0.1 percent gain compared to the previous trading day. However, just moments before, the broader S&P 500 was down nearly one point with approximately 7,357 points, while the Nasdaq 100 technology index declined by 0.8 percent to about 29,440 points.
The intense demand driven by language models, often referred to as “Artificial Intelligence” (AI), has significantly driven up the prices of memory chips. This surge in chip prices is prompting Apple, traditionally unconventional for a hard and software manufacturer, to raise the prices of currently available iPads and MacBooks even before new models are released. Thus, in addition to the war in Iran and the blockade of the Strait of Hormuz, the demand for chips is now contributing to higher consumer prices.
Regarding economic indicators, the PCE price index, the inflation measure favored by the U.S. Federal Reserve, rose by 4.1 percent in May compared to the same month last year, according to data released by the U.S. Bureau of Statistics on Thursday. The core rate, which excludes the volatile prices of food and energy, saw an increase of 3.4 percent.
Turning to global markets, the euro strengthened slightly on Thursday evening, costing $1.1373 against the dollar, which consequently fetched 0.8793 euros. Meanwhile, the price of gold benefited, reaching $4,029 per troy ounce by the evening (+0.7 percent), equating to 113.89 euros per gram. In contrast, the oil price rose sharply; at 10 p.m. Central European Time on Thursday, a barrel of Brent crude from the North Sea cost $75.35, representing a 2.2 percent increase from the previous day’s close.
