• The Dow Jones climbed over 200 points at its daily peak to clip a new all-time high.
• The AI bid is back in action with chip stocks back on the rise.
• US Retail Sales rebounded in September, beating forecasts across the board.

The Dow Jones Industrial Average (DJIA) found a new all-time high on Thursday, bolstered by investors piling back into the AI stock rally and gaining over 200 points from the day’s opening bids. US Retail Sales handily beat the street, rebounding more than market analysts expected and further propelling equities into the high end.

US Retail Sales grew by 0.4% MoM in September, recovering from August’s 0.1% and beating median market forecasts of a 0.3% print. Retail Sales excluding Automotive spending also thumped forecasts, growing by 0.5% in September compared to the expected 0.1%, and easily vaulting over August’s 0.2% increase.

US Initial Jobless Claims for the week ended October 11 also beat market expectations, coming in at 241K for the week. Investors expected the week’s new jobless claimant count to hold steady at the previous week’s revised 260K.

Silicon manufacturers and chip-punchers are getting dragged higher across the board on Thursday. Nvidia (NVDA) was propelled into another all-time high on Thursday, climbing over 3%. The Taiwan Semiconductor Manufacturing Company, a key supplier in the tech sphere, announced stronger-than-expected Q3 earnings and raised 4Q revenue forecasts. The upbeat earnings call assuaged market fears that the AI boom might be fizzling out, even as large-scale predictive data-modeling projects continue to struggle with figuring out how to generate revenue from their projects.