Nasdaq Hits Record High Despite Trump-Xi Summit: Which Chip Stocks Benefit?

The Nasdaq Composite closed on Tuesday, September 22, 2026, at a record high of 27,244.28 points – an increase of 122.18 points or 0.45 percent. During the trading day, the index briefly reached 27,288.79 points. On the previous day, the technology-heavy index had gained 2.3 percent, marking its best daily performance in some time.

Semiconductor Sector Drives Nasdaq Rally

The PHLX Semiconductor Index (^SOX) climbed more than 2 percent on September 21 and reached its highest level since September 9, 2026. Individual chip stocks showed double-digit gains: AMD rose 10 percent, Intel gained 12 percent. The Nasdaq-100 reached a record high for the first time since June 2026 on September 22 – driven by six consecutive trading days with gains in the semiconductor sector.

Enthusiasm for artificial intelligence returned after weeks of nervous trading. On September 22, the AI stocks rally was triggered by Meta's announcement of its AI model "Muse" according to market reports. Meta itself gained 11 percent on September 21 – also driven by AI-related gains.

Falling Oil Prices Support Risk Appetite

Parallel to the chip rally, oil prices fell to an eleven-day low. Both Brent and WTI crude oil slipped below the $100 per barrel mark – for the fifth consecutive trading day. Speculation about a possible resumption of diplomatic talks between the US and Iran reduced concerns about further supply disruptions. Lower energy prices dampened inflation fears and gave investors reason to invest more strongly in risky assets.

Long-dated US Treasury bonds also retreated from their recent highs. Bitcoin rose to an eight-month high of over $86,000 on September 21, bringing additional momentum to overall risk appetite. Crypto-related stocks such as Coinbase recorded sharp gains.

Trump-Xi Summit as Catalyst in Focus

A summit meeting between US President Trump and Chinese leader Xi was scheduled for Thursday, September 25, 2026. Some of the most influential figures in the AI industry were expected to participate in a White House dinner as part of the summit activities. Given a sparse economic and earnings calendar, investor attention focused on this high-level bilateral meeting.

The markets had overcome a series of headwinds in September 2026: rising bond yields, geopolitical tensions in the Middle East, increasing bets on US Federal Reserve interest rate decisions, and ongoing questions about the sustainability of AI spending. The Nasdaq record highs showed that risk appetite for tech stocks remained intact despite these unresolved challenges.

Broader Market Follows Tech Sector

The S&P 500 gained 1.5 percent on September 21, the Dow Jones Industrial Average rose 0.8 percent, ending a streak of three weekly losses. Small-cap companies also benefited from lower oil prices and improved sentiment. The combination of falling energy prices, declining yields, rising Bitcoin, and semiconductor strength pushed investor sentiment in the week through September 26 clearly toward risk appetite.

The technical reversal marked the end of a phase of volatile trading that had unsettled investors given high valuations in the AI sector. The Nasdaq record highs signaled that demand for technology-heavy stocks had not waned even in a challenging market environment.