Opening Bell — Stocks Edge Higher as AI Trade, Oil Diverge; Micron’s Blowout Faces a Buyer Strike

U.S. stocks opened modestly higher Wednesday, extending a five-month run even as investors continue to debate whether rich valuations can withstand slower growth. The Dow Jones Industrial Average rose 105.46 points (0.23%) to 46,398.2, the S&P 500 gained 11.32 (0.17%) to 6,668.24, and the Nasdaq Composite added 65.78 (0.29%) to 22,639.3. Oil climbed, with crude at $64.26 (+1.34%), while gold slipped to $3,798.10 (−0.46%).

Early action was again dominated by the artificial-intelligence theme. A fresh industry note from Wedbush Securities argued the AI cycle is advancing into a new phase, highlighting this week’s Nvidia–OpenAI tie-up that envisions up to $100 billion of Nvidia investment and ~10 gigawatts of OpenAI-deployed NVDA systems (4–5 million GPUs). Wedbush characterizes the backdrop as a “1996 Moment… not 1999,” suggesting secular investment, not late-stage froth.

Even so, near-term positioning looked cautious after Micron Technology delivered a "blowout" print —$3.03 in adjusted EPS on $11.3 billion of revenue and a robust FY26 outlook—yet the stock reaction has been muted, a sign that parts of the AI complex may be in a digestion phase after steep advances.

Macro cross-currents are keeping the tug-of-war intact. As Rick Newman’s “The Rick Report” summarizes, equities have rallied sharply despite signs of cooling growth. Joe Brusuelas, chief economist at RSM, warns that “The recent runup in equity valuations is a red flag that a correction could be in the making.” At the same time, Mehmet Beceren of Rosenberg Research notes that mega-cap tech has taken on “safe asset” status among sovereign investors, helping to support index levels even when the economy softens. 👉 The Rick Report

Rising oil and softer gold at the open underscore the mixed risk tone. For now, modest index gains suggest investors are balancing a powerful AI-investment narrative—underpinned by outsized Big Tech capex and marquee partnerships—against valuation fatigue evident in selective earnings reactions. The rest of the session will test whether the AI bid can keep broader benchmarks grinding higher as the market digests premium pricing and a slower-growth outlook.