Stocks Open Higher as Gold Hits Record, Volatility Eases and Investors Bet on AI-Led Growth

The Trillion-Dollar AI Buildout Wall Street Isn’t Watching

U.S. stocks opened modestly higher Monday morning, buoyed by easing volatility, strength in technology shares, and a renewed surge in precious metals, as investors weighed steady consumer data against continued enthusiasm for artificial intelligence-driven growth.

Shortly after the opening bell, the Dow Jones Industrial Average rose 103.36 points, or 0.21%, to 48,283.83. The S&P 500 gained 30.79 points, or 0.45%, to 6,865.29, while the Nasdaq Composite climbed 152.94 points, or 0.66%, to 23,460.60. Small-cap stocks also advanced, with the Russell 2000 up 0.56%.

Markets opened the shortened trading week with risk appetite intact. The Cboe Volatility Index slipped to 14.86, near the lower end of its recent range, signaling investor comfort with current equity valuations and macro conditions.

In corporate news, Reuters reported that Nvidia plans to begin shipping its second-most-powerful AI chips to Chinese customers before the Lunar New Year, though regulatory approvals remain uncertain. Separately, Oracle co-founder Larry Ellison agreed to personally guarantee $40.4 billion in equity financing to support Paramount Skydance’s all-cash bid for Warner Bros. Discovery.

In commodities, gold futures surged to a fresh all-time high, rising 1.54% to $4,454.80 an ounce. Silver also reached a record level, underscoring sustained demand for hard assets amid lingering inflation concerns and heavy central-bank buying. Crude oil rallied sharply, with February futures climbing 2.49% to $57.93 a barrel, supported by supply discipline and improved near-term demand expectations.

Bitcoin extended its recent advance, trading near $89,955, up more than 2%, as digital assets continued to benefit from declining volatility and growing institutional participation.

Economic data released earlier this month suggests the U.S. consumer remains resilient but increasingly selective. According to Bank of America Institute data, total credit and debit card spending per household rose 1.3% year over year in November, slowing from October and flattening on a month-over-month basis. Higher-income households continued to drive spending growth, while lower-income consumers lagged amid weaker wage gains.

The institute also noted that holiday spending was front-loaded this year, with activity slowing around Black Friday as more purchases shifted online and promotions began earlier.

Equities were also supported by continued optimism around artificial intelligence investment. Wedbush Securities said the market is underestimating Microsoft’s AI-driven growth potential heading into 2026, citing accelerating Azure and Copilot adoption. The firm estimates AI-related deployments could add roughly $25 billion to Microsoft’s revenue by fiscal 2026, calling the coming year a key inflection point for enterprise AI spending.

With volatility subdued, commodities breaking records, and technology once again leading gains, investors appear content to maintain exposure to growth assets as the year draws to a close, even as questions around consumer momentum and global policy remain unresolved.