Tech Stocks Propel Nasdaq Higher as Dow Slips Amid Trade Optimism

WATCH: Walmart kicks off retail earnings reports.

U.S. equity markets closed mixed on Wednesday, May 14, 2025, as investors weighed strong gains in AI and energy-related tech stocks against trade policy uncertainty and selective profit-taking. The Nasdaq Composite led the day with a robust gain of 136.73 points, or 0.72%, closing at 19,146.8, boosted by surging shares of Super Micro Computer and Oklo Inc. The S&P 500 edged higher by 6.03 points, or 0.10%, to finish at 5,892.58, while the Dow Jones Industrial Average declined 89.37 points, or 0.21%, to end at 42,051.1.

Super Micro Computer (SMCI) Surges on Saudi Partnership

Shares of Super Micro Computer Inc. (SMCI) jumped 15% to close at $45 on Wednesday following confirmation of a multi-year, $20 billion agreement with Saudi-based data center operator DataVolt. Supermicro will supply high-density GPU servers and rack-scale liquid cooling systems to power AI campuses in Saudi Arabia and the U.S. This move aligns with broader plans announced by President Trump regarding $600 billion in Saudi investment pledges to U.S. companies.

“By working together, we will bring cutting-edge AI and compute infrastructure, enabling the Kingdom’s vision of becoming a global hub for technology and innovation,” said Charles Liang, Supermicro President and CEO.

Oklo Inc. (OKLO) Gains on Nuclear Energy Prospects

Oklo Inc. (OKLO) shares rose 15.61% to $37.03 on optimism surrounding its advanced nuclear reactor technology. The company reported a narrower-than-expected Q1 loss of $0.07 per share and emphasized progress toward a commercial launch in late 2027 or early 2028.

Investors responded positively to news that Oklo was selected as one of eight qualified vendors under the Department of Defense’s Advanced Nuclear Power for Installations program. The designation unlocks milestone-based federal funding and accelerates Oklo’s go-to-market path through streamlined contracting options.

Walmart (WMT) Higher Ahead of Earnings Report

Walmart Inc. (WMT) ended the day up 0.94% at $96.79, as anticipation builds for Thursday morning’s Q1 fiscal 2026 earnings report. Analysts forecast revenue around $166 billion and adjusted EPS of $0.59, with U.S. same-store sales growth expected between 3% and 4%.

Commentary will be closely monitored for insights on Walmart’s tariff navigation strategy and e-commerce profitability. “We are not unfamiliar with tariffs,” Walmart noted in an April analyst meeting, signaling confidence in its ability to adapt supply chain strategies using AI-driven models.

Investor Sentiment and Outlook

The day’s trading reflected a familiar divergence: tech and innovation names rallied on deal-making and future potential, while traditional blue-chip names remained under modest pressure. The Russell 2000 index, a proxy for smaller U.S. companies, fell 1.82 points or 0.87% to 206.81, highlighting the uneven market breadth.

With major corporate earnings and geopolitical developments still unfolding, investor focus remains fixed on upcoming commentary from Walmart and additional fallout from U.S.–Saudi commercial engagements. Markets are also watching closely for further signals from AI-related infrastructure firms that are increasingly driving broader equity performance.