Nasdaq 100 holds near record as AI trade extends Monday rally, Shopify jumps 7.3%

Shopify surges on a new Muse AI partnership with Meta, a day after chipmakers and AI-linked stocks powered a sharp market rally.

The Nasdaq 100 is little changed on the day, down 0.02%, but remains near the record level it reached after Monday's rally in artificial intelligence stocks. Money is moving out of financials and into technology names tied to AI.

Shopify is up 7.3% after unveiling a partnership with Meta built around Muse AI, a platform aimed at consumer-facing AI agents.

Monday's advance was broad. Semiconductor shares rallied more than 4%, Meta rose 11% and AMD's market value passed $1 trillion. Hyperscalers, CPU makers, memory firms and neocloud companies all gained as investors bet on demand from consumer AI agents tied to Meta's Muse AI platform. Meta's stock extended its gain to as much as 10.4%, outpacing the broader sector move, helped in part by relief over an $18 billion teen-safety settlement that investors had feared could be worse. The Nasdaq 100 itself extended its Monday gain to 2.5%, recovering from an earlier drop of more than 1% tied to calls from major AI companies for a slowdown in development.

Today's rotation into AI-linked technology stocks, and Shopify's jump on the Meta tie-up, suggest investors still have conviction in the AI trade despite that recent pushback from researchers. Traders appear to be treating the move as an extension of the rally already under way in semiconductors and software, rather than a shift in sentiment toward the sector.