Analysts raise targets to $350 as orders hit $500B. Amazon secures GPUs for OpenAI in $38B deal. UAE export approved.

Dominant AI chip market leader Nvidia (NVDA 0.20%) recently became the first company to exceed a $5 trillion market cap, thanks to surging demand for AI infrastructure. But I don'

Amazon contributed to market strength as its shares gained more than 5% following a $38 billion multiyear deal with OpenAI that will deploy hundreds of thousands of Nvidia GPUs. The market’s strong start to the month follows a solid October, when the S&P 500 and Dow gained 2.3% and 2.5%, respectively, while the Nasdaq outperformed with a 4.7% rise.

US stocks finished the first trading day of November mixed, with Big Tech names like Amazon (AMZN) and Nvidia (NVDA) rising near record-high levels, fueling a continued rally in the AI trade even as those gains weren't broadly distributed.

Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, traded slightly higher ahead of Tuesday's open, after the stock market ended sharply mixed Monday. Meanwhile, Amazon AMZN, Broadcom AVGO, Nvidia NVDA, Palantir Technologies PLTR and Tesla TSLA were big movers on the stock market Monday.

Nvidia shares rose after Amazon boosted AI investment and the chipmaker unveiled major partnerships with top South Korean firms.

The S&P 500 and Nasdaq kicked off November on firmer ground on Monday, after a slew of AI deals boosted megacap companies Amazon and Nvidia, while Kenvue shares soared after Kimberly-Clark's buyout deal.