Stocks continue climbing the wall of worry, and skepticism still pervades.
Numa quinta-feira marcada pela convergência entre tecnologia e geopolítica, Wall Street escreveu mais um capítulo da sua era de ouro da inteligência artificial: o S&P 500 ultrapassou pela primeira vez os 7.500 pontos, enquanto a estreia bolsista da Cerebras Systems — com uma valorização de 70% — revelou a profundidade de um apetite dos investidores que já dura seis trimestres consecutivos de crescimento de lucros a dois dígitos. Por detrás dos números, porém, persistem tensões reais: preços de energia em alta, uma frágil trégua no Irão e a sombra de disputas legais entre gigantes tecnológicos lembram que nenhuma subida é isenta de peso.
- O S&P 500 rompeu pela primeira vez a barreira dos 7.500 pontos, arrastando o Nasdaq e o Dow Jones para novos máximos históricos numa sessão dominada pela febre da inteligência artificial.
- A Cerebras Systems estreou-se em bolsa com uma valorização de 70%, captando 5,5 mil milhões de dólares numa IPO que avaliou a empresa em 40 mil milhões — um sinal de que o mercado aguarda com ainda maior expectativa as estreias da OpenAI e da Anthropic.
- A Nvidia subiu 4,39% e aproxima-se de uma capitalização bolsista de 6 biliões de dólares, impulsionada pela autorização norte-americana de venda dos chips H200 a dez empresas chinesas — uma decisão que mistura oportunidade comercial com complexidade geopolítica.
- A Apple perdeu terreno após surgirem relatos de que a OpenAI pondera ação legal contra a empresa, introduzindo uma rara fissura na marcha ascendente do setor tecnológico.
- Apesar da resiliência dos consumidores americanos — com as vendas a retalho a crescerem 0,5% em abril — os preços da energia e a incerteza geopolítica no Irão mantêm viva a ameaça de pressão inflacionista e de uma eventual resposta dos bancos centrais.
Wall Street fechou em alta na quinta-feira, com o S&P 500 a superar pela primeira vez os 7.500 pontos e o Nasdaq a atingir os 26.635 pontos. O Dow Jones ultrapassou os 50.000 pontos. O motor continua a ser o mesmo: a inteligência artificial, que já sustenta seis trimestres consecutivos de crescimento de lucros a dois dígitos no S&P 500 — um aumento de cerca de 27% nos resultados do primeiro trimestre face ao ano anterior.
A sessão foi animada pela queda dos preços do petróleo e pelos desenvolvimentos da visita de Donald Trump à China, que impulsionaram a Nvidia para novos máximos históricos. A fabricante de chips subiu 4,39%, para 236,54 dólares por ação, aproximando-se de uma capitalização de 6 biliões de dólares. Em paralelo, os Estados Unidos autorizaram a venda dos chips H200 da Nvidia a dez empresas chinesas, sublinhando a dimensão geopolítica da corrida aos semicondutores.
O verdadeiro espetáculo do dia pertenceu à Cerebras Systems. A fabricante de chips de IA estreou-se em bolsa com uma valorização de 70%, depois de ter captado 5,5 mil milhões de dólares numa IPO que a avaliou em cerca de 40 mil milhões. A receção calorosa antecipa o que poderá acontecer quando a OpenAI e a Anthropic fizerem as suas próprias estreias bolsistas. A Apple foi a exceção negativa, a perder 0,22% após relatos de que a OpenAI pondera ação legal contra a empresa.
As vendas a retalho nos EUA cresceram 0,5% em abril, em linha com as expectativas, confirmando a resiliência do consumidor americano apesar dos custos de energia mais elevados. Ainda assim, é a tecnologia — e não o consumo — que comanda as valorizações. Como observou o analista Clark Bellin, os mercados continuam a escalar o chamado muro da preocupação, e o ceticismo persistente sugere que ainda há espaço para novas subidas. O petróleo permanece a variável a vigiar: o seu impacto na inflação e no poder de compra das famílias poderá, em última análise, ditar o próximo movimento da Reserva Federal.
Wall Street closed higher again on Thursday, with the S&P 500 breaking through 7,500 points for the first time. The Nasdaq Composite climbed 0.88% to 26,635 points, also setting a fresh record. The Dow Jones gained 0.75% to 50,063 points. These gains came as investors continued their relentless pursuit of artificial intelligence stocks, a appetite that has now sustained six consecutive quarters of double-digit earnings growth across the S&P 500—a roughly 27% increase in first-quarter profits compared to the year before.
The day's momentum was fueled by falling crude oil prices globally and by developments tied to Donald Trump's visit to China, where business-related announcements emerged that pushed Nvidia to record highs. The chip maker, which reports earnings next week, rose 4.39% and now trades at $236.54 per share, closing in on a $6 trillion market capitalization. Separately, the U.S. authorized the sale of Nvidia's H200 chips to ten Chinese companies, a move that underscored the geopolitical dimensions of the semiconductor race even as investors cheered the news.
The real spectacle, though, belonged to Cerebras Systems. The AI chip manufacturer made its stock market debut with a stunning 70% surge, having raised $5.5 billion in its initial public offering at a valuation of roughly $40 billion. The reception signaled just how hungry investors remain for exposure to artificial intelligence and semiconductor makers, with larger debuts from OpenAI and Anthropic still anticipated. This appetite persists despite real economic headwinds: energy prices have climbed enough to feed inflation concerns, and a fragile ceasefire in Iran adds geopolitical uncertainty that could eventually force central banks to raise interest rates.
Apple, meanwhile, lost ground—down 0.22%—after reports surfaced that OpenAI is considering legal action against the company. The tension between the two firms represents a rare crack in the technology sector's otherwise unified march upward.
Retail sales in the United States grew 0.5% month-over-month in April, matching economist expectations and following a revised 1.6% gain in March. The number offered reassurance that American consumers remain resilient despite higher fuel costs. Yet the market's real engine is not consumer spending but technology itself. As one analyst noted, the American consumer continues to hold up even as energy prices bite, but it is the technology sector commanding the market's attention and driving valuations ever higher.
Clark Bellin of Bellwether Wealth observed that stocks continue climbing what he called the wall of worry, and that skepticism still pervades markets—suggesting room for further gains. The calculus is straightforward: expectations that corporate profits will keep growing have outweighed concerns that higher energy costs might dampen consumer confidence or force the Federal Reserve's hand on rates. Oil remains the focal point, not just for its direct impact on inflation but for what it means for household budgets and consumer spending power in the months ahead.
Citas Notables
The American consumer continues resilient despite higher fuel costs, but technology is commanding the market's attention.— Bret Kenwell, eToro
Stocks continue climbing the wall of worry, and skepticism still pervades markets, suggesting this bull market has room to grow.— Clark Bellin, Bellwether Wealth
La Conversación del Hearth Otra perspectiva de la historia
Why did Cerebras surge 70% on its first day? Is that normal for chip companies?
It's exceptional. The company raised $5.5 billion at a $40 billion valuation, which tells you how desperately investors want exposure to AI right now. We're in a moment where anything touching semiconductors or artificial intelligence gets bid up aggressively.
But what about the fundamentals? Does a 70% pop mean the IPO was priced too low, or does it mean something about market excess?
Probably both. The IPO pricing captures what bankers think they can sell; the pop reflects what investors will actually pay. In this environment, those two numbers are very far apart. It's a sign of genuine demand, but also of how frothy sentiment has become.
Nvidia is approaching a $6 trillion market cap. That's almost a third of the entire U.S. GDP. How does that make sense?
It doesn't, if you're thinking about traditional valuation. But Nvidia is the essential infrastructure for AI—every major model, every data center, every company building AI systems needs their chips. The market is pricing in a decade of dominance and exponential growth. Whether that's justified is the real question.
What about the Apple-OpenAI tension? That seemed to surprise people.
It's a reminder that even within the tech world, there are real conflicts. Apple wants to integrate AI into its devices; OpenAI wants to control how its technology gets used. When those interests collide, the market notices. It's a small crack in an otherwise unified bull run.
Energy prices are rising, inflation could tick up, central banks might raise rates. How is the market not worried?
It is worried—but not yet panicked. The thinking is that corporate earnings growth is strong enough to absorb higher costs. That's held true for six quarters running. The real test comes if energy stays elevated and consumers start pulling back spending. We're not there yet.
So what's the risk here?
That the market is pricing in perfection. Six consecutive quarters of double-digit earnings growth, AI delivering on its promises, no recession, no geopolitical shock that sticks. Any one of those assumptions breaking could reset valuations sharply downward.