Dow Jones surpasses 53,000 as tech rally fuels record high amid semiconductor sell‑off

Wall Street closed the week with the Dow Jones Industrial Average breaking the 53,000‑point barrier for the first time, finishing at 53,055 points. The S&P 500 rose 0.72% to 7,537 and the Nasdaq Composite gained 1.12% to 26,121, driven mainly by a surge in technology and artificial‑intelligence‑related stocks.

Broad‑based enthusiasm for chips and AI was tempered when Samsung Electronics, despite reporting a record second‑quarter profit, saw its share plunge almost 10%. The drop pulled down other semiconductor names, including SK Hynix, Micron, AMD, Qualcomm and Broadcom, sparking a broader sell‑off in the sector. Investors voiced concern that AI‑driven demand may outpace chip‑manufacturing capacity.

Asian markets mirrored the volatility: South Korea’s Kospi fell about 5% after Samsung’s slide, while Japan’s Nikkei, Australia’s S&P/ASX 200 and Hong Kong’s Hang Seng all posted losses. Oil prices rose on Middle‑East tensions, and traders awaited the Federal Reserve’s meeting minutes for clues on future rate policy.