Wall Street closes the year on a mixed note as AI semiconductors boost indexes
The final trading session of 2025 on Wall Street followed the pattern of a tumultuous year, characterized by massive investments in artificial intelligence and macroeconomic uncertainties. The S&P 500 index rose by 0.46% to close at 6,909.79 points, while the Dow Jones edged up 0.16% to 48,442 points. Although this modest performance by the broad indices doesn't capture the market's vibrancy, it actually masks very diverse movements across sectors. On one hand, tech stocks connected to artificial intelligence continued their strong momentum, buoyed by encouraging announcements on orders and growth prospects. On the other hand, certain segments are struggling, notably biotechs, which are suffering from a lack of confidence, and renewable energies, which face doubts about their future development.
AI semiconductors remain favored with Marvell and Broadcom leading the way
The semiconductor sector posted the strongest gains of the day. Marvell Technology rose by 3.40% to $87.68, benefiting from sustained investor confidence in its ability to capture a significant share of the custom AI processor market. The company's stock was bolstered by enthusiastic analysts who view it as a pure play on AI, offering a more attractive valuation than its more established but also more expensive competitors.
Broadcom also saw an increase, gaining 2.30% to $349.32, reaffirming its status as a major beneficiary of tech giants' infrastructure spending. Nvidia, with a rise of 3.01%, remains a key driver of the session at $189.21. This technological cornerstone is firmly entrenched in fund managers' portfolios, who continue to renew their positions with the certainty that capital expenditure on AI will keep increasing throughout 2026. Analysts anticipate an acceleration of orders in the first quarter of 2026, driven by the deployment of next-generation models. This momentum contrasts with ongoing concerns about the true efficiency of these large-scale investments and the risks of capacity overproduction.
Energy and Major Cyclicals Benefit from Economic Recovery
Beyond the technology sector, energy and materials stocks led the gains of the day. Expand Energy, a natural gas producer, rose by 3.09% to $111.17, driven by the energy demand outlook linked to the proliferation of data centers and optimism about winter gas prices. Freeport-McMoRan climbed 2.49% to $51.90, benefiting from the ongoing appetite for copper, a critical metal for energy transition and electrical infrastructure. This performance also reflects a certain shift by investors from the most popular stocks to those offering more direct and less volatile returns.
Companies like Jabil, the giant in electronic subcontracting, advanced 2.30% to $235.07, capitalizing on the continued demand for liquid cooling equipment for AI data centers. Philip Morris International also recorded a gain of 1.48% to $162.06, supported by prospects of improved margins and a generous dividend policy. These increases demonstrate a market that, beyond the major tech names, remains capable of finding sources of growth and profitability in more traditional sectors.
Moderna Falls Sharply as Renewables and Defensive Stocks Struggle
Another aspect of this session is marked by significant declines, indicating increased selectivity among investors. Moderna fell by 7.48% to close at $32.29, continuing a downturn that reflects the waning demand for Covid-19 vaccines and disappointments in its mRNA innovation division's outlook.
First Solar decreased by 5.34% to $269.39, impacted by the prospect of a slowdown in solar deployment in 2026, particularly in China, a major player in the sector that is moderating its pace. Norwegian Cruise Line Holdings weakened by 4.78% to $23.11, reflecting ongoing investor concerns about the resilience of tourism demand in uncertain economic times.
Enphase Energy dropped 3.82%, facing the same challenges as the renewable energy sector. Defensive and consumer discretionary stocks also struggled: PepsiCo fell by 2.29%, Best Buy by 2.41%, and leisure companies like Caesars Entertainment lost 2.32%. This suggests that investors are expressing caution about the global economic outlook for 2026, despite positive signals regarding AI and growth in the United States.
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