Global equities climbed this week as investors weighed looming risks from the US government shutdown, which delayed the release of essential jobs data on Friday (October 3).
Macro headlines emphasized the possible economic impact. However, despite uncertainty, both the S&P/TSX Composite Index (INDEXTSI:OSPTX) and Wall Street advanced this week, with the S&P 500 (INDEXSP:.INX) and Nasdaq Composite (INDEXNASDAQ:.IXIC) touching multiple record intraday highs.
The strength of the technology sector was a key driver behind these gains.
Chipmakers, tech infrastructure companies and artificial intelligence (AI) stocks led the rally, with gains to NVIDIA (NASDAQ:NVDA) and other semiconductor stocks underpinning broader market optimism.
The Nasdaq rose about 1.36 percent over the week’s five sessions.
Nasdaq Composite performance, September 29 to October 3, 2025.
Chart via Google Finance.
3 tech stocks that moved markets this week
1. CoreWeave (NASDAQ:CRWV)
CoreWeave landed up to US$14.2 billion in new business from Meta Platforms (NASDAQ:META) on the heels of a US$6.5 billion deal with OpenAI. Investors view this as affirmation of CoreWeave’s rising importance in the rapidly growing AI hardware market. CoreWeave climbed 11.6 percent, from US$120.71 to US$134.79, this week.
2. Shopify (NYSE:SHOP)
This Canadian e-commerce company’s shares soared after it received a price target upgrade this week.
TD Securities reinstated its ‘hold’ rating for Shopify and raised its price target from US$130 to US$156, citing strong revenue growth prospects and a strategic partnership with OpenAI to enable merchants to sell products directly through ChatGPT. Shopify’s share price climbed 13.68 percent this week, rising from US$141.75 to US$161.14.
3. Intel (NASDAQ:INTC)
Reports of a major chip-manufacturing agreement between Intel and Advanced Micro Devices (NASDAQ:AMD) surfaced on Friday. The deal reportedly involves Intel producing AMD-designed chips at its foundries.
The report was well received by investors, contributing to Intel’s strong share price performance and reflecting positive momentum for Intel’s manufacturing capabilities and growth strategy. AMD’s official response was a brief acknowledgment of the ongoing speculation, with no explicit denial. Shares of Intel saw a 6.69 percent increase this week, climbing from US$34.52 to US$36.83. AMD advanced by 2.84 percent.
Shopify, CoreWeave and Intel performance, September 29 to October 3, 2025.
Chart via Google Finance.
ETF performance
This week, the VanEck Semiconductor ETF (NASDAQ:SMH) gained 3.68 percent, while the Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ) increased by approximately 3.39 percent.
For its part, the iShares Semiconductor ETF (NASDAQ:SOXX) advanced about 3.06 percent.
These gains reflect ongoing investor optimism for AI innovation and infrastructure buildup.
Other tech market news
Tech news to watch next week
Despite political wrangling and macro uncertainty, the technology sector has entered the fourth quarter showing positive momentum. AI hardware remains a pivotal theme, while landmark deals and investment rounds underscore bullish sentiment among both corporate insiders and institutional investors.
Careful navigation of evolving US policy, global supply chain challenges and shifting capital flows will be critical for tech sector leadership as the final quarter of 2025 progresses.
Next week, investors will await commentary following a planned meeting between Canadian Prime Minister Mark Carney and US President Donald Trump in Washington on October 6 to negotiate a deal to reduce US tariffs.
Their meeting precedes a scheduled review of the US-Mexico-Canada Agreement.
US Federal Reserve discussions and related market updates will continue shaping investor sentiment as markets await more clarity on monetary policy and inflation dynamics. The likelihood of delays in key economic data releases remains high due to the ongoing US government shutdown.
Q3 earnings from Applied Digital (NASDAQ:APLD), set for release on October 9, will provide insights into the company’s progress on its AI-focused data center expansions. The report could be a key indicator of trends and demand in the rapidly growing AI infrastructure market, potentially influencing broader industry sentiment.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.