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

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.

Amazon (NASDAQ:AMZN) reported strong third-quarter results on Thursday, with its cloud business AWS showing robust artificial intelligence (AI)-driven demand resulting in a 150% quarterly surge in Trainium chip usage.

The Dow handed over 0.5% in afternoon trade with Nvidia a big loser. The Nasdaq composite suffered a 1.8% drop, and the S&P 500 retreated 1%, with Palantir stock sliding nearly 9%. Small-cap stocks on Tuesday were spared the wrath, illustrated by the Russell 2000 index giving up 1.5%.

Nvidia recently became the first company to reach a $5 trillion market cap. Amazon.com isn't the next-largest company, but it has a high probability of rapid growth. A combination of massive opportunities and a reasonable valuation could help propel Amazon to a higher market cap.

Stocks rose Friday after solid earnings from tech giant Amazon helped boost sentiment. The tech-heavy Nasdaq Composite rose 0.6%, while the S&P 500 and Dow Jones Industrial Average briefly dipped into the red before recovering later in the day.

Broadcom stock sold off nearly 2%, extending a losing streak to three sessions and falling below a recent buy point at 363.24. Nvidia stock rallied 2.2%, closing further above a 184.48 buy point and closing just shy of last week's record highs.