The Nasdaq 100 climbed from 27,192.31 on 29 July to 29,733.16 on 4 August, an increase of approximately 9.3% over four trading sessions, adding an estimated $3.5 trillion to the combined market capitalisation of Nasdaq 100 companies. The rally gained momentum on Tuesday, when the Nasdaq Composite advanced 2.6%, the S&P 500 rose 1.8% to its first record closing high in more than two months, and the Dow Jones Industrial Average gained 1.7%, finishing above 54,000 for the first time. The advance reflected a shift in sentiment after technology stocks had faced pressure from high valuations, profit-taking and concerns about AI infrastructure returns. Recent earnings challenged that cautious narrative, with stronger cloud growth and AI-related revenue encouraging investors. Amazon reported net sales of $200.6 billion, up 20% from the previous year, operating income increased 43% to $27.5 billion, and Amazon Web Services revenue rose 37% to $42.2 billion, its fastest growth in 18 quarters. Amazon said its AI and semiconductor businesses exceeded annual revenue run rates of $25 billion. Amazon shares reached a record high on Monday, briefly lifting its market value above $3 trillion, before pulling back more than 2% on Tuesday after founder Jeff Bezos planned to sell 15 million shares. Palantir shares surged 29.5% after reporting second-quarter revenue