# The S&P 500 and the Nasdaq rallied to record highs on Friday.

*genai · news · 2026-05-08 · MarketScreener*

## Key points

- Micron Technology and Sandisk surged 12% due to strong AI data center demand.
- Philadelphia SE Semiconductor index gained 54% in Q2, driven by AI-related stocks.
- 83% of reporting S&P 500 companies exceeded analysts' earnings estimates, well above the 67% average.
- Cloudflare will cut 20% of its workforce after forecasting lower-than-expected Q2 revenue.

**Companies:** Nvidia, Micron Technology, Sandisk, Cloudflare, Expedia, Trade Desk, CoreWeave
**Countries:** United States, Iran

[Read the full story on MarketScreener](https://www.marketscreener.com/news/s-p-500-and-nasdaq-hit-records-boosted-by-ai-and-earnings-optimism-ce7f5bdbdf8ff42d)

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