Wall Street ends higher on tech rally; Cerebras soars in market debut

STORY: U.S. stocks rallied on Thursday, with the Dow and S&P 500 each gaining about three-quarters of a percent, and the Nasdaq climbing nearly nine-tenths of a percent.The Dow recaptured its position above the 50,000 mark, ending just shy of its all-time closing high. The S&P 500 posted its first close above 7500, and the Nasdaq also notched another record high close.The market boost came largely from - what else? - AI-related tech stocks, including a blowout IPO from chip designer Cerebras, which jumped 68% in its U.S. market debut.But Bob Lang, founder and chief options analyst at Explosive Options, warned that the enthusiasm could portend a sharp market selloff."I think right now with markets at all time highs, the Nasdaq pushing through around 30,000, the Dow about 50,000, again, you're going to hear all these headlines coming out in the news talking about these milestones. And it creates a wall of worry. And the wall of worry is that, you know, people on the sidelines are saying, ‘Hey, look, I got to get myself back in the game over here.' Well, it's those moments that tell us that we're probably closer to a correction or a severe pullback more than anything, because it's the last people who come in are going to create that last hop in the market."Among other stock moves, shares of Cisco Systems surged more than 13% to touch an all-time high after the computer networking giant announced almost 4,000 job cuts as part of a restructuring scheme, and raised its annual revenue forecast.U.S.-listed shares of AI infrastructure firm Nebius Group rose more than 6.5% after Northland Capital raised its target price to $248 per share.And shares of AI chip leader Nvidia gained nearly 4.5% after the U.S. cleared the sales of the company's H200 chips to Chinese firms.