The Nasdaq Composite proved to be the standout performer last week. After closing Friday in positive territory — outpacing the S&P 500 and the Dow Jones Industrial Average, which both finished lower — the tech-heavy index notched its fifth consecutive record close.

On a weekly scale, the Nasdaq climbed 2%, topping the S&P 500’s 1.6% gain and the Dow’s 1% rise.

True to its reputation as the “tech-heavy index” — a go-to label for financial writers — its strength was largely powered by technology stocks.

But this wasn’t just broad tech momentum. OpenAI played a central role in fueling the rally, underscoring that the artificial intelligence theme continues to captivate investors. Oracle’s stock surged last week following a deal with the AI firm, while other connected names like Broadcom and Nvidia have also benefited from similar associations in the past.

With a Federal Reserve rate cut widely expected this week — a shift that would particularly aid highly leveraged, cash-hungry, and not-yet-profitable startups like OpenAI — the youngest of the three major U.S. indexes looks poised to maintain its edge over its peers in the near future.