[New York Market Briefing] Praise pours in for Google's Gemini 3.0… Nasdaq jumps 2.7%

The three major U.S. stock indexes in New York closed higher. Google's artificial intelligence (AI) service Gemini 3.0 suggested a new direction for the AI industry, drawing buying interest focused on technology stocks.

On the 24th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 46,448.27, up 202.86 points (0.44%) from the previous close. The Standard & Poor's (S&P) 500 index jumped 102.13 points (1.55%) to 6,705.12, and the Nasdaq Composite surged 598.92 points (2.69%) to 22,872.01.

The positive reception to Google's Gemini 3.0 spread enthusiasm across the technology sector.

In particular, competitors in the AI industry praised Gemini's performance, which boosted the stock of Google's parent company Alphabet.

OpenAI CEO Sam Altman, after encountering Gemini 3.0, said, "Now we are the ones chasing," lamenting that the atmosphere may not be favorable for a while. Tesla CEO Elon Musk unusually posted on his X account "congratulations," acknowledging Gemini's achievements.

Gemini 3.0's performance is drawing an even hotter market reaction because it suggests new possibilities for the AI industry's trajectory.

So far, AI tools centered on OpenAI have had to rely heavily on NVIDIA's graphics processing units (GPU), raising concerns that the purchase, maintenance, and depreciation costs of GPUs are enormous.

By contrast, Google built the Gemini system around its self-developed AI chips, tensor processing units (TPU), significantly reducing external spending.

Because the training of major AI services is largely complete, there is also anticipation that TPUs, which are strong in inference, will demonstrate greater strengths.

As a result, Google is regarded as the only big tech company that has vertically integrated AI hardware and software.

Having overtaken OpenAI with its own chips without leaning heavily on NVIDIA's GPUs, expectations have grown that Google will redraw the AI industry map.

Salesforce founder Marc Benioff said, "I used ChatGPT every day for three years and only used Gemini 3.0 for two hours this time," adding, "Inference, speed, images, video — everything is clearer and faster, which is a really astonishing advance and I won't go back (to ChatGPT)."

Alphabet's stock, buoyed by such optimism, rose more than 6% on the day. The two-day gain in the stock price is approaching 10%.

Market capitalization also surpassed $3.83 trillion, surpassing Microsoft's $3.51 trillion to move up to third place in U.S. stock market market cap rankings.

With enthusiasm spreading across technology stocks, NVIDIA and Microsoft also rose 2.05% and 0.4%, respectively.

Fueled by Gemini's advance, the Philadelphia Semiconductor Index also surged 4.63%. In particular, Broadcom jumped 11.1%, overtaking TSMC in market cap ranking within the Philly index to move into second place. TSMC also rose 3.48%, ASML 2.20%, AMD 5.53%, and Micron Technology 7.99%.

Min-kyung Shin Hankyung.com reporter radio@hankyung.com