Published: March 1, 2024 at 5:44 PM ET
Stocks of technology companies rose as the artificial intelligence rally gained momentum.
The Nasdaq Composite closed at a new all-time high on Thursday, decisively breaking above the 16,000 level, which had not been broken since 2021.
Nvidia stock has rebounded, rising more than 3.5%, taking its gain over the first eight weeks of this year to more than 70%.
Stocks of technology companies rose as the artificial intelligence rally gained momentum.
The Nasdaq Composite closed at a new all-time high on Thursday, decisively breaking above the 16,000 level, which had not been broken since 2021.
As the post-earnings rally gained momentum, Nvidia stock rose more than 3.5%, taking its gain over the first eight weeks of the year to more than 70%.
“Not only were Nvidia’s top and bottom line numbers incredibly strong, but when their CEO said AI was at an inflection point, their “The guidance was exactly what the market needed.”
“NVIDIA provides the infrastructure for companies to take advantage of its generation processing chips and create products that they can sell. As far as NVIDIA’s guidance is concerned, it has helped lift the market… “It helped inspire confidence in the market that it wasn’t just ‘hype,'” Crosby said.
In the wake of Elon Musk’s recent poor performance, OpenAI and its CEO Sam Altman have been accused of violating the artificial intelligence company’s founding agreement by prioritizing profits over benefits to humanity. ) was sued.
Advanced Micro Devices, another chipmaker whose products are in high demand from AI companies, also rose nearly 5%.
Social media blogging service Reddit is targeting a valuation of up to $6.5 billion in its long-awaited IPO, an estimate at the height of the pandemic when the company’s forums had significant influence in the financial world and beyond. far below the value.
Email Rob Curran at [email protected].