Wall Street closed higher on Thursday, after a bombastic forecast by the nvidia sent shares of the chipmaker soaring and fueled a rally in AI-related companies, as investors watched for signs of progress in talks over the US debt ceiling. USA.
O S&P 500 (SPX) rose 0.88%, ending the session at 4,151.28 points. O Nasdaq Composite (US100) rose 1.71% to 12,698.09 points, while the Dow Jones Industrial Average (DJI) fell 0.11% to 32,764.65 points.
Nvidia Corp surged 24% to a record close after the world’s most valuable chipmaker forecast quarterly revenue 50% higher than estimates and said it was increasing supply to meet demand for its intelligence chips. artificial (AI).
Investors traded nearly $60 billion worth of Nvidia stock, accounting for a fifth of all S&P 500 stock trades during the session, according to Refintiv data.
“Nvidia has officially replaced FANG as the centerpiece of this market,” said Jake Dollarhide, CEO of Longbow Asset Management in Tulsa, Oklahoma. “Investors are obsessed with AI, and Nvidia is the perfect AI story.”
The AI heavyweights Microsoft Corp It is alphabet inc rose 3.9% and 2.1%, respectively. Advanced Micro Devices Inc jumped about 11%, Micron Technology Inc added 4.6% and Broadcom Inc rose more than 7%.
The Philadelphia SE Semiconductor Index rose 6.8% to hit its highest level in more than a year, its biggest daily percentage rise since November.
Intel Corp, which investors consider to be lagging behind in the AI race, fell 5.5%, weighing on the Dow Jones.
Wall Street has been nervous in recent days as negotiations drag on in Washington to raise the country’s $31.4 trillion debt ceiling and avoid a default.
On Thursday, U.S. President Joe Biden and Republican lawmaker Kevin McCarthy were closing in on a deal, with just $70 billion between the parties on discretionary spending, Reuters reported, citing a source familiar with the negotiations.
Source: Moneytimes
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