The Industrial Average Dow Jones loses 75.54 points (0.23%) to 32,724.38 units, the S&P 500 index gains 25.72 points (0.62%) to 4,140.96 units and the Nasdaq recovers 176.15 points (+1.41%) to 12,660.31 units.
Technology related to Artificial Intelligence rises
The Nvidia Corp shares climb 25.5%to hit an all-time high, after its quarterly revenue forecasts exceeded Wall Street estimates by 50% and it announced that it is increasing supply to meet demand for its Artificial Intelligence (AI) chips.
AI heavyweights like Microsoft Corp and Alphabet Inc are showing a similar trend.which rose 2.2% and 1.7%, respectively, while the Philadelphia SE Semiconductor Index rose 4.6%, to its highest level in more than a year.
“The word of the month is AI,” says Sam Stovall, chief investment strategist at CFRA Research in New York. He explains that heInvestors are keeping an eye on any growth area, and right now, it just so happens to be semiconductors..
Other chip companies such as Advanced Micro Devices Inc, Micron Technology Inc and Broadcom Inc were earning between 2.6% and 9.5%. Intel Corp, a Dow member with little exposure to AI, trailed 5.7%.
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