Wall Street: the Nasdaq rose boosted by Nvidia and investors bet on Artificial Intelligence

Wall Street: the Nasdaq rose boosted by Nvidia and investors bet on Artificial Intelligence

The New York Stock Exchange. Wall Streetended mixed this Thursday, in a day of great enthusiasm for technology companies after positive forecasts from the processor giant Nvidia, while part of the market remains concerned about the possibility of a default in the United States.

Thus, the Industrial Average Dow Jones closed with a drop of 0.11%while the technological Nasdaq gained 1.71% and the S&P 500 climbed 0.88%in a context in which investors remain attentive to the pulse on the debt ceiling in the United States and expect an agreement on the debt ceiling of the country, set at $31.4 trillion, to avoid a calamitous default.

Technology related to Artificial Intelligence rose

The Nvidia Corp shares climbed 24.37%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 such as Microsoft Corp and Alphabet Inc showed a similar trend.which rose 3.85% and 2.13%, 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,” said Sam Stovall, chief investment strategist at CFRA Research in New York. He explained that the investors are watching for any growth area and which, right now, turns out to be semiconductors.

Other chip companies such as Advanced Micro Devices Inc, Micron Technology Inc and Broadcom Inc gained 11.16% and 5.28% respectively. Intel Corp, a Dow member with little exposure to AI, dropped 5.19%.

Source: Ambito

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