Wall Street’s S&P 500 and Japan’s Nikkei hit record highs amid AI boom
The S&P 500 and Japan’s Nikkei reached record levels, driven by excitement around AI.
Nvidia's stock soared, achieving the largest single-day market value jump of $277 billion.
This came after the chipmaker announced robust earnings and optimistic sales projections, fueled by high demand for AI chips. The S&P 500 rose 2.1%, the Dow Jones 1.2%, and the Nasdaq increased by 3%, approaching its peak. Europe's Stoxx 600 also hit a record.
The Nikkei's rise to 39,098.68 marked a historic recovery, surpassing its 1989 closing figure for the first time. Factors such as domestic economic prospects and the yen's decline also played a role. Nvidia's earnings were deemed a 'game-changing moment' for technology, with its CEO declaring the AI market at a tipping point.
The surge in Nvidia's shares benefited other AI and tech companies like AMD and Arm Holdings. With first-quarter revenue potentially rising by 233%, Nvidia's performance bolstered confidence in its sustained growth, with its results surpassing high market expectations and inspiring a positive outlook from analysts.
Nvidia's success has been a significant factor in the broader market rally, with its shares becoming the top performer in the S&P 500. The tech giant's ongoing growth defied concerns about potential market disruption due to unmet expectations.
This came after the chipmaker announced robust earnings and optimistic sales projections, fueled by high demand for AI chips. The S&P 500 rose 2.1%, the Dow Jones 1.2%, and the Nasdaq increased by 3%, approaching its peak. Europe's Stoxx 600 also hit a record.
The Nikkei's rise to 39,098.68 marked a historic recovery, surpassing its 1989 closing figure for the first time. Factors such as domestic economic prospects and the yen's decline also played a role. Nvidia's earnings were deemed a 'game-changing moment' for technology, with its CEO declaring the AI market at a tipping point.
The surge in Nvidia's shares benefited other AI and tech companies like AMD and Arm Holdings. With first-quarter revenue potentially rising by 233%, Nvidia's performance bolstered confidence in its sustained growth, with its results surpassing high market expectations and inspiring a positive outlook from analysts.
Nvidia's success has been a significant factor in the broader market rally, with its shares becoming the top performer in the S&P 500. The tech giant's ongoing growth defied concerns about potential market disruption due to unmet expectations.
