Tech Stocks Rally as Nvidia Surges Amid U.S.-China Talks

Nvidia's shares surged on Thursday, driving S&P 500 and Nasdaq futures to record highs as the U.S. authorized 10 Chinese firms to purchase its advanced AI chip, the H200. With a market valuation of $5.9 trillion, Nvidia led a tech stock rally amid ongoing U.S.-China summit developments and anticipation of key economic data.

Amid heightened geopolitical tensions and economic uncertainty, investors remain optimistic about the recent uptrend in technology stocks, particularly chipmakers. Despite inflationary pressures from escalating oil prices and Middle East conflicts, markets showed resilience as the S&P 500 and Nasdaq continued their upward trajectory.

Market analysts highlighted the significance of the U.S.-China summit, particularly discussions on trade progress and potential tensions over Taiwan. Additionally, investors closely monitored upcoming economic indicators like April retail sales and jobless claims to gauge the impact of increased energy costs on consumer spending.

(With inputs from agencies.)