AI-Driven Rally Propels Wall Street to New Heights Amid Nvidia's Earnings
Nvidia's earnings report, despite missing high expectations, affirmed strong AI-related infrastructure spending, boosting Wall Street stocks to record highs. While Nvidia shares dipped slightly due to trade uncertainties, major indices like the S&P 500 and Dow Jones Industrial Average achieved record-high closes, emphasizing AI's pivotal market influence.
The S&P 500 and Dow Jones Industrial Average hit record highs on Thursday, following Nvidia's earnings report. Despite falling short of high investor expectations, Nvidia confirmed robust spending on AI infrastructure, which remains a key market driver. The chipmaker's shares dipped 0.8% due to Sino-U.S. trade uncertainties.
Nvidia's report, showing a 56% surge in quarterly revenue, fueled a rally in AI-related stocks as demand for AI technology strengthens. Major stocks like Alphabet, Amazon, and Broadcom rose alongside, propelling Wall Street to unprecedented levels. Analyst Ross Mayfield highlighted AI's sustained influence on the market.
On Friday, investors will scrutinize Personal Consumption Expenditures data for inflation signs that could impact Federal Reserve policy on interest rates. Meanwhile, data analytics firm Snowflake and tech company HP both reported significant gains, driven by AI demand, further underscoring the sector's growing impact on market trends.
(With inputs from agencies.)
- READ MORE ON:
- Nvidia
- AI
- Wall Street
- S&P 500
- Dow Jones
- trade uncertainties
- interest rates
- Alphabet
- Amazon
- Broadcom
Google News