Artificial intelligence fuels the NASDAQ and S&P 500
The Nasdaq Composite Index rose 1.71%, driven by the good performance of companies linked to artificial intelligence. Nvidia’s growth is up over 24%.
North American stock markets closed mixed, with AI-related companies making a strong contribution on the positive side. A move that gained steam after Nvidia released forecasts that far exceeded analysts’ expectations.
In the “Guidelines” issued, the company outlined how the growing demand for AI processors has the potential to reshape the sector. According to the chip maker, sales in the quarter ending in July should reach $11 billion — analysts’ expectations were $7.18 billion. The numbers cheered the markets and encouraged sector stocks, with Nvidia itself seeing shares rise by 24.37% to $379.80.
The S&P 500 rose 0.88% to 4,151.28 points, while the Nasdaq Composite gained 1.71%, to 12,698.09 points. The Dow Jones Industrial Average made a return, but only slightly, by sliding 0.11%, to 32,764.65 points.Thus, most indices managed to close with gains, although investors remained wary due to the impasse over the US debt ceiling.
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