Shares of technology companies surged as the artificial-intelligence sector gained momentum.
Nasdaq Composite Hits Record High
The Nasdaq Composite achieved a record high on Thursday, surpassing the 16,000 level not seen since 2021.
Nvidia Leads the Way
Nvidia’s shares saw a significant rally, increasing by more than 3.5% and pushing year-to-date gains to over 70%. The post-earnings rally for Nvidia continued to gain momentum.
Positive Guidance Boosts Market Confidence
Quincy Krosby, chief global strategist at brokerage LPL Financial, commented on Nvidia’s strong performance, highlighting the company’s role in providing infrastructure for companies to utilize generative processing chips. The positive guidance from Nvidia’s CEO regarding the status of artificial intelligence was seen as a significant factor in boosting market confidence.
Elon Musk Takes Legal Action
Elon Musk recently filed a lawsuit against OpenAI and its Chief Executive Sam Altman, accusing them of prioritizing profit over the advancement of artificial intelligence to benefit humanity.
Advanced Micro Devices Sees Growth
Chip maker Advanced Micro Devices, whose products are essential for AI companies, saw its stock rise by nearly 5%.
Reddit Prepares for IPO
Popular social-media platform Reddit is aiming for a valuation of up to $6.5 billion in its upcoming IPO. This valuation is lower than previous estimates during the pandemic, when Reddit’s forums wielded significant influence in financial discussions.
