Stock market today: Nvidia shares surge and set off a rally on Wall Street
Nvidia's stock price surged after delivering another blowout quarter, setting off a rally in other technology companies that carried Wall Street to another record high
NEW YORK — Nvidia’s stock price surged after delivering another blowout quarter, setting off a rally in other technology companies that carried Wall Street to another record high. The chipmaker, a central player in the boom surrounding artificial intelligence technology, reported scorching demand for its semiconductors. The S&P 500 rose 2.1% Thursday to another all-time high. The Nasdaq added 3%. The Dow, which has a smaller weighting in tech stocks, rose 1.1%, marking its first close above 39,000. Nvidia’s stock price rose more than 16%, leading gains among tech companies. Treasury yields held relatively steady. Japan’s Nikkei 225 surged to an all-time high.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Nvidia sparked a rally on Wall Street Thursday after the AI chipmaker reported another blowout quarter.
The S&P 500 rose 2% in afternoon trading. The big gain puts the benchmark index on track for another record high while pushing it higher for the week after two lackluster days.
The Dow Jones Industrial Average rose 398 points, or 1%, to 39,011 as of 1:54 p.m. Eastern. The tech-heavy Nasdaq jumped 2.9%.
Nividia surged 15.2% after reporting that its revenue and profit soared in the latest quarter thanks to booming demand for its chips used for artificial intelligence. The stock has tripled over the past year thanks to a surge in investor enthusiasm over artificial intelligence.
Synopsis, which makes software used to test and develop chips, rose 7.1% after raising its profit forecast.
Other chipmakers and companies involved in the
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