Stock market today: Wall Street barrels to records as Nvidia tops $3 trillion in total value
Wall Street barreled to all-time highs as its frenzy around artificial-intelligence technology keeps sending stocks higher
NEW YORK — Wall Street barreled to records Wednesday as its frenzy around artificial-intelligence technology keeps sending stocks higher. The rally sent the total market value of Nvidia, which has become the poster child of the AI boom, above $3 trillion for the first time.
The S&P 500 climbed 1.2% to top its all-time high set two weeks ago. The Nasdaq composite jumped even more, 2%, and likewise set a record. The Dow Jones Industrial Average, which has less of an emphasis on tech, lagged the market with a gain of 96 points, or 0.2%.
Some fatter-than-expected profit reports from tech companies helped drive the market. Hewlett Packard Enterprise jumped 10.7% after saying strong sales related to artificial-intelligence systems helped it deliver better results than expected. It also raised its financial forecasts for the year.
Companies have so far been meeting Wall Street’s sky-high hopes for how much money AI technology will generate. That’s helped to catapult stocks almost regardless of what the broader economy and interest rates are doing.
Nvidia is leading the way because its chips are powering much of the rush into AI, and it rose another 5.2% to bring its gain for the year to more than 147%. As has become almost routine, Nvidia was again the day's strongest force lifting the S&P 500.
The chip company also joined Microsoft and Apple as the only U.S. stocks to ever top $3 trillion in total value. Apple regained that milestone valuation after rising 0.8% Wednesday.
Other big tech stocks also drove the market higher, including a 1.9% rise for Microsoft, 3.8% gain for Meta Platforms and 6.2%
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