[ad_1]
STORY: The Dow and S&P 500 hit new record highs again on Friday as artificial intelligence stocks were strong enough to push the indexes higher.
The Dow rose more than one-tenth of a percent, the S&P rose slightly, but the Nasdaq fell nearly three-tenths of a percent.
AI powerhouse Nvidia is on the rise again, with its market capitalization briefly trading above $2 trillion for the first time.
A day earlier, Nvidia’s explosive earnings boosted the AI chipmaker’s stock market value by $277 billion, the largest single-day gain ever on Wall Street.
And while it often helps boost other Big Tech stocks, Eric Lynch, managing director at Scharf Investments, says investors need to separate Nvidia from the rest when it comes to AI mania. .
“What I’m trying to say is that while NVIDIA has significantly improved its profits and revenue year-over-year, the rest of the IT market isn’t really growing. S&P 500 IT sector in 2023. Accenture, the world’s leading IT integrator and consultancy, said its revenue for the first quarter of 2024 was essentially flat compared to the previous year.
Shares of Apple, Tesla, and Meta Platforms all rose on Nvidia’s earnings, but fell on Friday.
Shares of Super Micro Computer, another beneficiary of the AI rally, fell nearly 12% after the server components maker priced its convertible debt.
Among other rising stocks, shares of Warner Bros. Discovery, which reported a better-than-expected quarterly loss, fell nearly 10%.
Shares in the block, led by Twitter founder Jack Dorsey, rose 16% after the payments company forecast adjusted core earnings for the current quarter that beat Wall Street expectations.
Carvana also soared 32% after reporting its first-ever annual profit, backed by a deal with bondholders to reduce outstanding debt by $1 billion.
[ad_2]
Source link
