"Wall Street's main indices hit new record highs, as Nvidia become the first company ever to surpass a $5tn stock market valuation. This comes amid a wave of big tech earnings reports, and as investors are waiting for the US Federal Reserve's interest rate decision later today it is widely expected to cut rates by a quarter point to 4%."
"While the $5tn milestone seems unfathomable in a historic context, it comes in the wake of a company that has managed to outperform on all metrics. Nvidia shares rose as much as 5% and are now up 4.5%, boosted by chief executive Jensen Huang's spree of deals, $500bn in AI chip orders, and plans to build seven supercomputers for the US government."
Nvidia reached a market capitalization of about $5.05tn after shares touched $207.86 with 24.3bn shares outstanding, making it the first company to top $5tn. The company's market value now exceeds the GDP of India, Japan and the United Kingdom according to IMF comparisons. Strong demand for Nvidia's AI chips, CEO Jensen Huang's deal activity, reported $500bn in AI chip orders, and plans to build seven supercomputers for the US government propelled the stock. Major US indices rose to record levels, with tech strength, positive earnings and expectations of a Federal Reserve rate cut to 4% supporting markets.
Read at www.theguardian.com
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