Nasdaq Gains Nearly 2%; Nvidia Surges 26% on Upbeat Forecast

Tiger Newspress2023-05-25

The Nasdaq Composite jumped nearly 2% on Thursday as Nvidia shares soared on a blowout forecast from the chipmaker that helped drive an AI rally, while U.S. debt ceiling talks showed signs of progress boosting sentiment.

Shares of Nvidia Corp, the world's most valuable listed chip company, jumped over 26% in morning trading.

The chip designer forecast current-quarter revenue more than 50% higher Wall Street estimates and said it was ramping up supply to meet surging demand for its artificial-intelligence chips used to power ChatGPT and similar services.

Heavyweight AI players such as Microsoft Corp and Alphabet Inc rose between 2% and 3% after Nvidia's upbeat forecast.

"The word of the month is AI," said Sam Stovall, chief investment strategist at CFRA Research in New York. "Investors are just looking for any area of growth and right now that happens to be semiconductors."

Other semiconductor companies including Advanced Micro Devices Inc , Micron Technology Inc and Broadcom Inc also rose 2% to 9%.

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