Nvidia’s wild Wall Street ride this week has continued with a record day - and a windfall for Jensen Huang.
The artificial intelligence company has just added a record $US329 billion in value — obliterating the single-day record that it has repeatedly set in the past few months.The 13 per cent rally comes a day after a 7 per cent rout wiped out more than $US193 billion from the now $US2.9 trillion company, continuing a run of volatility that makes even notoriously turbulent assets like Bitcoin look solid.
Nvidia has been on a wild ride recently as investors suddenly rotated out of high-flying technology stocks ahead of an expected Federal Reserve rate cut in September. That reversed on Wednesday after competitor Advanced Micro Devices gave an upbeat revenue forecast, reflecting strong demand for artificial intelligence.
Investors pocketed profits rung up on artificial intelligence bets and piled into banks and cyclical companies. The rotation accelerated a week ago, when Alphabet’s AI spending left investors worried profits would be a long time coming. Those worries eased somewhat after Advanced Micro Devices gave an upbeat forecast on the back of its AI efforts, prompting a fresh rush back into tech.
Meta, another big-tech firm spending billions in AI, is slated to report after markets close on Wednesday. The Facebook-owner’s investors are hoping it can do a better job than Microsoft and Alphabet in convincing them that these lofty investments will yield dividends sooner, rather than later.
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