AI tide lifts Nasdaq to record intra-day high

:The Nasdaq hit an intra-day file excessive on Friday for the primary time in more than two years, as chipmakers and technology shares latched on to a rally sparked by Nvidia’s AI optimism.

The index has surged more than 57 per cent from its lows in December 2022 and used to be closing up 0.7 per cent at 16,224.626 components, beating its outdated intra-day excessive of 16,212.23 components, hit on Nov. 22, 2021.

The Nasdaq closed at a fresh excessive on Thursday, surpassing for the primary time the outdated file closing excessive hit in November 2021.

The benchmark S&P 500 had confirmed a bull market in January, hitting several all-time highs and even crossing above the psychological 5,000-point mark for the primary time in February.

Renewed euphoria around AI spurred by Nvidia’s stellar forecast on Feb. 21 has ended in solid beneficial properties in tech and tech-adjoining shares, helping offset the gloom from tempered bets of early interest-rate cuts.

Nvidia, now the third most-precious Wall Side road company, crossed $2 trillion in market capitalization for the primary time on Feb 23.

Shares of Nvidia climbed 3.4 per cent, while rival Evolved Micro Devices received 3.8 per cent to a file excessive. The broader Philadelphia Semiconductor Index developed 3.3 per cent to an all-time high.

The Nasdaq and the S&P 500 possess received 8.0 per cent and 7.4 per cent, respectively, to this point this 12 months, following a double-digit jump in 2023.