The rise in Nvidia stock has pushed key stock indexes to all-time highs. The Nasdaq and S&P 500 closed at all-time highs on Friday. The AI chip maker reported an eight-fold increase in profits last week, and its shares are up 33% in the last month alone.
The main US stock indices (the S&P 500 and the Nasdaq Composite) reached all-time highs at the end of trading on Friday.
The S&P 500 rose 0.8% to 5,137 points, while the Nasdaq Composite rose to 16,274 points. Both levels are historical highs for the indices.
The main driver of the index’s growth was the shares of the artificial intelligence chip manufacturer Nvidia. In the last month alone, the company’s shares have risen in price by 33.9%. Throughout the year, Nvidia’s shares grew by 265%.
On February 24, Nvidia updated the world record for value growth, increasing its price by $277 billion in one day. On February 14, Nvidia entered the top 3 of the world’s most valuable public companies.
Nvidia shares are rising amid strong demand for artificial intelligence processors. On February 22, the company reported that its quarterly net profit had increased eightfold.
Author:
Kirill Bilyk
Source: RB
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