S&P 500 rides Nvidia surge, shrugging off jolt in Treasury yields to 16-year highs
Tech stocks were led higher by a more than 6% surge in NVIDIA Corporation ahead of the chipmaker’s quarterly results due Wednesday.
Nvidia has been riding the wave of AI optimism since surprising Wall Street with blowout guidance in the fiscal quarter. Ahead of the chipmaker’s third-quarter results, some are expecting more of the same on expectations amid optimism of an AI-led boost to data center growth. "While we see hyperscale as being the largest consumer of AI training servers; demand for AI GPUs from entities beyond cloud services providers increased substantially from late March through the course of CQ2,” Wedbush said in a recent note.
“With the market broadly on board with at least one additional rate hike by year-end, Powell is likely to emphasize the need to remain at a sufficiently restrictive level for some time with still ‘significant’ upside risks to inflation,” Stifel said in a note.
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