2023-05-25 22:27:28
US stocks rose on Thursday following the rise in shares of companies linked to the artificial intelligence craze outweighed the impact of other market concerns, including the possibility of the country defaulting on its debt.
The “Standard & Poor’s 500” index advanced by 0.9%, while the “Nasdaq 100” index, which gives a higher relative weight to technology stocks, rose by 2.5%, following the “Nvidia” company announced its strong sales expectations, which sparked the rise in technology stocks. .
Nvidia shares soared 24% following its artificial intelligence predictions surprised the most optimistic analysts on Wall Street, pushing the company’s market value close to $1 trillion.
This crazy enthusiasm for artificial intelligence also continued in post-closing transactions, when Marvel Technology announced that its revenues from the technology sector in 2024 would at least double compared to 2023.
NVIDIA has a market value of nearly a trillion dollars thanks to artificial intelligence
The gains are another sign that investors are willing to step up their investments in promising technology stocks, despite growing concern regarding China’s economy and the disastrous prospect of a US debt default.
Fitch Ratings has warned that the US credit rating at “AAA” is at risk, although it still expects politicians to reach an agreement before it is too late.
“With the debt ceiling crisis and the impact of AI, everything else kind of pales in,” said Louise Judy Wilmering, partner at Crewe Advisors.
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