Nvidia’s wild Wall Street ride this week is headed for the record books - which is good news for its founder.
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. The company’s founder Jensen Huang also saw his wealth soar, with his fortune climbing by $US47.
The volatility comes as investors grapple with a violent rotation out of high-flying technology shares into left-behind companies that would benefit from Federal Reserve rate cuts. The chipmaker rallied 150 per cent in the first six months of the year before better-than-expected inflation stoked bets that the central bank would cut as soon as September.
The swings are exacerbated by company- and sector-specific events, such as AMD’s results and Microsoft Corp.’s pledge to spend billions more on its AI infrastructure. Macro news, especially around the timing of Fed rate cuts and geopolitical stresses, also drive market-wide moves that engulf even the biggest companies.
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