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’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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nvidia founder Jensen Huang just made $72 billion in a dayNvidia’s wild ride this week is headed for the record books - which is good news for Jensen Huang.
Read more »
AI king Jensen Huang just made $72 billion in a dayNvidia’s wild Wall Street ride this week is headed for the record books - which is good news for its founder.
Read more »
Kierra-Lea Jensen identified as woman stabbed to death in Ipswich7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Before the Bell: ASX to rally, Nvidia helps pace megacap advanceAustralian shares are set to open higher. All three US benchmarks advanced with the S&P 500 and Nasdaq resetting records on another tech surge.
Read more »
ASX 200 LIVE: ASX to rally, Nvidia paces new Wall Street recordsAustralian shares are set to open higher. All three US benchmarks advanced as tech rallied again. US June CPI awaited. Follow updates here.
Read more »
ASX 200 LIVE: ASX to rally, Nvidia paces new Wall Street recordsLocal shares near record high. ANZ Bank targeted by regulator. Telix jumps. Oil rises, iron ore slips again. Wall St hits records as tech climbs again. US June CPI ahead. Follow here.
Read more »