Tech Giants Drive S&P 500 and Nasdaq Composite Gains in 2023
The S&P 500 and Nasdaq Composite have both seen gains in 2021, with the S&P up over 9% and the Nasdaq up 25% year to date. However, these gains are largely driven by just seven tech companies: Alphabet, Amazon, Apple, Meta, Microsoft, Tesla, and Nvidia, which have collectively seen a 46% increase in value since the start of the year. In contrast, the combined market cap of the other 493 stocks in the S&P 500 index has decreased by 3%. Nvidia has had an exceptional year, with a 158% increase in value and one of the largest single-day market cap gains in US stock market history on May 25th.
Bitcoin Remains Stable Despite Positive Economic Data and Nvidia's Growth in AI
Bitcoin maintained its stability around $26.5K despite positive job and productivity data, while Ethereum's price remained steady just above $1,800. The US economy grew by 1.3% in the third quarter, but equity markets remained stagnant, with major cryptos showing mixed results. Nvidia's focus has shifted to AI as its revenue from GPUs for gamers has been declining rapidly. The debt limit of Bitcoin is currently in a holding pattern, and crypto investors are closely monitoring negotiations about the US debt ceiling.
Crypto Investors Wary of Debt Ceiling Negotiations Despite Strong U.S. Economic Data
On Thursday, despite unexpectedly strong unemployment and GDP data in the US, crypto investors remained focused on debt ceiling negotiations, with bitcoin hovering just below $26,500. The ongoing debt limit stalemate in the US has caused uncertainty for investors, leading to a lack of crypto-specific catalysts and a range-bound market.
Cathie Wood’s Arkk Fund Dumped Nvidia Just Before Historical Bull Run
Cathie Wood's Ark Invest sold all of its NVIDIA shares in January, just before the company's impressive price jumps. Recent SEC filings confirm the selloff, causing the investment firm to miss out on potential gains. Despite this, Wood remains a supporter of Web3.0 companies and Bitcoin.
Nvidia's Rosy Financial Forecast Sparks Interest in AI for Bitcoin Miners
Nvidia's financial forecast is optimistic due to the increasing demand for hardware to power the AI revolution. This news caused the company's stock price to soar and may encourage more mining companies to diversify into AI applications.
Nvidia's Shares Soar 27.6% on Strong Q1 Report, Approaching $1 Trillion Market Cap with AI-Driven Growth
Nvidia's shares surged by 27.6% in extended trading, pushing the company closer to a $1 trillion market cap. The increase in share price was driven by the company's Q1 report, which revealed a 19% quarter-on-quarter rise in revenue, surpassing expectations.
Nvidia's Shares Soar 27.6% After Strong Q1 Report, Approaching $1 Trillion Market Cap
Nvidia's shares surged by 27.6% in after-hours trading, pushing the company towards a $1 trillion market cap. The rise was due to the company's Q1 report, which showed a 19% increase in revenue, surpassing expectations. Nvidia is a leading manufacturer of cutting-edge chips essential for AI services, which has seen a surge of investment due to the buzz around OpenAI's ChatGPT and similar AI-powered tools.
Nvidia shares surge 21% as sales forecast jumps and AI booms
Nvidia Corp has forecasted second-quarter revenue more than 50% above Wall Street estimates, with the company saying it is boosting supply to meet surging demand for its artificial-intelligence chips. The AI boom has helped Nvidia become the fifth-most valuable US company by market value. Its data center chip sales hit $4.28 billion, beating analyst estimates of $3.89 billion, according to segment data from FactSet. Gaming chip revenue beat Wall Street expectations at $2.24 billion versus estimates of $1.97 billion, according to FactSet data.
Nvidia announces a $299 RTX 4060 with the 4060 Ti arriving May 24th for $399
Nvidia has announced its RTX 4060 family of GPUs, including the RTX 4060 Ti and the RTX 4060. The RTX 4060 Ti will be available from May 24th for $399 with just 8GB of VRAM, while a 16GB version is due in July priced at $499. The RTX 4060 will be available in July for just $299, making it the first time Nvidia's latest RTX series cards are available under the $500 price point. However, there are concerns over the value of an 8GB card in today's PC gaming community as more demanding games push GPU memory limits even at lower resolutions. Nvidia claims that both models have energy efficiency improvements compared to their predecessors but only shared performance data at 1080p resolution so far.
Chip sector boosted by investor interest in AI and Japan investments
Shares in Nvidia Corp, Advanced Micro Devices and Micron Technology provided the biggest boosts to the chip sector on Thursday as investors looked for ways to invest in artificial intelligence and in Japan. Synopsys shares ended up 8.7% after it forecast better-than-expected third-quarter profit estimates, saying increased use of AI and automation boosted its business. Micron announced it would invest up to 500 billion yen ($3.70 billion) in extreme ultraviolet (EUV) technology in Japan in the next few years with Japanese government support.
