Stock market today: Nvidia, tech lead rally to new highs as rate cut hopes rise
How much did Nvidia's market cap increase, and what milestone did it reach on Wednesday?
Nvidia's market capitalization increased by $273 billion in a single day on Wednesday, reaching a record-breaking $3 trillion. This significant growth made Nvidia the third U.S. company to exceed $3 trillion in market value, joining the ranks of Apple and Microsoft. The surge in Nvidia's stock price was driven by the company's strong position in the artificial intelligence (AI) chip market, as well as its impressive financial performance in recent quarters.
What were the closing record highs for the S&P 500 and Nasdaq Composite on Wednesday?
The S&P 500 closed at a record high of 5,354 points, while the tech-heavy Nasdaq Composite hit a record close of 17,187 on Wednesday. These record highs were driven by increased investor confidence in artificial intelligence-driven growth expanding from the tech sector to the broader market5.
What new developments are occurring in the PC market with Arm-based chips?
Arm-based chips are gaining traction in the PC market, posing a threat to Intel and AMD's dominance. UK-based chip designer Arm is making a fresh push into the space via Qualcomm and its Arm-based Snapdragon X Elite and X Plus chips, which are rolling out in laptops from companies such as ASUS, Acer, Dell, HP, and Lenovo. Arm is already the go-to platform for Apple's M-series chips for its Mac line of laptops and desktops. Microsoft has also turned to Arm-based Qualcomm chips to power its new Surface Pro tablet and Surface Laptop3. These Arm-based PCs are expected to be as reliable as Intel and AMD-based offerings. Additionally, Nvidia and AMD are reportedly planning to launch Arm-based CPUs for Windows-based PCs, with both companies potentially having PC chips ready by 2025.