Jan 8, 2024 2 min read

NVIDIA Leads The Way

Nvidia led the stock market higher today after the world's most valuable chipmaker announced new desktop graphics processors taking advantage of artificial intelligence. The company's stock climbed 6.4% to end at $522.53, its highest close ever (chart). Nvidia's rally boosted the PHLX Semiconductor index by 3.3%.

Semiconductors and related technology companies are benefitting from the enthusiasm about AI. Is it hype? Could we be in the early stages of a Nasdaq meltup like the one that occurred during the second half of the 1990s? It's certainly possible. I was recently interviewed by a reporter for a major newspaper in Korea. He asked me lots of questions about AI because Korean retail stock investors are very enthused about the prospects for this technology.

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