Tech Up in Late Hours on Nvidia’s Bullish Outlook: Markets Wrap
- Chipmaker gives upbeat forecast as AI reaches ‘tipping point’
- Nvidia also posts sales that beat the average analyst estimate
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Big tech looked poised for a rebound after Nvidia Corp.’s solid results and outlook bolstered confidence in the artificial-intelligence frenzy that has powered the stock market resurgence.
The giant chipmaker soared in late trading after predicting another blowout sales gain for the current quarter, with Chief Executive Officer Jensen Huang saying “accelerated computing and generative AI have hit the tipping point.” A $243 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) pushed decidedly higher after struggling to find direction in the immediate aftermath of Nvidia’s earnings.