Stocks Rally as AI Craze Sweeps Across the World: Markets Wrap
- Nvidia tops Meta record with $277 billion surge in value
- Giant chipmaker’s profits are rising even more than its stock
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The global stock rally powered ahead as Nvidia Corp.’s bullish outlook rekindled the artificial-intelligence mania and data showed the world’s largest economy is still going strong.
From the US to Europe and Japan, equities hit all-time highs, with the most-valuable chipmaker up 16% — adding $277 billion to its market capitalization. That’s the biggest single-session increase in value ever — eclipsing a $197 billion gain made by Meta Platforms Inc. With the numbers now in, bulls are calculating Nvidia’s new price-to-earnings ratio, or how much investors are paying for future growth. Put another way, the firm’s profits have been growing faster than its shares.