Nvidia Shares Surge on Big Tech’s $650 Billion AI-Spending Plan
Shares of the chipmaker rose as much as 7.7%, the biggest intraday jump since April 9, adding more than $300 billion in market value.
Photographer: Bridget Bennett/BloombergNvidia Corp. shares soared Friday as investors snapped up shares of companies positioned to benefit from the vast sum of money that big technology firms have said they’ll spend on artificial intelligence infrastructure this year.
Shares of the chipmaker closed 7.8% higher for its best day since April 9, adding roughly $325 billion in value in the fourth-largest one-day market cap gain for a stock ever. That snapped a five-day losing streak for Nvidia, which erased about $500 billion amid a broader selloff as software and technology shares tumbled.