Nvidia helping market move back up? Nvidia shares popped more than 8% to top $1,000 for the first time after the AI bellwether blew past Wall Street's sky-high forecasts for first quarter earnings. The chip giant also raised its guidance, easing fears that AI demand might be losing steam.
Other chipmakers and AI-related stocks rode higher on the coattails of the results, with server makers Dell (DELL) and Super Micro Computer (SCMI) up about 6% and 5%, respectively.
The Nvidia euphoria helped the market set aside the interest rate hike concerns that fed the previous day's losses. Stocks had slipped after Federal Reserve minutes revealed some policymakers are open to keeping rates higher for longer this year if inflation doesn't cool as projected.