US stocks inched higher on Thursday as markets assessed the latest economic data and the earnings report by Nvidia, used as a bellwether for developments in the global artificial intelligence industry.
The S&P 500 rose 0.3% to a new record while the Nasdaq 100 gained 0.5%. Nvidia shares wavered after beating second-quarter earnings and revenue expectations in wall street, although the chip giant forecasted decelerating growth in data center demand to consolidate the lingering concern that the AI rally is unsustainable.
In turn, the firm stated that it recorded no sales of its H20 chips to China during the quarter and excluded any potential shipments from its guidance. AMD, Intel, and Broadcom rose sharply in the session.
Meanwhile, Crowdstrike added 2%, HP rallied 6%, and Snowflake surged 14% on strong results. In turn, muted movements for core sectors of the economy drove the Dow to trade flat.
Source : Trading Economics
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