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AI chip sales are driving stock markets to new records

February 23, 2024


The Dow Jones Industrial Average shot up more than 450 points on Thursday, rocketing past 39,000 for the first time — with much of that gain attributed to one company’s earnings buoyed by artificial intelligence and cloud tech.

Nvidia’s fourth-quarter earnings report also pushed the S&P 500 to a new record and its best single-day gain of the past year.

“Nvidia’s robust operating performance demonstrates its uniquely strong platform offerings for generative AI transformation that is seeing increasing adoption across industries and use cases,” said Raj Joshi, senior vice president for Moody’s Investors Service.

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