Despite a general downturn in the U.S. stock market following last week’s surge, NVIDIA, the biggest beneficiary of generative AI, continues its upward trend, with related stocks skyrocketing and the AI rally ongoing.
On the 26th, the Dow Jones fell by 0.16%, the S&P500 by 0.38%, and the NASDAQ by 0.13%.
This can be interpreted as investors taking a wait-and-see attitude ahead of the announcement of the Personal Consumption Expenditures (PCE) Price Index, coupled with the release of profit-taking stocks following last week’s surge.
Nevertheless, NVIDIA, the AI leader, continued its slight but steady rise.
◇ NVIDIA Rally Continues: NVIDIA recorded a 0.35% increase from the previous trading day, reaching $790.92. As a result, the market capitalization is estimated at $1.977 trillion, with the $2 trillion mark in sight.
NVIDIA has seen its market capitalization exceed its mark as it surged to $2.2 trillion during the day, but it has yet to surpass $2 trillion based on the closing price.
Despite the overall downturn in the U.S. stock market, NVIDIA managed to continue its rally, once again proving the hotness of the AI craze.
NVIDIA is currently investing in companies such as ARM, a British semiconductor design company, and SoundHound, a voice AI startup, which skyrocketed by 10% and 47%, respectively.
◇ ARM Surges 10%: ARM closed the day at $146.20, a 9.64% jump from the previous trading day.
ARM shared in its earnings report that AI-related sales are skyrocketing, showcasing its performance that exceeded Wall Street’s expectations on the 7th.
Since the news of NVIDIA’s investment in ARM, the stock price has been soaring even more.
As a result, there is an assessment that ARM is rapidly emerging as Wall Street’s AI leader, replacing NVIDIA, whose stock price has risen significantly.
◇ SoundHound Surges 47%: SoundHound recorded $5.75, a 46.68% increase.
Recently, NVIDIA announced investments in British semiconductor design company ARM, voice recognition AI company SoundHound, and AI image processing company Nano-X.
Since the announcement, the stock prices of the correlated companies have continued to rally.
sinopark@news1.kr