Nvidia, which had been plummeting due to U.S. government export restrictions to China, finally rebounded significantly by over 3%.
On Wednesday, Nvidia’s stock surged by 3.40% on the New York Stock Exchange, closing at $136.24. As a result, its market capitalization increased to $3.337 trillion.
Interestingly, there was no particular positive news for Nvidia on this day.
The rally appears to be linked to the broader market upturn, sparked by the Consumer Price Index (CPI) falling below market expectations.
The CPI’s disappointing performance fueled speculation about potential Federal Reserve interest rate cuts, leading to a widespread rally in interest rate-sensitive tech stocks across U.S. markets. Tesla saw a dramatic increase of over 8%, and all seven major tech stocks posted gains.