Overview
- Nvidia shares rose 4.32% to $208.27, marking the first record close since October and lifting its market value above $5 trillion.
- Intel jumped 23.64% after posting earnings of $0.29 per share versus a $0.01 estimate and revenue of $13.58 billion versus $12.42 billion forecast.
- The upside surprise from Intel reignited interest in chipmakers, with peers and semiconductor ETFs moving higher.
- Large tech stocks had pulled back on higher oil prices and tensions linked to Iran, then buyers returned as demand for AI infrastructure showed little sign of slowing.
- Alphabet is developing in-house AI chips to reduce reliance on Nvidia hardware, a step that could intensify future competition.