Markets today: Nasdaq futures up 2% as Nvidia powers global rally
BNN Bloomberg
Nvidia Corp.’s blowout sales forecast took center stage in markets, fanning gains in tech stocks around the world and propelling Nasdaq 100 futures to a gain of more than two per cent.
Nvidia soared as much as 14 per cent in pre-market trading after results showed demand is exploding for artificial intelligence computing hardware. The company, which is on the verge of surpassing Alphabet Inc. in market value, has been the biggest driver of U.S. stock market gains this year.
The promise of big tech investment added to a bullish mood in markets. Japan’s Nikkei 225 Index hit a record high for the first time since 1989 and the Stoxx Europe 600 index briefly surpassed its January 2022 closing peak.
The global market for generative AI may reach US$1.3 trillion in 2032, according to estimates from Bloomberg Intelligence analyst Mandeep Singh. Explosive growth in the sector should boost hardware, software and internet companies again this year, he wrote in a recent report.
