AI mega-stock Nvidia leapt by 7% in US trade, helping push the Nasdaq 100 to a fresh record closing high. The US dollar remains subdued ahead of Friday’s US inflation release.
2024-05-28 14:30:17Nvidia's stock surged by 7% overnight as the AI chip behemoth continues its relentless post-earnings rally. This rally has catapulted Nvidia to a market capitalization of just over $2.8 trillion, cementing its status as the third-largest company in the world by market capitalization. The AI titan is now closing in on tech mega-stocks Apple and Microsoft .
Minneapolis Fed Reserve President Neel Kashkari yesterday said that the US central bank should wait for ‘many months of positive inflation data’ before looking to cut rates’, adding that if inflation remains elevated, rate hikes cannot be ruled out. Kashkari’s comments underscore the Federal Reserve's unwavering commitment to bringing down inflation, even at the potential cost of short-term economic pain.
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