THNQ - AI To The Rescue Again

2024-02-24 01:10:00 ET

Summary

• The AI mania of which Nvidia was arguably the central asset of focus had carried the rest of the market with it, led by seven companies that came to be known as the Magnificent Seven.
• Data centers, which represent Nvidia’s largest customer base in this segment, bought more than $18 billion worth of these products in the fourth quarter.
• The ensuing market rally on Wednesday didn’t just limit itself to US tech stocks, though most of those did fine, especially any that can make a plausible claim to having a good AI story to tell.

The Agony and the Ecstasy, one could say. Irving Stone’s famous 1961 novel may have been about the life of Michelangelo and his tortuous experiences while painting the Sistine Chapel, but the phrase easily lends itself to this week’s journey from darkness to light in the US stock market....

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