NVDA - Why Nvidia Arm Holdings and Other Artificial Intelligence (AI) Stocks Rallied on Monday
2024-04-22 14:18:43 ET
Market watchers were beginning to think that nothing could stop the bull market rally, driven by excitement about the possibilities of artificial intelligence (AI). The past couple of weeks has been a stark reminder of the market's tendency for occasional declines before heading higher.
For example, after reaching new heights earlier this month, the Nasdaq Composite has fallen about 7% from its peak (as of market close on Friday), taking a breather before attempting to add to its gains. Investors have begun to wonder if the rally, sparked by recent developments in generative AI , could continue its seemingly relentless climb.
With that as a backdrop, chip designer Arm Holdings (NASDAQ: ARM) jumped 7.4%, semiconductor specialist Nvidia (NASDAQ: NVDA) climbed 4.3%, and storage and memory maker Micron Technology (NASDAQ: MU) added 2% as of 1:46 p.m. ET. The stocks are rebounding from a sell-off that pounded AI stocks late last week.
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Why Nvidia, Arm Holdings, and Other Artificial Intelligence (AI) Stocks Rallied on Monday