Nvidia shares exploded yesterday, and helped uplift other tech and semiconductor companies. But is the optimism an AI-induced hallucination?
The bottom line
Yesterday's explosive boom in Nvidia and AI-associated sectors, however, was no hallucination — at least on the surface. We've talked about how Nvidia's shares are skyrocketing . Here are some quick statistics on how Nvidia's movement has reverberated throughout the broader market:The VanEck Semiconductor ETF popped 8.6% to close at its highest level of the year; it briefly touched a 52-week high during the trading day.
But not everyone shares Kremer's optimism. Peter Boockvar, chief investment officer at Bleakley Advisory Group, pointed out that the rising tide in tech isn't lifting all sectors. Indeed, the Dow dipped 0.11%, closing below its 200-day moving average — a sign that it might continue dropping. The Russell 2000 Index, which tracks 2,000 small-cap companies, fell 0.7%."There are some serious holes in the economy that we can't ignore here," Boockvar said.
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