By The Financial District
Aug 26, 20231 min
A dire August for world markets is being rehabilitated in its final week, helped by another sparkling AI-related surprise from chip giant Nvidia and a rebound in battered bond markets, Mike Dolan wrote in an analysis for Reuters.
Photo Insert: Nvidia has been the biggest beneficiary of this year's boom in artificial intelligence, the rise of ChatGPT, and other generative AI apps - virtually all of which are powered by the firm's graphics processors.
Frankfurt-listed shares of Nvidia jumped almost 9% on Thursday, lifting other chipmaker stocks and tech shares around the world after the company forecast quarterly revenue that smashed expectations and announced a $25 billion stock buyback.
Nvidia has been the biggest beneficiary of this year's boom in artificial intelligence, the rise of ChatGPT, and other generative AI apps - virtually all of which are powered by the firm's graphics processors.
Its shares have already tripled in value this year, adding more than $700 billion to market valuation and making it the first trillion-dollar chip firm.
The bar for surprise from Wednesday's earnings update was sky high, but the company somehow managed to vault it again.
A refocusing on the year's AI craze has been one catalyst for the late-month bounce in world stock indices, on course today for a fourth straight gain for the first time in more than a month. Despite the rebound, the index is still down more than 4% for August - its worst month since last September.