US stocks soared on Thursday as blockbuster earnings from AI darling Nvidia ignited a global rally across the major indexes, eclipsing concerns about the Federal Reserve's caution over interest-rate cuts. The tech-heavy Nasdaq shot up more than 3% on the heels of the chipmaker's results, while the S&P 500 jumped about 2.2%. The Dow Jones Industrial Average popped almost 1.4%, or more than 500 points.
That reassured investors about the strength of the AI mania that has lifted US stock gauges to record highs. The chipmaker's CEO said generative AI has "hit the tipping point" as it reported a 265% rise in revenue and laid out very upbeat guidance, a sign demand for AI hardware is booming. Nvidia shares climbed about 15% to hit a record high.
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