Nvidia

A rally from the “magnificent seven” tech stocks perhaps predictably fueled the rally, but this surprise name was the S&P 500’s biggest gainer Thursday.

Apple and Nvidia are reportedly in discussions to join a major funding round for OpenAI. The new round of investment could push the ChatGPT-maker’s valuation above US$100 billion.

Nvidia shares are up more than 150% on the year amid a demand surge for its AI-powering chips.

Now worth $2.8 billion, Groq thinks it can challenge one of the world’s most valuable companies with a purpose-built chip designed for AI from scratch.

Apple shares opened down 8%, Microsoft 5%, Nvidia 14%, Google parent Alphabet 6%, Amazon 8%, Facebook parent Meta 7% and Tesla 11%.

Large technology stocks flails as lower interest rates appear on deck and investors view a Trump presidency as increasingly likely.

The AI boom undoubtedly resembles the dot-com bubble but with a difference. Back then, most startups carried the risks, while now, giant AI pioneers are unlikely to go broke. Rather, investors will suffer.

The buzzy chip firm’s CEO Jensen Huang isn’t the only one scoring big, thanks to Nvidia’s soaring shares.

Nvidia was valued at less than 2% of Apple just ten years ago.

If you believe Nvidia’s CEO that we’re amidst a “new industrial revolution,” then an investment in Nvidia is akin to an investment in the steam engine in the 1700s.