The three major US stock indexes collectively closed higher, with the Dow Jones up 0.12%, the Nasdaq up 0.9%, and the S&P 500 index up 0.51%, hitting a new closing high.
Most popular technology stocks rose, with AMD rising more than 9% and continuing to reach new highs, with a market value above $300 billion. Arm rose more than 5%, Amazon and Intel rose more than 2%, and Google and Meta rose more than 1%.
Lithium batteries, metals, semiconductors, computer hardware and other sectors rose, with nano and micro semiconductors and ultra micro computers rising by over 6%, Yabao in the United States rising by over 4%, and Pixel, Ansemy Semiconductor, and Aluminum in the United States rising by over 3%. The department store, biopharmaceutical, and weight loss medicine sectors fell, with Shuodi Biotechnology falling more than 6%, Messi's department store falling more than 5%, and Novo Nordisk and Pfizer falling more than 1%.
Nvidia reported $791.12, up 1.87%, with a market value of $2.0 trillion and an overnight increase of $36.2 billion (approximately RMB 260.2 billion). As Nvidia's stock price continues to soar, some shareholders of the company are cashing out. According to documents submitted by Nvidia to the US Securities and Exchange Commission (SEC), the company's directors sold 99000 shares worth approximately $80 million last week.
The stock sale of Nvidia directors took place a few days after Nvidia announced that its fourth quarter earnings exceeded expectations, with strong performance driving the company's stock price to a historic high.
The demand for Nvidia chips is so high that CEO Huang Renxun had to assure analysts during a recent earnings conference call that the company is distributing chips "fairly".
The soaring stock price of Nvidia has also made Huang Renxun one of the wealthiest people in the world. As of Wednesday, his net worth was $69.3 billion, ranking 20th on the global billionaire list.
According to Shanghai Securities News, Nvidia stated that generative artificial intelligence has reached the "tipping point". "Accelerating computing and generative AI have reached their tipping point, and the demand for companies, industries, and countries around the world is skyrocketing," said Huang Renxun, founder and CEO of Nvidia, during a conference call, "Our data center platform is driven by more and more diversified drivers. Whether it is the demand for data processing, training and reasoning from large cloud service providers and specialized GPU providers, or the demand from enterprise software and consumer Internet companies, the vertical industry led by automobile, financial services and healthcare has now reached the scale of billions of dollars."
Huang Renxun believes that behind the strong artificial intelligence application scenarios, including Sora, the upgrading and replacement of industry hardware is still in the early stages. He predicts that the entire industry will require approximately $2 trillion in Nvidia chips to meet future computing power needs.
Popular Chinese concept stocks fluctuated, with the Nasdaq China Golden Dragon Index falling 0.22%. Xiaopeng Automobile rose over 8%, NIO rose over 5%, Futu Holdings and Tencent Music rose over 2%, Ideal Automobile rose over 1%, and Manbang, iQiyi, and Bilibili slightly rose. NetEase fell more than 3%, Baidu and Vipshop fell more than 1%, while JD.com, Alibaba, Pinduoduo, and Weibo saw a slight decline.
According to CCTV News on February 29th, data released by the US Bureau of Economic Analysis on February 29th showed that the personal consumption expenditure (PCE) price index, a measure of inflation in the United States, rose by 0.3% month on month in January. Excluding the impact of food and energy prices, the core PCE price index rose by 0.4% month on month.
Specifically, in January, excluding the volatile food and energy sectors, the core PCE price index recorded an annual rate of 2.8%, which is in line with expectations and the smallest increase since March 2021; The monthly rate of the core PCE price index in January recorded 0.4%, the largest increase since February 2023 and also in line with expectations. The previous value was revised from 0.2% to 0.1%.
Satyam Panday, Chief US Analyst at S&P Global Ratings, said:; Quota; The current cautious approach is not to make any strong judgments before the February inflation data is released, whether the acceleration of inflation in January is due to seasonal adjustment factors or the more worrying start of inflation for the Federal Reserve& Amp; Quota;
In addition, the report also shows that due to high prices, consumers are still continuing to save. The personal savings rate increased from 3.7% in December to 3.8% in January.
Recently, Federal Reserve officials have expressed that they are not in a hurry to lower interest rates and will closely monitor upcoming data to evaluate appropriate policy paths. The latest data supports their view that the Federal Reserve will hold its next monetary policy meeting from March 19th to 20th, with interest rates expected to remain unchanged in the range of 5.25% to 5.5%.