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Traders work on the floor of the New York Stock Exchange during afternoon trading on April 9, 2024.
Michael M. Santiago | Getty Images
Nvidia powered those gains surging more than 5% to top a $3 trillion market valuation and surpass Apple in value. Earlier this week, the company announced its next generation of AI chips, known as “Rubin.”
“If you’re designing the perfect momentum company from scratch, Nvidia would be it,” New York University finance professor Aswath Damodaran said on CNBC’s “Closing Bell” on Wednesday. “You got a great story, a CEO who sticks to the story … and you got a market that contributes to the mix. I think that you’re seeing one of the great momentum plays of all time playing right in front of you.”
Wall Street is looking ahead to Friday’s nonfarm payrolls report for May, with investors on the hunt for signs of a weakening labor market, which could support rate cuts from the Federal Reserve. Private payrolls data from ADP released Wednesday showed a slowdown in hiring.
Earnings from J.M Smucker are due out Thursday, as are reports on continuing and initial jobless claims.
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