US stocks close higher, lifted by Nvidia optimism
Wall Street stocks regained lost ground on Friday to trade higher ahead of the long Memorial Day weekend, with renewed enthusiasm for generative AI-linked companies pushing Nvidia's share price. The tech-heavy Nasdaq finished the day up 1.1 percent to 16,920, while the S&P 500 rose 0.7 percent to 5,304. The Dow Jones stabilised after tumbling on Thursday to close almost unchanged at 39,069. While stocks often rise ahead of the Memorial day weekend, Friday's buoyant trading day also had Nvidia's recent streak to thank, said Tom Cahill from Ventura Wealth Management. The company, which sells the graphics processing units (GPUs) used in many generative AI products, saw its share price rise 2.6 percent on Friday, leaving it up more than 15 percent this week. "We know that expectations were very high, and yet they seem to meet or exceed them on more than one level," he said. "So whether we like it or not, artificial intelligence now is an important factor when it comes to the stock market sentiment." "And to the extent that Nvidia's numbers were able to meet or beat expectations that's supportive for the market," he added. Other tech companies that saw their share price jump on Friday include Advanced Micro Devices, which closed up 3.7 percent, and Intel, which finished 2.1 percent higher. (AFP)