Asian chip firms lifted by Nvidia forecast but broader markets struggle
Technology stocks surged on Thursday as Nvidia, the world's largest company by market value, reported earnings that more than doubled in the second quarter compared to the previous year. The company's share price jumped over 6 percent in pre-market trading, following its highly anticipated report. Nvidia CEO Jensen Huang's optimism appears to have reinvigorated investors, but the excitement may be short-lived according to Dan Coatsworth, head of markets at AJ Bell.
Despite Nvidia's success, investors are growing concerned about the potential return on investment in the AI sector, as the euphoria over Nvidia's results did not translate to other markets. European stocks were mostly lower, following a mixed session in Asia. The Federal Reserve's persistent high inflation remains a source of worry for investors, with July core PCE inflation coming in above expectations at 3.7 percent.
Fed chief Kevin Warsh is expected to provide further insights on interest rates during a speech at the Jackson Hole symposium in Wyoming on Friday.
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