Stocks rise on tech gains; Nvidia falls after hours

On November 11, major stock indexes experienced a rise due to positive gains in technology shares, buoyed by an optimistic report from CoreWeave. This optimism was further fueled by the strengthening of the US dollar. Nvidia's shares, which had recently faced significant losses, saw a 2.9% increase, partially recovering from their sharp declines.

However, the stock later fell by 8% after the Wall Street Journal reported that Nvidia's board was preparing to replace CEO Jensen Huang due to multiple extramarital affairs. The Nasdaq and S&P 500 each closed more than 1% higher for the day, with the S&P 500 technology sector up 2.7%. The technology shares had been previously sold off following the US midterm elections, which led to concerns about increased AI regulation and the sustainability of the AI rally.

CoreWeave shares surged 24.7% on Wednesday, as the company projected profitability by 2028, alleviating concerns about insufficient demand to support its debt-driven expansion.