(Bloomberg) — Big tech looked poised for a rebound after Nvidia Corp.’s solid results and outlook bolstered confidence in the artificial-intelligence frenzy that has powered the stock market resurgence.
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The giant chipmaker soared in late trading after predicting another blowout sales gain for the current quarter, with Chief Executive Officer Jensen Huang saying “accelerated computing and generative AI have hit the tipping point.” A $243 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) pushed decidedly higher after struggling to find direction in the immediate aftermath of Nvidia’s earnings.
Given its massive influence on broader indexes, Goldman Sachs Group Inc.’s trading desk earlier called the chipmaker “the most important stock on planet earth.” A member of the “Magnificent Seven” group of megacaps, the Santa Clara, California-based behemoth has been responsible for one-third of…
