(Bloomberg) — Global tech shares powered higher on Thursday, with Nvidia Corp. set to build on its $3 trillion market capitalization, as expectations of interest rate cuts add to the ongoing frenzy around artificial intelligence.
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European stocks surged to a new all-time high ahead of a European Central Bank meeting that is expected to deliver the first rate cut since 2019. US equity futures were steady after the S&P 500 notched its 25th closing record on Wednesday. Nvidia advanced almost 2% in New York premarket trading, after it became the first computer chip company to surpass $3 trillion in value.
Other US tech firms, including Micron Technology Inc. and Advanced Micro Devices Inc., also rose in premarket trading, while in Europe, ASML Holding NV and ASM International NV surged to record peaks.
“There is a reason tech companies are doing so well; the earnings are there, companies have been delivering on…
