Global stock markets rallied Thursday as investors cheered bumper profits from US chip giant Nvidia, seen as the bellwether for artificial intelligence, with records falling in Asia, Europe, and North America.
Shares of Nvidia surged 16.4 percent, lifting its market value to almost $2 trillion, after reporting that quarterly profits soared to $12.3 billion -- on record high revenue driven by demand for its technology to power artificial intelligence.
The Nasdaq powered up three percent, while both the Dow and S&P 500 ended at fresh records. The blue-chip index lodged its first close above 39,000 points.
"Nvidia shows that AI is here to stay," said Adam Sarhan of 50 Park Investments. "It's a tipping point where AI is going to go mainstream and get mass adoption and it's going to be very bullish."
Euphoria over Nvidia and AI touched off a broader rally in tech shares, sending Japan's Nikkei 225 up 2.2 percent to end at an all-time high of 39,098.68 points, breaking a record high that had stood since 1989.
After the so-called "lost decades" of economic malaise, punctuated with the 2008-2009 financial crisis, Japan's shares began picking up around 2013 and recent months have seen them gain momentum.
Stephen Innes, managing partner of SPI Asset Management, said that "the highly anticipated Nvidia earnings report, which many deemed the investing event of the year or decade, seemingly didn't disappoint".
Eurozone indices also advanced Thursday with investors awaiting European Central Bank minutes of its most recent meeting on interest rates, with both Frankfurt and Paris striking new records.
Ahead of the release, a survey showed that eurozone business activity fell for a ninth month running, but the rate of decline eased further.
Separate PMI data for Britain firmed belief that its economy could already be out of recession. Official data this month showed it had contracted in the second half of last year as high inflation weighed.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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