Nvidia Is Now a $3T Company

Wall Street barreled to all-time highs Wednesday as its frenzy around artificial-intelligence technology keeps sending stocks higher.

• The S&P 500 jumped 62.69 points, or 1.2%, to 5,354.03, beating its record set two weeks ago.
• The Nasdaq composite rallied even more, it rose 330.86 points, or 2%, to 17,187.90 to set its own all-time high.
• The Dow Jones Industrial Average, which has less of an emphasis on tech, lagged the market. It rose 96.04 points, or 0.2%, to 38,807.33.

The rally sent the total market value of Nvidia, which has become the poster child of the AI boom, above $3 trillion for the first time, the AP reports, Nvidia rose another 5.2% to bring its gain for the year to 147%. Its chips are powering much of the rush into AI, and the company was the strongest force lifting the S&P 500 by far.

Nvidia, which hit the $1 trillion milestone just over a year ago, joined Microsoft and Apple as the only US stocks to top $3 trillion in total value. Apple regained the milestone valuation during trading Wednesday. Some fatter-than-expected profit reports from tech companies helped drive the market. Hewlett Packard Enterprise jumped 10.7% after saying strong sales related to artificial-intelligence systems helped it deliver better results than expected. It also raised its financial forecasts for the year.

Other big tech stocks also drove the market higher, including a 6.1% rise for Broadcom, a 3.8% rally for Meta Platforms, and a 1.9% gain for Microsoft. Cybersecurity company CrowdStrike climbed 12% after delivering better profit and revenue for the latest quarter than expected. They helped offset a 4.0% drop for Dollar Tree, which matched analysts' expectations for profit but fell just shy for revenue. The retailer also said it's considering selling or spinning off its Family Dollar business.