Don’t stop believin’: Nasdaq up nearly 3% | Forexlive

There’s an alternate universe where Nvidia reported some kind of production stumble or the guidance wasn’t strong enough or Jensen Huang was sick and this market fell apart.

But in this reality, it’s full-steam ahead on the artificial intelligence express. The Nasdaq is sizzling today, up nearly 3% to a fresh record high as NVDA adds $100 to $775 in the largest single market cap gain in history. The S&P 500 is up 100 points or 2%.

As for the Nasdaq, it’s now just below the early-February high and not far from the November 2021 record of 16,212.

The Fear and Greed index is into extreme greed territory and there are plenty of nay-sayers but it’s really tough to fade this rally. This is a market that seems to want to create a bubble. NVDA is only trading at something like 30x earnings while companies — especially the leaders — got to 50-60x in 1999. There are always holes you can poke in the story but the whole world wants to be invested in US tech at the moment; there’s no sense fighting it.