Nvidia investors dream bigger than the price [Video]
|The data from the US yesterday was mixed: a softer-than-expected ADP read and a stronger-than-expected ISM services data marked the session. The bond traders focused on the weak ADP report rather than on the strong ISM read, and sent the US 2-year yield down to 4.72%. The fact that the Bank of Canada (BoC) announced the widely expected 25bp and left the door open for more rate cuts – if inflation progress toward the right direction – and the expectation that the European Central (ECB) will be the second G7 central bank to announce the first rate cut also helped tilting the balance in favour of the doves.
Lower yields boosted appetite in global indices as chipmakers led rally. Nvidia rallied more than 5% to a fresh record and joined the club of companies that are worth more than $3 trillion. Qualcomm rose more than 3% yesterday, AMD jumped nearly 4%, even the sputtering Intel added 2.50%. Here in Europe, we also had a change in top ranks of the market leaders. The Dutch ASML – which sells machines to the world’s leading chipmakers – jumped 9.50% yesterday and became Europe’s second most valuable company – overtaking LVMH - on news that TSM will receive the high-NA extreme ultraviolet machine by the end of this year.
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