Nvidia's first quarter earnings report has sparked optimism in the AI sector as the company's revenues surged by 262% year-over-year. The success of Nvidia's AI-enabled GPU chips has driven its stock price to record highs, with shares soaring over 8%.
The market set aside concerns about interest rate hikes as AI-related stocks surged, leading the Nasdaq and S&P 500 to hit new intraday records. Analysts have raised their price targets for Nvidia, citing confidence in the company's ability to meet demand and the upcoming release of its Blackwell system.
Overall, investors remain optimistic about the future of AI and its impact on various industries.
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