(Bloomberg) — Nvidia Corp. shares rallied back from last week’s selloff as some of the chip giant’s biggest clients are doubling down on artificial intelligence investments.
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The Santa Clara, California-based company’s stock jumped 15% this week, adding nearly $290 billion in market capitalization and posting its best weekly performance since last May. The surge comes after firms like Meta Platforms Inc., Alphabet Inc. and Microsoft Corp. pledged billions in AI investments.
“The future is AI,” said Paul Marino, chief revenue officer at GraniteShares. “And if the largest companies in the world are pouring tens of billions of dollars each into this, I think Nvidia has to be the big winner.”
The move is a sharp reversal from last Friday’s 10% plunge, the shares’ worst day in more than four years, which came amid fears that enthusiasm for…
