Posted 3/1/2024, 9:06:00 PM
Stocks Hit New Highs as Inflation Eases and Nvidia Reaches $2 Trillion Value; Apple Shifts to AI as Musk Sues OpenAI
- Stocks rallied to new record highs fueled by promising inflation data and Nvidia reaching a $2 trillion market cap
- Apple canceled its electric vehicle project to redirect resources to AI, while Elon Musk sued OpenAI over its shift from open research to profit focus
- Fourth quarter earnings highlighted ongoing ad declines for media companies, while streaming growth slows and profitability lags
- Oil prices jumped above $80/barrel to the highest levels in months as supplies remain tight
- Dell and AMD stocks surged on earnings lifts from strong AI server demand, joining the excitement around AI prospects