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AI Boom Drives US Stock Market Surge in 1H 2024; Nvidia Soars 150%

Jun 30, 2024, 01:24 AM

The first half of 2024 saw a significant surge in the US stock market, driven largely by the AI boom. Nvidia's stock soared by 150%, propelling its market value above $3 trillion and briefly making it the most valuable company in the world. The S&P 500 rallied 14.48%, marking the 16th best first-half return since 1928. Other major tech companies also saw substantial gains, with Microsoft up 18.9%, Apple up 9.4%, and Alphabet up 30.4%. The Russell 1000 index's performance was heavily influenced by AI stocks, with Nvidia, Microsoft, Apple, and Alphabet accounting for more than 100% of its 3.5% gain. The NASDAQ 100 also performed strongly. Nvidia's stock rose by 157% and 149.5% in different contexts. Traders are optimistic about continued growth in the second half of the year, with historical data suggesting a positive trend when the first half is strong. Investors are shifting focus within the AI sector, favoring companies like Nvidia that show tangible revenue growth.