Shares of technology companies rose as the artificial-intelligence boom continued gaining steam.
Nvidia unveiled the first personal laptop computers designed for running artificial-intelligence "agents," using a newly designed version of the company's signature AI chips.
Shares of PC and software maker Microsoft rallied, as did several of the other five manufacturers that Nvidia is working with to build laptops, Dell Technologies, Lenovo Group, HP, Asus and MSI. Nvidia shares rose by almost 6%.
"You're talking about a $5 plus trillion company, for it to still move to this magnitude and carrying Microsoft along with it, a $3.3 trillion company...it's pretty wild to see these mega-mega-mega cap stocks [move like that]," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
Joyce noted that, given the growth rate of the largest companies in the S&P 500, the index's valuation remained relatively modest by some measures. "When you're growing at the levels Nvidia is growing -- to me it's hard to overstate that...how often do you see revenue and earnings growing at this clip?"
