Market history · Equities ·
Nvidia and the AI rally lift the Nasdaq
On 24 May 2023 Nvidia forecast sharply higher data-centre demand, and its shares jumped by about a quarter the next day; it passed a $1 trillion valuation shortly after. Enthusiasm for generative AI, following the launch of ChatGPT, spread across technology.
For the year the S&P 500 returned about 24% and the Nasdaq Composite around 43%, with a narrow group of very large companies contributing most of the gains.
The takeaway
Narrow market leadership can produce strong index returns without broad participation.
Sources
This is a retrospective about a past event, provided for general information. It is not investment advice, does not describe RockLake's positioning at the time, and past performance is not a guide to future performance. Read the risk warning.