Big tech fuels the S&P 500’s lead
In the first quarter of 2023, Wall Street saw significant gains in huge tech equities, with some of the most well-known corporations in the market recording their largest quarterly gains in years.
Investors are now concentrating on the safe-haven qualities of the technology industry, such as its solid balance sheets and reliable income streams, as a result of the upheaval in the banking sector.
Nvidia posted its biggest quarterly growth in over 20 years.
The strong sell-off that occurred last year, which allayed concerns about the group’s exorbitant prices, served as another evidence of the big IT companies’ greater value.
The Nasdaq 100 crossed a line that denotes the beginning of a new bull market by ending the first quarter at its highest level since August and up more than 20% from its closing low in December.
The most successful company is Nvidia Corp., which is up 90%, its largest quarterly increase since 2001.
As Nvidia processors power chatbots and other technologies, the chip manufacturer’s expansion shows a rise in interest in artificial intelligence.