Nvidia Shares Rise as Softer Inflation Data Eases Rate Hike Concerns
Nvidia's stock rose over 1.6% on Wednesday as investors welcomed softer-than-expected US inflation data, which eased concerns about a potential interest rate hike by the Federal Reserve.
The Commerce Department reported that the Personal Consumption Expenditures price index rose 3.4% annually in August, below the 3.7% increase forecasted by economists polled by Reuters.
This news was seen as a positive sign for growth stocks, with Nvidia among those benefiting from the shift in market sentiment.
Cathie Wood's ARK Investment Management also added to the momentum around Nvidia shares, purchasing 356,681 shares across its various exchange-traded funds.
The company's Vera CPU was also in focus after CoreWeave Inc. announced plans to deploy it on bare-metal infrastructure through its cloud platform.