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Nvidia Sparks Tech Rally as Nasdaq Hits New High

Guavy AI Editorial Team
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NVDA
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The US stock market saw significant gains on August 27, driven by strength in tech stocks. The Nasdaq Composite (^IXIC) led the charge, climbing 1.57% to 26,541.

Nvidia (NVDA) was a major contributor to this growth, surging 8% after releasing blowout earnings. The company reported a 106% increase in sales and a 128% rise in EPS, with its data center unit seeing a 117% boost in sales.

This marked the 13th consecutive quarter that Nvidia topped its own guidance. Despite this impressive growth, the company currently trades at just 25 times forward earnings.

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