Shares of technology companies surged as the market showed renewed excitement about Artificial Intelligence (AI). One significant development was the expanded partnership between Nvidia and Alphabet’s Google Cloud Platform, focused on the development of AI and large language models. This collaboration strengthens both companies’ positions in the AI market.
Another highlight was Oracle shares rallying after analysts at brokerage UBS upgraded their rating on the business software maker. They believe that the market has been undervaluing Oracle’s potential for AI profits. This reinforces the growing prominence of AI as a lucrative business line for major tech companies.
The Nasdaq Composite, heavily influenced by Technology Stocks, saw a significant increase of almost 2% on Tuesday, contributing to its overall remarkable growth of over one third this year. The prospects of AI have been a key driver for this substantial market boost.
Furthermore, the adoption of AI is expanding into various sectors, as seen in the acquisition of AI-powered technology providers, Logikcull and IPRO, by legal technology provider Reveal. The increasing integration of AI in automating the discovery process indicates its broad acceptance and utilization across industries.
In other news, former Qualcomm boss Paul Jacobs is taking on the role of Chief Executive at Globalstar, a satellite company that collaborates with Apple, similar to Qualcomm. As a result, Apple shares rose, coinciding with the announcement of a September launch date for its latest generation of iPhones.
Additionally, Bitcoin experienced a significant price surge of roughly 7% following reports that a federal appeals court instructed the Securities and Exchange Commission to reassess the approval of Grayscale Investments’ application to convert its Bitcoin Investment Trust into an exchange-traded fund.
This article was based on information from various sources. Sources: Dow Jones, UBS brokerage.
Note: URLs have been removed from the sources.
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