The S&P 500 and the Nasdaq touched fresh intraday record highs on Thursday, powered by Nvidia’s gains and another rally in technology shares, as investors assessed fresh economic data and a high-stakes U.S.-China summit. Nvidia rose 3.9 percent, giving the chipmaker a market valuation of about $5.7 trillion, after Reuters reported citing sources that the U.S. has cleared about 10 Chinese firms to buy its second-most powerful AI chip, the H200. The gains fueled a weeks-long rally in technology stocks, especially chipmakers, that has helped drive Wall Street to repeated records despite lingering concerns over the Middle East conflict. “Nvidia has clearly been a big beneficiary, both from the China announcement and from the broader artificial intelligence theme,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management. “The underlying AI theme and trend is real — we just think investors may be pulling a little too much forward from the future.” Meanwhile, Cisco soared 14.4 percent to an all-time high after the tech networking giant said it would cut nearly 4,000 jobs
