Global stocks struggle but tech shares lifted by AI

Tech-rich Nasdaq rockets higher on Thursday following a nearly 25% surge in Nvidia following a blowout earnings report. – EPA pic, May 26, 2023.

GLOBAL stock markets wobbled yesterday as the US debt standoff dragged on and Germany entered recession, but tech shares surged after US chip firm Nvidia reported bumper earnings thanks to the AI boom.

Analysts cited heightened worries about a possible US debt default after ratings agency Fitch placed the country’s AAA-ranked credit on “rating watch negative” amid the stalled talks on raising the US debt ceiling.

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