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Stocks were mixed on Thursday as outsized gains from Nvidia (NVDA) catapulted a tech rally while debt ceiling concerns continued to hang over markets.

The S&P 500 (^GSPC) rose 0.88%, while the Dow Jones Industrial Average (^DJI) closed down 0.11%. The technology-heavy Nasdaq Composite (^IXIC) rallied 1.71%.

Shares of Nvidia soared Thursday, rising roughly 24.37% as the tech giant’s second quarter guidance shocked Wall Street to the upside. Nvidia, which has quickly become a leader in the growing artificial intelligence arms race, projected second quarter revenue of $11 billion. Analysts had expected $7.2 billion, per Bloomberg data.

Other AI-related stocks jumped with Nvidia as Alphabet (GOOGL) gained more than 2% and Microsoft (MSFT) popped nearly 4%.

In 22 years of covering tech stocks and large cap we have never seen a guidance range of this magnitude on a large cap tech name,” Wedbush managing director Dan Ives wrote in a note on Thursday. “And thus speaks to our thesis that the monetization of AI for stalwarts like Microsoft, Alphabet, Amazon, Oracle, Meta, Apple, and Salesforce is well underway.”

Meanwhile, uncertainty around the debt ceiling is weighing on the broader market. On Wednesday night Fitch warned it might downgrade the United States’ AAA credit.

“Fitch still expects a resolution to the debt limit before the X-date,” Fitch wrote in the statement. “However, we believe risks have risen that the debt limit will not be raised or suspended before the X-date and consequently that the government could begin to miss payments on some of its obligations.”

In other earnings news, shares of Snowflake (SNOW) fell sank 16.49% as the cloud computing company provided weaker-than-expected second quarter revenue.

Best Buy (BBY) stock popped just more than 3% as the company reported earnings per share of $1.15. Wall Street had been expecting $1.11. The tech retailer missed the Street’s revenue estimates, though, with same-store sales tumbling 10% in the quarter.

On the economic front, jobless claims for the week ending May 20 came in lower than expected, with 229,000 claims filed. Economists had expected 245,000. A secondary reading for quarterly GDP showed the U.S. economy grew 1.3% in the first quarter. The initial print indicated 1.1% growth.

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On May 25, 2023, the Nasdaq surged as Nvidia soared, delivering delightful news to the stock market. The technology sector enjoyed a particularly strong day, bolstered by an impressive performance from one of its leading companies, Nvidia.

The day began on a high note for Nasdaq, with early trading indicating a strong opening for the tech-heavy index. By midday, the Nasdaq had already climbed over 2%, making significant gains despite global uncertainty surrounding the ongoing pandemic.

Nvidia was undoubtedly the star of the day, with its stock price surging by over 7%. This remarkable performance came after the company announced its latest earnings report, which showed impressive revenue growth and better-than-expected profits. Investors were eager to snap up Nvidia shares, driving the company’s market capitalization well past $600 billion.

Nvidia’s positive results were driven by strong sales in the gaming, data center, and automotive sectors. The company has established itself as a leader in the gaming graphics card industry, with its products enjoying immense popularity among gaming enthusiasts worldwide. Additionally, Nvidia’s data center division, which serves the growing cloud computing market, has shown impressive growth in recent years, contributing significantly to the company’s overall revenue.

The automotive sector has also been a significant contributor to Nvidia’s success. The company’s advanced chips are used in self-driving cars, making it a crucial player in this rapidly growing field.

Investors were thrilled by Nvidia’s impressive performance, driving the company’s shares to record highs. The surge in Nvidia’s share price also pushed other tech stocks higher, contributing to the Nasdaq’s overall gains.

While the economy continues to face uncertainty, particularly with the ongoing pandemic and accompanying geopolitical instability, the strong performance of the technology sector and Nvidia’s soaring stock price offers a glimmer of hope for investors.

In conclusion, the Nasdaq surged on May 25, 2023, with Nvidia’s impressive earnings report driving the technology sector higher. The company’s significant revenue growth and better-than-expected profits propelled its share price to record highs, providing a boost to the wider stock market. Amid ongoing global uncertainty, Nvidia’s performance serves as a reminder that the tech sector and innovation remain critical drivers of economic growth.