Tech stocks surge as AI interest drives $4tn rally

A rush of interest in artificial intelligence (AI) has helped to fuel a $4tn rally in technology stocks, with the US Nasdaq exchange reaching its highest level since last August in a week that saw the chipmaker Nvidia poised to become the next trilliondollar company.

Last Friday, the combined value of technology companies listed on the Nasdaq Composite share index reached $22tn, according to the international data firm Refinitiv, up from $18tn at the end of 2022. The AI rally has helped lift the index 23% so far this year.