Updated February 22nd, 2024 at 07:42 IST

Nikkei surpasses all-time closing high as chip stocks rally on Nvidia's strong outlook

The Nikkei reached a peak of 38,924.88, surpassing the record close of 38,915.87 set over three decades ago.

Reported by: Business Desk
Nikkei | Image:Shutterstock
Advertisement

Nikkei at all-time high: The Nikkei share average in Japan soared past its previous all-time closing high, achieved in December 1989, driven by a surge in chip-related stocks following an impressive outlook from US chipmaker Nvidia.

The Nikkei reached a peak of 38,924.88, surpassing the record close of 38,915.87 set over three decades ago. 

Advertisement

It came close to the all-time intraday high of 38,957.44, also reached on the same day in 1989. The index climbed by 1.54 per cent to 38,856.90 by 01:22 GMT.

Nvidia's shares surged by 6 per cent after the company projected fiscal first-quarter revenue that exceeded market estimates, driven by strong demand for its chips dominating the artificial intelligence (AI) market.

Advertisement

Tokyo Electron, a chip-making equipment manufacturer, saw a 3.79 per cent increase, contributing majorly to Nikkei's gains. Meanwhile, Advantest, a chip-testing equipment maker, gained 4.88 per cent, while SoftBank Group, a tech-startup investor, rose by 3.99 per cent.

(With Reuters Inputs)

Advertisement

Published February 22nd, 2024 at 07:42 IST