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Nvidia hits new record as US ‘soft landing’ hopes drive tech rebound

Renewed confidence over health of world’s biggest economy brings fresh momentum to megacap stocks

Shares in Nvidia closed at a fresh record on Monday, passing the previous peak they had hit in July as renewed confidence about a soft landing for the US economy drives a rebound in big technology stocks.

Shares in the US chipmaker added 2.4 per cent to close at $138.07, bringing its market capitalisation to $3.39tn, within reach of Apple’s market-leading $3.5tn valuation.

A bout of weakness for Nvidia and other large tech stocks over the summer had led many investors to predict a longer-term rotation away from tech in favour of previously-unloved sectors such as financial services and industrials.

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