Nasdaq · February 29, 2024
The AI boom rally
+57.56%
trough back to the old high
293 trading days · 2022-12-28 → 2024-02-29
this undid the slide that began 2021-11-19
What happened that day?
- From the 28 December 2022 low to 29 February 2024 the Nasdaq rose 57.56% — 293 trading days
- It undid the tech bear market that had run from November 2021
- A conversational AI tool opened to the public at the end of 2022 and attention exploded, along with the belief that AI was a technology that would actually make money
- Training AI needs specialised chips in bulk, so the companies making those chips saw revenue jump for real
- At the same time inflation showed signs of breaking, raising hopes that rate hikes were nearly done — good conditions for growth stocks
- That the gains were concentrated in a handful of large tech names was flagged throughout. The old high returned on 29 February 2024
Sources
Every figure on this page is recomputed from the original daily closing prices and checked against them at build time. The account of what happened is written from the sources listed above.