Nasdaq · February 22, 2024
The day AI proved itself in numbers
+2.96%
single-day change vs previous close
Part of a longer stretch
The AI boom rally
near the end of it · 2022-12-28 → 2024-02-29, +57.56% over the whole period
What happened that day?
- The Nasdaq rose 2.96% on the day
- The day before, the company making chips for artificial intelligence reported quarterly revenue more than three times a year earlier
- Until then artificial intelligence had been an expectation. These results turned it into a business that actually made money
- One company's results lifted the whole index because of weight. Its share of the index had grown that large
- The structure has a reverse side. If one company's results can lift the index, the index shakes when that company does
- After this high, doubts that AI spending had run too far pushed shares back sharply in the summer of 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.