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Stocks Climb on Bullish Nvidia Call

Nvidia becomes world’s largest firm as AI rally steams ahead

Treasuries rally after solid demand in $13 billion US sale

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Bloomberg chart

A rally in chipmakers pushed stocks toward another record, with traders betting the potential for Federal Reserve rate cuts will keep fueling the industry that’s driven market gains this year.

The S&P 500 came closer to the historic 5,500 mark. Nvidia Corp. topped Microsoft Corp. as the world’s most valuable company after one of its bullish analysts projected that the chipmaker will hit a value of nearly $5 trillion in the coming year — from about $3.3 trillion. The world’s biggest bond market also climbed as traders piled into a $13 billion sale of 20-year Treasuries.

Traders waded through mixed economic data that showed US industrial production increased in May

The S&P 500 hovered near 5,485. Nvidia climbed 3.5% after Rosenblatt Securities analyst Hans Mosesmann on hiked his price target on the chipmaker to a Wall Street high of $200 from $140. Treasury 10-year yields declined six basis points to 4.22%.