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    ASX set to rise as Wall Street rallies; Nvidia buys $US5b stake in Intel

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    By Stan Choe

    Copyright theage

    ASX set to rise as Wall Street rallies; Nvidia buys $US5b stake in Intel

    Wall Street rolled to more records on Thursday as Nvidia and Intel led a rally for technology stocks after announcing a deal that includes a $US5 billion ($7.6 billion) investment.

    The S&P 500 rose 0.5 per cent and is on track for a third straight winning week. The Dow Jones Industrial Average added 124 points, or 0.3 per cent, and the Nasdaq composite climbed 0.9 per cent. All three set all-time highs.

    The Australian sharemarket is set to bounce higher, with futures at 5am AEST pointing to a rise of 59 points, or 0.7 per cent, at the open. The ASX lost 0.8 per cent on Thursday. The Australian dollar was lower at US66.16¢ at 5.15am AEST.

    On Wall Street, Intel soared 22.8 per cent for its best day since 1987 after Nvidia said it would buy $US5 billion of the chipmaker’s stock. It’s part of a collaboration where the pair will develop products for data centres and personal computers. Nvidia climbed 3.5 per cent and was by far the strongest force lifting the S&P 500 because it’s Wall Street’s most valuable company.

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