Tech Stocks Stage Historic Rally, Saving Nasdaq from Correction

Tech stocks, particularly on the Nasdaq, have experienced their strongest three-week rally since April 2020, driven by increased demand for e-commerce and cloud software stocks. Intel saw the biggest gains among large-cap tech stocks, climbing 13% this week and 35% since October, following better-than-expected profit and sales. Mizuho Securities upgraded Intel's rating to buy, citing a focus on the company's data center business and a promising customer pipeline. Next week, tech investors will be closely watching Nvidia's earnings report, as the company has seen a 237% gain for the year, primarily due to its role in generative artificial intelligence. The tech sector's sensitivity to interest rates is also a factor, with expectations of rate cuts by the Federal Reserve.