Nvidia rally persists; investors eye rate cuts as AI trade fuel
** AI chip front-runner Nvidia's shares rise 3.9% to $132.64 after raking in four consecutive days of gains
** Investors shifting focus to hints on Federal Reserve's future rate decisions; cuts expected to help allay some concerns over Big Tech pulling back on hefty AI investments, a large chunk of which is funneled to Nvidia chips
** Traders priced in nearly 86.7% chance of a 25 basis point interest rate cut at Fed's Nov meeting - CME FedWatch
** NVDA on track for highest close since July 9 with closest AI processor rival AMD AMD.O up 1.3%
** AI laggard Intel INTC.O up 0.7%, with rate cuts expected to help reduce capital intensity of costly fab building projects such as those undertaken by INTC
** 58 of 64 brokerages rate NVDA "buy" or higher, 6 "hold"; their median PT is $150
** NVDA up ~167.8% YTD, up more than 900% over last two years; biggest beneficiary of AI rally that kicked off in Nov'22
Reporting by Arsheeya Bajwa in Bengaluru
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