The Fed has poured rocket fuel on the red-hot AI trade

• AI stocks surged after the Federal Reserve’s 50 basis point rate cut.
• The Nasdaq 100 jumped nearly 3% on Thursday, with Nvidia, Broadcom, and ASML shares rising about 5%.
• Analyst Dan Ives sees the Fed’s move as a bullish signal for tech growth into 2025.

The stock market’s artificial intelligence trade boomed on Thursday, a day after the Federal Reserve issued a jumbo interest rate cut of 50 basis points.