April 15 (Reuters) - The Nasdaq hit an intraday all-time

high and closing record on Wednesday, its first since October,

as investors returned to technology stocks, signaling a rebound

in risk appetite after weeks of concerns over war-related

economic disruption and fears about the labor-force impact of

AI.

The Nasdaq Composite rose 1.6% to hit a fresh intraday

high above 24,020 points, eclipsing its previous peak of

24,019.99 set on October 29, when AI bellwether Nvidia ( NVDA )

crossed $5 trillion in market valuation for the first time. The

index also surpassed its closing high set the same day.

Tech stocks suffered sharp declines earlier this year,

driven by concerns about lofty valuations, the disruptive impact

of artificial intelligence and fears that expansive spending by

big technology companies will not generate the necessary

returns.

AI tools introduced by Anthropic in early February added to

worries that traditional businesses of software companies could

be disrupted, making it a double whammy for the tech sector.

The Nasdaq confirmed in late March that it had been in a

correction - a 10% drop from its previous peak - as the Middle

East conflict broke out, with a surge in oil prices driving

concerns about inflation and clouding the monetary policy

outlook.

However, a ceasefire between the U.S. and Iran and efforts to

end the war have since lifted risk appetite, driving investors

back into heavyweight tech and AI names that drove U.S. stocks

to record highs last year.

Chipmakers have outperformed the broader market this year,

among the biggest percentage gainers on the S&P 500. Among the

Magnificent Seven, Amazon.com ( AMZN ) outperformed peers as

investors show more confidence in its AI expansion efforts.

The rush to own tech stocks comes as markets head into

another quarterly results season in which S&P 500 information

technology earnings are expected to grow 46.2%, compared with

35.8% growth seen at the beginning of the year. It would be the

biggest profit increase of any sector, according to LSEG I/B/E/S

data until April 10.