ASX to slip, Nvidia resets record high, oil steadies

Australian shares are set to open lower, tracking weakness on Wall Street where a rally has run out of momentum near record highs. Nvidia reset its record high, rising more than 4 per cent, lifting its market cap closer to the $US4 trillion level. Oil steadied. Nvidia has rallied more than 60 per cent from an early April low amid renewed optimism for the outlook for artificial intelligence. While US equities "have rebounded strongly since April, they are still lagging equities in most other major stock markets since their peak in February", Capital Economics' Hubert de Barochez said. "One reason…