Shares of technology companies rose as traders dived back into artificial-intelligence bets.
The PHLX "SOX" Semiconductor index rallied, testing all-time highs as concerns about the sustainability of an AI boom subsided.
"Last week's Micron numbers confirmed the AI trade is alive and well even if the meteoric rise in revenue and earnings has not translated into a broader larger tech rally," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
Samsung Electronics and SK Hynix plan to invest more than $500 billion in a new chip-making hub in southwestern South Korea, collaborating with the government's push to bring the artificial-intelligence boom to less-developed regions.
Shares of Microsoft fell, however, as concerns about AI's implications as a double-edged sword for the software giant.
Tech investor Prosus plans $5 billion in buybacks and additional investments over the coming year, as the group seeks to become less reliant on its stake in Chinese Internet firm Tencent Holdings, where Prosus is the largest shareholder.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
06-29-26 1717ET
