Shares of technology companies rose as a speculative boom in artificial-intelligence stocks gained steam. Semiconductor stocks were set to have a strong finish to a bonanza year, as the PHLX SOXX Semiconductor Index rose by more than 2% for a 64% year-to-date gain. Micron Technology rose by more than 8% after the memory-chip maker posted better-than-expected earnings for its November quarter, sending the stock higher in premarket trading. Tesla faces another potential recall after Norway’s traffic-safety regulator launched an inquiry into suspension failures, the latest blow to hit the EV maker after it recalled 2 million vehicles earlier this month over problems with its driver-assistance system.
Artificial intelligence (AI) stocks are experiencing a speculative boom, leading to a rise in technology company shares.
The PHLX SOXX Semiconductor Index has seen a 64% year-to-date gain, with semiconductor stocks experiencing a strong finish to the year.
Micron Technology saw its stock rise by more than 8% after posting better-than-expected earnings in the November quarter.
Tesla faces the possibility of another recall after Norway’s traffic-safety regulator launched an inquiry into suspension failures, adding to the issues the EV maker has already faced with its driver-assistance system.
Overall, technology advances and the rise of AI are impacting the stock market, specifically in the semiconductor industry.