After Micron’s Blowout Outlook, Stocks Rise Late – US Market Wrap

Stocks rose in the late hours on expectations that Micron good outlook will help rekindle trust in the artificial-intelligence trade, which has propelled the market comeback from wartime lows. A nearly $500 billion exchange-traded fund that tracks the Nasdaq 100 surged 1% after regular trading ended. Micron, the largest US manufacturer of computer memory chips, rose 10% on a sales forecast that exceeded expectations following AI-fueled component shortages that sent prices rising.
The S&P 500 closed barely altered during regular trading hours, despite the fact that the majority of its equities climbed. Oil’s wartime price gains have mostly disappeared as peace talks advance, with Brent trading below $74. That helped alleviate inflation concerns on the eve of the Federal Reserve’s crucial report, pushing bond yields lower.
Two prominent artificial-intelligence researchers at Alphabet’s Google are going to leave for rival Anthropic, according to individuals familiar with the situation, adding to a slew of high-profile departures that risk undermining the search giant’s dominance in AI. Anthropic accused Chinese technology behemoth Alibaba of orchestrating a massive campaign to “illicitly” access its Claude artificial intelligence model via thousands of bogus accounts, undermining the US AI developer’s resolve to keep its products out of China.
OpenAI introduced its first custom AI chip, developed in collaboration with Broadcom as part of the ChatGPT maker’s quest to acquire a competitive advantage by adapting hardware to better run their products.