Head of Macro Strategy at Academy Securities Peter Tchir tells Bloomberg’s Paul Sweeney and Jess Menton how there currently two types of economies, AI and everything else.
A resurgence in giant chipmakers powered a rebound on Wall Street, with stocks also rising amid a decline in oil prices as traders looked past fresh hostilities between the US and Iran.
The tech-heavy Nasdaq 100 added 1.5%. A gauge of semiconductor firms climbed 5%. Micron Technology Inc. plans to increase spending on new plants in the US to $250 billion to help meet demand fueled by the artificial-intelligence boom. SK Hynix Inc.’s US listing was said to be more than seven times oversubscribed, underscoring strong appetite for the South Korean chipmaker.
Stocks get tech lift.
A wild ride for tech stocks in recent weeks has left investors looking for fresh validation of the AI trade. While semiconductor shares just wrapped up their best quarter on record, there have been growing doubts over rising competition, potential overcapacity and the payoff from massive investments.
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