Wall Street experienced a boost from chipmakers, with Micron leading a 4.5% gain after announcing significant investments in the U.S. supply chain. This rally contributed to higher closes for the Nasdaq Composite and S&P 500. Additionally, South Korean chipmaker SK Hynix is set to debut on the Nasdaq after raising approximately $26.5 billion in a U.S. offering.
In the tech sector, Meta's shares rose nearly 5% following the launch of its upgraded AI model, Muse Spark 1.1, as it competes with other AI firms. Meanwhile, Delta Air Lines reported better-than-expected earnings and maintained its pricing power, passing on about 60% of increased fuel costs to consumers.
The Federal Reserve is also making headlines with the announcement of new task forces, including notable figures like Marc Andreessen and former Fed Chair Ben Bernanke, focusing on AI's impact on the economy. Oil prices fell amid geopolitical tensions affecting tanker traffic in the Strait of Hormuz.
Lastly, Palm Beach International Airport will be renamed to honor former President Trump, which is expected to incur costs of around $5.5 million