Intel experienced a notable increase in its stock price after Bank of America upgraded its rating from underperform to buy, driven by growing demand for central processing units linked to advancements in artificial intelligence.
In contrast, Oracle's shares dropped sharply after it announced plans to raise $20 billion in equity and debt to fund its AI initiatives, despite reporting better-than-expected earnings and raising its profit forecast for the year. This capital expenditure announcement positively impacted chip equipment stocks, with Applied Materials and Lam Research both gaining nearly 5%.
Navan's stock surged 19% after it provided strong revenue guidance, while Alcoa's shares rose 2% as analysts deemed its recent decline excessive. Meanwhile, Chinese tech stocks faced pressure due to regulatory concerns, leading to declines in major companies like Alibaba and JD.com. In the space sector, shares rebounded ahead of SpaceX's IPO, with Intuitive Machines and others seeing gains.
Additionally, memory chipmakers recovered from a recent selloff, with Sandisk leading the way with a 5% increase