Rebounding AI stocks lift Wall Street
NEW YORK — A rebound for stocks in the artificial intelligence industry is lifting the U.S. market on Wednesday. The S&P 500 rose 1.6 percent and was on track for a third gain in four days since its wipeout last week on worries about a potential slowdown for AI-related businesses. The Nasdaq composite rallied 2.2 percent, but stocks outside of AI had more modest gains. The Dow Jones Industrial…
New York - An upturn in stocks linked to artificial intelligence is driving up the U.S. market on Wednesday. The S&P 500 climbed 1.6 percent and is on track for its third consecutive daily increase since plunging last week amid concerns over potential slowdowns for AI-related businesses. The Nasdaq composite surged 2.2 percent, while stocks not associated with AI experienced more modest gains. The Dow Jones Industrial Average increased 243 points, or 0.5 percent, at 1:38 p.m. Eastern time.
Leading the market's recovery was one of the key players in the AI industry's recent volatile swings. CoreWeave, a firm that rents out access to AI chips over the cloud, surged 26.5 percent following a smaller-than-expected loss reported for the latest quarter. The company also announced measures that may help quell some of the concerns surrounding it and the broader industry.
Notably, CoreWeave CEO Michael Intrator stated that his company holds approximately $9 billion in customer commitments, addressing worries about how AI firms like CoreWeave will manage higher interest rates in the bond market, which makes borrowing money costlier.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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