Shares of technology companies rose amid optimism ahead of earnings.
Chip makers, among the biggest 2022 losers because of a toxic combination of slowing demand and increased supply-chain issues, surged after analysts at brokerage Barclays said the growth outlook was improving for the sub-sector, partly because of the increased popularity of artificial intelligence .
The iShares Semiconductor exchange-traded fund added 5%.
Microsoft, which reports earnings later in the week, agreed to make a multibillion-dollar investment in OpenAI, substantially bolstering its relationship with the startup behind the highly popular ChatGPT chatbot.
Shares of Shopify rallied after analysts at brokerage Deutsche Bank boosted their rating on the e-commerce software concern, citing customer acquisition trends.
Tesla shares surged ahead of the electric-car maker’s earnings report, and as Chief Executive Elon Musk defended a two-year-old tweet about taking the company private in court. Rival electric-car makers rallied after analysts at brokerage Citigroup reinstated coverage of Lucid with a buy rating.
Apple shares rose as optimism built that the computer and smart-phone maker could avert the worst of the slowdown in Silicon Valley.
Salesforce.com shares rose after activist investor Elliott Management made a multibillion-dollar investment in the business software maker.
Write to Rob Curran at [email protected]
(END) Dow Jones Newswires
January 23, 2023 17:27 ET (22:27 GMT)
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