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U.S. stocks rose Tuesday after getting a reminder that the artificial-intelligence boom may also have an upside.
The S&P 500 climbed 0.8% and recovered nearly three-quarters of its sharp drop from the day before. The Dow Jones Industrial Average added 370 points, or 0.8%, and the Nasdaq composite gained 1%.
Advanced Micro Devices helped lead the market and rallied 8.8% after announcing a multiyear deal where it will supply chips to Meta Platforms to help power its AI ambitions. Under the agreement, Meta also got the right to buy up to 160 million shares of AMD stock for 1 cent each, depending in part on how many chips Meta ultimately buys.
It’s a reminder of the excitement that built in recent years about the billions of dollars pouring into AI, which could remake the world and create a more productive economy.
It also helped produce a sharp turnaround from the prior day, when Read Entire Article
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