US stocks rise after getting a reminder of AI's potential upsides
AP News • • business
Key Points:
- U.S. stocks rebounded on Tuesday, with the S&P 500 rising 0.8%, the Dow Jones Industrial Average gaining 0.8%, and the Nasdaq composite up 1%, driven by optimism about the artificial intelligence (AI) sector.
- Advanced Micro Devices (AMD) surged 8.8% after announcing a multiyear chip supply deal with Meta Platforms, including an option for Meta to buy up to 160 million AMD shares at a nominal price.
- The market turnaround followed concerns the previous day about AI potentially disrupting various industries, with companies like IBM recovering some losses after a steep drop.
- New AI tools unveiled by Anthropic and positive earnings reports from companies like Keysight Technologies and Home Depot
