NEW YORK: The S&P 500 and the Nasdaq rose on Monday as chip stocks recovered from last week’s sharp selloff, while investors looked ahead to earnings from major technology companies that have driven Wall Street’s AI-fueled rally.
Alphabet added to the gains, rising 2.9 percent after a report said its Google unit is developing a Gemini-integrated server chip aimed at improving AI efficiency and easing computing-capacity constraints.
The second-quarter earnings season will pick up pace this week, with results due from Alphabet, Tesla, Intel and IBM.
Investors will focus closely on Intel and Texas Instruments for any encouraging signs after a recent slide in semiconductor shares.
A surge in AI capital spending by hyperscalers has been a major driver behind this year’s market gains, lifting chip stocks and other companies that are seen as the beneficiaries of the buildout, and helping Wall Street climb to....
