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The artificial-intelligence trade was back on Tuesday as Wall Street shrugged off fears a slew of cheap Chinese chatbots would put an end to the chip and memory spending boom. Investors will get earnings this week from Alphabet, Tesla, and International Business Machines.
Memory names Western Digital and Sandisk rose 13% and 14%, respectively, placing them at the top of the S&P 500.
Chips and networking company Marvell added 6.7% and memory-chip maker Micron rose 12%. Chip manufacturer Intel gained 8.6%.
Applied Materials, Coherent, Corning, KLA Corp., Lam Research, Lumentum, and Seagate were also among the AI stocks making sizable advances on Tuesday.
Coinbase Global rose 9.6%. A critical crypto regulation bill could be nearing the finish line as the White House reportedly agreed to at least some oversight of President Donald Trump’s crypto investments. Bitcoin prices also were up 1.6% over the past 24 hours to $66,394.35, according to CoinDesk.
Danaher sank 11%, making it the worst performing S&P 500 component. The life sciences and diagnostics company’s softer-than-expected core revenue outlook overshadowed solid second-quarter earnings.
SpaceX rose 3.1% to $123.54, snapping a a seven-day losing streak. CEO Elon Musk recently took to X to assail short sellers, warning that firms that borrow SpaceX stock and bet on price declines have a low probability of surviving. Most SpaceX stock is held by early investors who are restricted from trading. More stock will become available to trade after SpaceX reports second-quarter numbers on Aug. 4.
Novartis advanced 2.9%. The Swiss pharmaceutical company returned to sales growth in the second quarter due to increased demand for some of its best-selling drugs.
General Motors added 4.9% after the auto maker reported better-than-expected second-quarter earnings and raised its full-year guidance.
Halliburton fell 5.5%, placing it among the S&P 500 laggards. The oilfield services giant surpassed second-quarter earnings expectations but the company posted a substantial decline in Middle East sales as the U.S. war with Iran took its toll on business.
Write to George Glover at [email protected] and Kit Norton at [email protected]
