Shares of technology companies rallied on optimism about chip stocks.
Memory chip maker Micron rose 19% after analysts at brokerage UBS drastically increased price targets due to an anticipated jump-shift in revenue growth caused by artificial-intelligence demand.
Even after Micron's torrid rally, which has brought it to the $1 trillion market capitalization level, the company's valuation based on forecasted earnings is relatively modest, said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
Chip designer Qualcomm added to recent gains deal with global automaker Stellantis to support AI-powered vehicles.
Chinese phone and electric-vehicle maker Xiaomi had a rough start to the year, posting another profit drop as rising memory-chip prices, stiff competition and soft demand weighed.
