Shares of technology companies rose as a hell-for-leather rally in chip stocks continued to gather momentum.
Marvell Technology shares rallied after Nvidia Chief Executive Jensen Huang predicted the chip designer, a business partner of the larger semiconductor company, would be the next company to join the ranks of those with at least $1 trillion in market capitalization.
Among other chip makers, Broadcom, Marvell's chief rival in the design of custom data-center chips, rose sharply after Alphabet unveiled a plan to raise $80 billion in equity.
Shares of Google parent Alphabet fell by 3.8%, one of their biggest declines in recent years, due to concerns about the dilutive implications of the planned follow-on share offering.
Broadcom shares rose because Google is expected to spend much of the capital raised on data centers housing its own chips, which Broadcom has helped to design.
