Shares of technology companies rose as artificial-intelligence ebullience returned with the first in a wave of mega-IPOs in the sub sector.
Elon Musk's rocketry and AI company SpaceX raised $75 billion in the largest initial-public offering in history.
Volatility in the semiconductor sector continued. The PHLX SOX Semiconductor index rose by almost 8%, one of the biggest gains in recent years for the chip index. Some of the stocks hit hardest in a recent rotation out of AI-related chip stocks, including Micron, saw the biggest gains, with a 12% advance for the latter.
Shares of business software maker Oracle plunged due to concerns about higher spending associated with its massive infrastructure expansion, despite rising profit and revenue.
Micron Technology stock advanced Thursday in a broader tech rebound, as investors shrugged off a rival memory chip maker's plan to triple wafer capacity to meet surging artificial-intelligence demand.
