Markets.News
In the US, stocks bounced back on Tuesday after a significant drop on Monday prompted by economic concerns related to a cautionary report from Citrini Research about AI's impact on jobs. Investor confidence improved as Advanced Micro Devices Inc. (NASDAQ: AMD) secured a monumental $100 billion infrastructure deal with Meta Platforms Inc. (NASDAQ: META). Meta inked a 5-year agreement to buy AMD chips for its data centers, starting with one gigawatt this year and scaling up to six gigawatts. AMD's stock surged by 9%, stimulating a widespread rally in tech stocks. By midday in New York, the S&P 500 increased by 0.7%, the Dow Jones Industrial Average was up by 0.8%, and the Nasdaq 100 led with a 1.2% rise. Small-cap stocks also gained ground. Following a 4.7% dip on Monday, the iShares Tech-Expanded Software Sector ETF (NYSE: IGV) rebounded by 1.5%. Devalued software companies like Salesforce Inc. (NYSE: CRM) and Adobe Inc. (NASDAQ: ADBE) both saw approximately a 4% increase in share prices.