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Tech Up as AI Rally Resumes -- Tech Roundup - MarketWatch


Source: https://www.marketwatch.com/story/tech-up-as-ai-rally-resumes-tech-roundup-2e66861b

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Shares of technology companies rose amid revived optimism about the outlook for artificial-intelligence businesses.Shares of Google parent Alphabet, which fell about 9% last week, rose by more than 2%.Among other AI leaders, Nvidia shares advanced more than 2%.Apple, which reports earnings later this week, rose by 1%."Growth has been king this year," said J.D.Joyce, president of Houston financial advisory Joyce Wealth Management. "It's suffered a setback since the September highs ...but, if the economy ultimately starts to slow, perhaps investors be willing to pay up for growth." Google Chief Executive Sundar Pichai tried to beat back accusations of unfair dealings with fellow tech giant Apple, describing a relationship that was fraught on both sides, as he testified in his company's high-stakes antitrust trial.Western Digital plans to break itself up, separating its business making traditional hard drives for computers from its flash-memory business, effectively unwinding its $19 billion acquisition of SanDisk in 2016.Western Digital said its relationship with Japanese flash-memory concern Kioxia is "outstanding," suggesting the spinoff plan was not triggered by the recent collapse of merger talks with Kioxia.Shares of Tesla fell sharply after solid earnings from Chinese rival Byd Co. raised concerns about competition in a key market.Chip maker Broadcom expects its merger with virtualization-software maker VMware valued at more than $70 billion to close "soon," leaving VMware shareholders in limbo as the two companies await regulatory approval in China.Write to Rob Curran at [email protected]

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