Chipmakers Rally On AI Stargate Bet, Netflix Soars, Bitcoin Falters As Trump Keeps Quiet On Crypto: What’s Driving Markets Wednesday?
Tech stocks enjoyed a surge Wednesday, driven by a sharp rise in semiconductor shares after President Donald Trump, OpenAI’s Sam Altman, Oracle Corp. (NYSE:ORCL) co-founder Larry Ellison, and SoftBank CEO Masayoshi Son unveiled the Stargate Project on Tuesday.
The $500 billion initiative is set to develop AI infrastructure in the U.S. over the next four years.
According to OpenAI, “this infrastructure will secure American leadership in AI, create hundreds of thousands of American jobs, and generate massive economic benefit for the entire world.”
The iShares Semiconductor ETF (NASDAQ:SOXX) was up 2.3% by midday trading in New York, eyeing their fourth straight positive session, the longest streak since late September.
Yet, Tesla Inc. (NASDAQ:TSLA)’s CEO Elon Musk questioned the financial viability, saying that founders “don’t actually have the money.”
The earnings season continues to be off to a strong start, with companies surpassing fourth-quarter expectations, showcasing the resilience of corporate America. Netflix Inc. (NASDAQ:NFLX) delivered a stronger-than-expected quarterly …
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