Shares of technology companies rose amid expectations that the artificial intelligence boom would continue.
Microsoft shares rose. The software giant recently pledged to spend $80 billion in 2025 on data-center technology to support AI development. "There are only 81 countries, according to Wikipedia, that have GDP higher than that," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "It's kind of staggering when you think about that. To me, it's another sign AI ... is a new technical revolution that has a lot of legs and staying power."
In another good sign for AI prospects, Taiwan's Foxconn, which assembles Apple and Nvidia products, raked in a record amount of revenue for the fourth quarter, helped by robust demand for servers.
Software maker MicroStrategy is targeting a capital raise of up to $2 billion to continue to strengthen its balance sheet and acquire more bitcoin.
Tencent Holdings, a Chinese videogame and social-media company, was added to a list of firms that the Defense Department says work with China's military, another sign of mounting trade tensions between the U.S. and China.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-06-25 1811ET
