Shares of technology companies rose as traders dived back into the "Magnificent Seven."

Apple shares surged by more than 3% after analysts at brokerage JPMorgan said the tech giant's artificial-intelligence enabled iPhone could cause a wave of upgrades akin to that which occured upon the launch of 5G-enabled phones.

Hedge-fund traders are increasingly buying into Apple following its recent selloff, said the JPMorgan analysts. Shares of Apple are now down roughly 6% for the year to date.

Microsoft shares rose after analysts at brokerage Morgan Stanley said an analysis of its generative artificial-intelligence revenue-growth prospects "increased confidence in the durability of Microsoft's earnings-per-share growth trajectory and in Microsoft's AI leadership position ahead of the large market opportunity."

Amazon Chief Executive Andy Jassy said generative artificial intelligence could be one of the largest technological transformations in decades.

Among other mega-cap tech stocks, shares of Nvidia rose by more than 3%.

Micron Technology shares rose after the memory-chip maker estimated a recent earthquake in Taiwan will result in an impact of up to a mid-single-digit percentage of a calendar quarter's company-level DRAM supply.

Write to Rob Curran at

(END) Dow Jones Newswires

04-11-24 1723ET