Shares of technology companies fell after minutes from the Federal Reserve's April-May meeting suggested a rate cut in the near future was highly unlikely.

Nvidia shares rose in late trading after the chip maker forecast revenue ahead of lofty Wall Street expectations, reflecting voracious demand for artificial-intelligence technology.

"Nvidia's market cap [of] $2.3 trillion is bigger than that of Diageo, UPS, Philip Morris, Nike, Shell, McDonalds, L'Oreal, Nestle, Costco & LVMH combined," estimated analysts at research firm Redburn Atlantic.

One brokerage said Nvidia is a beneficiary of an artificial-intelligence "arms race" in Silicon Valley.

Microsoft and Alphabet recently held rival developer conferences and made clear they are spending heavily on infrastructure to increase applications of AI technology, noted analysts at research firm Melius.

In a good sign for the ongoing semiconductor boom, shares of Analog Devices surged following surprisingly robust sales growth for the chipmaker.

Snowflake rose after the cloud-computing concern boosted its revenue growth forecast for the year.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

05-22-24 1732ET