Stocks Mixed as AI Announcements Shake Up AMD, Google; Earnings Stir Software Names
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Dow futures edged lower while Nasdaq futures rose as AMD and Google bounced back after AI announcements. Several earnings reports impacted AI and software stocks.
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AMD unveiled its latest AI chip line to compete with Nvidia, seeing a $400B market by 2027. AMD, Nvidia stocks rollercoastered while Microsoft held a buy point.
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Google parent Alphabet introduced its own AI chip and language model. Google shares rebounded after sliding below key levels.
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The stock market rally reversed intraday gains to close lower. The 10-year Treasury yield and oil prices tumbled on economic concerns.
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Tesla stock edged up, finding support at its 50-day line. Leading stocks were mixed as the major indexes trade sideways, but the pause may be healthy.