Tech Up as Tesla, Bitcoin Cos Surge -- Tech Roundup

Dow Jones11-12

Shares of technology companies rose slightly as traders piled into high-risk areas.

Shares of Tesla surged, as traders anticipated that Chief Executive Elon Musk's stalwart support of Donald Trump will pay off. "It seems the cozy relationship between Musk and the President-elect have investors thinking there may somehow be upside for the quintessential EV company," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

Shares of MARA Holdings, the cryptocurrency mining firm formerly known as Marathon Digital, jumped after the company said it added more capacity in Ohio in anticipation of more growth. Bitcoin prices topped $85,000 for the first time ever, amid bets that the second Trump administration would follow through on the candidate's vows to be supportive of the digital currency.

Shares of software firm MicroStrategy, which has long been one of the most aggressive corporate buyers of bitcoin, surged. The "volatility in the broader semiconductor sector is likely to pick up as more details on the latest round of export controls emerge, while potential tariffs during President-elect Donald Trump's second term could create additional headwinds," said Solita Marcelli, chief investment officer at money manager UBS Global Wealth Management.

Shares of online trading app Robinhood surged in late trading after it posted a sharp increase in assets under management.

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

(END) Dow Jones Newswires

November 11, 2024 17:38 ET (22:38 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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