Stocks rose Thursday as oil prices and Treasury yields pulled back signaling a rebound from Wednesday's selloff that followed the Federal Reserve's interest-rate increase.
Chip and memory stocks traded higher, despite fresh concerns about a slowdown in the development of artificial intelligence. Advanced Micro Devices, Coherent, Corning, Intel, Marvell, and Sandisk all rose, while Lumentum dipped 0.3%.
Nebius rose 3.5%. The so-called neocloud recently announced it would raise its on-demand rates for a range of AI chips, increasing the price to renting several Nvidia graphics-processing units by about 20%. Fellow neocloud Iren rose 0.9%, while CoreWeave dropped 4.4% after the company announced plans Thursday to raise $3 billion from a convertible bond offering.
Nokia gained 6.7%. The company said it expanded its partnership with Microsoft to advance AI operations for telecommunications providers. The two companies aim to accelerate network automation and develop an agentic "unified data foundation."
Arm Holdings rose 8.4%. CEO Rene Haas told CNBC he is increasingly confident the semiconductor can secure enough supply to meet $2 billion in customer demand for data center chips.
Generac was the S&P 500's best performer, jumping 21% after the backup-power company disclosed a $2.4 billion deal to supply Amazon with generators for its data centers. Shares of Amazon climbed 1.6%.
Fluence Energy slumped 16% after the energy storage company cut its fiscal 2026 revenue guidance, citing delays in ramping up a contract manufacturing facility in Houston.
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