US stocks rebounded from one‑month lows on Thursday as strength in chipmakers offset concerns about higher interest rates. The Nasdaq 100 gained 0.8%, the Dow Jones Industrial Average added 0.5%, and the S&P 500 rose 0.3%.
AI infrastructure names extended their rally ahead of tomorrow’s highly anticipated SpaceX IPO. Retail investors have submitted more than $100 billion in orders for the deal, which is set to be the largest initial public offering on record, as AI companies race to raise capital for data‑center spending.
Among chipmakers, Micron and AMD climbed more than 3%, while Lam Research and Applied Materials surged over 8%. Intel jumped 9% after Bank of America upgraded the stock on the back of surging CPU orders. In contrast, Oracle slumped 12% after announcing it will take on additional debt to fund data‑center expansion despite reporting flat sales.
Defensive stocks advanced after President Trump said strikes against Iran would resume and that the US plans to capture Kharg Island “at some point.” At the same time, a new Producer Price Index (PPI) reading pointed to faster price growth in May, reinforcing expectations that the Federal Reserve will raise interest rates later this year.
