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Equity Alert: US indices end up Wed; concerns over disruption from AI ease

 

MUMBAI--0736 IST--US indices ended higher Wednesday as stocks of technology companies continued to rise amid waning concerns over artificial intelligence causing a disruption. 

 

Shares of NVIDIA ended over 1% higher in anticipation of earnings, which came in better than expected. The AI bellwether, post trading hours, reported a revenue of $68.13 billion for the December quarter, beating estimates, Reuters reported. The company's total revenue for the quarter rose 73% on year, with its data centre unit contributing over 91% of the sales. The data centre unit houses the company's AI chips, CNBC reported. 

 

"We're in the middle of a push-pull here between some negative sentiment and some extreme price action in parts of the market," Zach Hill, head of portfolio management at Horizon Investments was quoted as saying by Reuters. "I think the (AI) disruption concerns are more acute right now than worries over return on investment," he said. "Investors are trying to grapple with what could potentially be existential risk, and that's a bigger deal than not receiving as much payout as you would like," Hill added. 

 

President and Chief Executive Officer of the Federal Reserve Bank of Richmond said it was not clear whether the AI rollout would indeed displace workers. He said the technology could be useful to enable workers and make the job market more efficient, Reuters reported. 

 

The stocks in the tech sector of the S&P 500 led the gains while those in the index's industrial sector limited the gains. In other stocks, shares of Axon Enterprise jumped nearly 18?ter the company's revenue rose 38% on year to $454.20 million, indicating strong demand for its products. Its offerings include the TASER 10, Axon Body 4, counter-drone solutions, virtual reality training and fleet systems, Reuters reported.

 

Investors are likely to monitor US-Iran tensions along with tariff-related updates. The US implemented a 10% tariff on global imports Tuesday. This came as somewhat of a relief as US President Donald Trump had earlier threatened to hike global tariffs to 15% over the weekend. In his State of the Union speech, Trump announced a proposal to offer workers access to a government-backed retirement account and also called for a ban on large institutional investors from purchasing single-family homes again, CNBC reported. 

 

Following are the closing levels of US indices Wednesday:  

 

Index	Level	Change in %
S&P 500	6946.13	0.81
NASDAQ Composite	23152.08	1.26
Dow Jones Industrial Average	49482.15	0.63

 

(Akshat Saksena)

 

US$1 = INR 90.94

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Vandana Hingorani

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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