Shares of technology companies rose, but not by as much as the broad market, as traders awaited signals from inflation data.
The French competition authority raided graphics chipmaker Nvidia’s local offices this week on suspicion the company engaged in anticompetitive practices, as the leading producer of artificial intelligence chips faces increased scrutiny.
One money manager said the hype around AI is warranted, to some extent because of its commercial potential.
“We expect AI conservatively to contribute around one-fifth of the mid-teens earnings growth we estimate in global tech next year,” said Solita Marcelli, chief investment officer, Americas, at money manager UBS Global Wealth Management.
Fortnite maker Epic Games will lay off 16% of its employees, or 830 people, and divest itself of recent musical acquisition Bandcamp.
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