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The
chipmaker forecast current-quarter revenue more than 50% above
Wall Street estimates and said it was ramping up supply to meet
surging demand for its artificial-intelligence chips used to
power ChatGPT and many similar services.
This helped it lead a rally among heavyweight AI players
including Microsoft Corp and Alphabet Inc, which rose 1.9% and
2.0%, respectively.
Other semiconductor companies including Advanced Micro Devices
Inc, Micron Technology Inc and Broadcom Inc also rose between
1.9% and 8.9%.
Intel Corp, which has little AI exposure, fell 0.7%.
Wall Street's main indexes have seen big declines in the last
two sessions and are now eying their worst week in more than two
months as investors await clarity on whether lawmakers will
strike a deal to raise the nation's $31.4 trillion debt ceiling
or risk a calamitous default.
Representatives for Democratic President Joe Biden and top
congressional Republican Kevin McCarthy held what both sides
called productive talks on Wednesday to try to reach a deal as
the June 1 deadline loomed.
Reflecting the market uncertainty, yields on U.S. Treasury bills
maturing in early June rose above 7%.
Two-year yields hit their highest since March as ratings agency
Fitch put the United States on credit watch for a possible
downgrade.
At 4:53 a.m. ET, Dow e-minis were down 77 points, or 0.23%, S&P
500 e-minis were up 23.25 points, or 0.56%, and Nasdaq 100
e-minis were up 226.5 points, or 1.66%.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun
Koyyur)
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