Stocks Juggle Between Gains and Losses Amid Economic Data and AI Chip Rivalry

U.S. stock indexes displayed mixed results as investors reacted to delayed economic data and rising competition within the AI chip sector. Nasdaq experienced its largest gain in six months earlier this week due to tech stock purchases. Nvidia faced a 4.5% drop, while Alphabet benefited from potential cooperation with Meta on AI chips.

Wall Street's major indexes displayed a mixed performance on Thursday as investors assessed economic data that was delayed due to the U.S. government shutdown. Meanwhile, Nvidia faced a decline amid growing concerns over rising competition in the AI chip market.

Shares of Alphabet, Google's parent company, saw an increase of about 1% following a report from The Information that Facebook's parent, Meta Platforms, is in talks to utilize Google's AI chips in its data centers from 2027, with plans to start renting chips from Google Cloud next year.

Despite Nvidia's two-month low drop of 4.5%, Advanced Micro Devices fell 7.2%, contributing to a 1.6% decline in the Philadelphia SE Semiconductor index. The broader technology sector had shown volatility earlier, with investors capitalizing on tech stocks following considerable selling due to stretched valuations and high AI expenditure by large firms.

(With inputs from agencies.)