Wall Street Sees Rotation from AI Stocks Amid Oil Price Easing

Most of Wall Street is rising despite the decline in AI chip stocks. The S&P 500 rose 0.3% in late trading, while the Dow Jones Industrial Average gained 595 points, or 1.1%, with an hour remaining in trading.

The modest move masked big swings underneath the surface. The Nasdaq composite was down 0.1% after briefly dropping 9.3% below its record set last month.

Stocks of computer chipmakers have been tumbling worldwide, with Micron Technology's stock down 8.4%. Advanced Micro Devices and Applied Materials also fell by 7.4% and 7.5%, respectively.

The losses for AI chip stocks were even sharper earlier in the day in other markets worldwide. Sharp drops for SK Hynix and Samsung Electronics dragged South Korea's Kospi index down 10.8%.