AI Stocks Soar as Inflation Fears and Mining Deals Drive Market Action
The premarket session saw AI equities rise in anticipation of Wednesday's consumer price index release. The inflation data may determine the Federal Reserve's stance on interest rates.
A few companies with AI exposure gained, including Super Micro Computer, which rose 3% ahead of its Q4 earnings announcement on Thursday. Lumentum and Coherent also posted gains of 3.7% and 2.4%, respectively.
The report that Apple is evaluating memory semiconductors from Chinese manufacturer ChangXin Memory Technologies led to a 1% decline in the tech giant's shares. Berkshire Hathaway, however, gained 0.4% following its Q2 earnings release, which saw operating profits climb 16% to $13 billion.
The White House announcement of over $2 billion in new mining investments sparked a rally in mining sector stocks. Standard Lithium surged 13%, while 5E Advanced Materials skyrocketed 30%. The funding package includes $180 million for mining educational institutions and workforce training programs.