The S&P 500 moved higher on Wednesday in choppy trading as investors shrugged off a revenue miss from Alphabet
The broad market index rose 0.1%, while the Dow Jones Industrial Average climbed 143 points, or 0.3%. The Nasdaq Composite fell 0.1%.
Alphabet shares tumbled 7% after the Google-parent posted a cloud revenue miss as it ramps up spending on artificial intelligence, spooking investors who worried the megacap technology company will take longer to capitalize on its AI ambitions. Overall revenue for the period also came up short.
AMD
shares were also lower by 7% after the company's fourth-quarter data center revenue came up short of expectations.
Other AI-related names like Super Micro Computer and Nvidia
jumped during the session, however, after the server maker announced full production availability of its AI data center with Nvidia's Blackwell platform. Those stocks gained 7% and 4%, respectively.
"As it begins to transition to who's going to bring [AI] to the masses, there's going to be the haves and the have nots," Mike Dickson, head of research and quantitative strategies at Horizon Investments, told CNBC. "There's just a bifurcation that I think we're going to continue to see as this AI theme matures."
Elsewhere in tech, Apple dropped nearly 1% after Bloomberg News reported that regulators in China were considering launching a formal investigation into the company's App Store fees and policies.
This comes amid heightened trade tensions between China and the U.S. Over the weekend, the U.S. unveiled a 10% levy on Chinese imports. China then retaliated with tariffs of up to 15% on U.S. goods.(Cay) Newsmaker23
Source: CNBC
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