September 26, 2024 – 7:40 AM PDT
(Reuters) – Wall Street’s main indexes rose on Thursday, with the S&P 500 hitting a record high, as Micron’s upbeat forecast revived the frenzy around artificial intelligence, and a softer-than-expected jobless claims report soothed worries about the labor market.
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Micron Technology (MU.O) jumped 17.3% after the memory chip maker forecast higher-than-expected first-quarter revenue, underscoring that demand for memory chips used in AI computing was robust.
The optimism lifted other chip stocks, with Nvidia (NVDA.O) rising 2.8%, Advanced Micro Devices advancing 3.6% (AMD.O) and Broadcom (AVGO.O) adding 2.2%. The broader Philadelphia SE Semiconductor index (.SOX) jumped 3.7% to levels seen more than two months ago.
Investors also scrutinized a Labor Department report that showed jobless…
