Tech Up as AI Momentum Builds -- Tech Roundup

Shares of technology companies rose as momentum and excitement about artificial intelligence built.

Google raised the stakes in the contest to develop the world's fastest and most efficient artificial-intelligence chips, unveiling a processor that supports AI inference, seen as the next step to AI training.

Adobe shares rose after the design-software's board approved a $25 billion stock buyback program, alleviating fears about the ontological challenge posed by AI to Adobe's core business.

The Roundhill Magnificent Seven exchange-traded fund, which tracks the largest U.S. tech companies who are driving the AI boom, is within 5% of record highs set in October and up 56% from a year earlier.

Tesla shares rallied in late trading after the electric-vehicle maker's earnings surpassed Wall Street targets.

A torrid run for semiconductor companies continued, with the iShares SOX Semiconductor exchange-traded fund amassing a 37% gain for the year to date.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

04-22-26 1815ET