Tech Chipmakers Slide on Google AI Deal Rumors; Best Buy Surges on Earnings Beat

Shares of Nvidia and Advanced Micro Devices tumbled following reports that Meta Platforms may adopt Google's specialized AI chips, intensifying competition in the semiconductor space. The potential shift underscores the volatility in the AI hardware sector as tech giants reassess supply chains.

Best Buy outperformed expectations with a robust earnings report fueled by consumer electronics upgrades. The retailer's stock rallied as demand for device replacements offset broader market concerns about discretionary spending.

Equities extended gains for a third consecutive session amid growing speculation about imminent Federal Reserve rate cuts. The Dow led major indices with a 1.4% climb, while the S&P 500 and Nasdaq advanced 0.9% and 0.7% respectively.

Keysight Technologies surged 10% after exceeding earnings forecasts and announcing a $1.5 billion buyback program. The test equipment Maker cited strong AI data center demand as a key growth driver, highlighting the infrastructure buildout supporting artificial intelligence development.