Tech Advances as Upward Momentum Builds — Tech Roundup
Shares of technology companies rose as the relentless upward momentum in the sector continued to lure traders.
There's some skepticism building about investors' breathless optimism about artificial-intelligence firms, however.
"The aggressive pace of innovation on AI will bring questions on sustainability of pricing," said analysts at brokerage Morgan Stanley, while also pointing at the favorable positioning of incumbents such as Nice Ltd.
Shares of AI proxy Nvidia were more or less flat but have risen a staggering 87% for the first quarter, leaving the firm with a market capitalization of about $2.3 trillion, rivalling that of the world's largest company, Apple.
Apple shares have fallen 7% for the year to date. Chinese firm U-BX Technology, which slid on its debut. Palantir shares slid as the AI-informed data analytics firm was downgraded to sell from neutral by brokerage Monness, Crespi, Hardt.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
March 28, 2024 17:33 ET (21:33 GMT)
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