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Tech Down, But Near All-Time Highs Amid AI Momentum — Tech Roundup

Provided by Dow Jones

Shares of technology companies fell but remained near all-time highs amid momentum in artificial-intelligence firms.

One strategist said growth at the corporate level has come disproportionately from the AI boom this year, and this is now reflected in the standings of the 11 S&P 500 industry groups.

"Tech is now the top performer year to date followed by communications services," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

The utility sector, the next strongest industry group, has also been affected by the AI boom because of the impact on electricity demand.

With stocks near all-time highs, largely thanks to the rally in mega-cap tech stocks, investors are weighing valuation concerns, said Joyce.

"We're at higher-than-normal multiples at a time of greater uncertainty than normal," said Joyce. "That's not a great combination for the market."

Shares of Rumble climbed after the company reported its second-quarter results and said it intends to make an all-stock bid to buy artificial-intelligence cloud-computing group Northern Data for about $1.17 billion.

The European Union gave conditional approval to Prosus, the Dutch unit of Naspers, for its $4.77 billion offer to buy food-delivery company JustEat Takeaway.com, clearing a key hurdle.

MeridianLink shares surged after the provider of software platforms for financial institutions and consumer reporting agencies agreed to a buyout from investment firm Centerbridge Partners for about $2 billion. 




  Write to Rob Curran at rob.curran@dowjones.com 



  (END) Dow Jones Newswires



  August 11, 2025 18:59 ET (22:59 GMT)


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