Tech Up on Deal Intrigue — Tech Roundup

Shares of technology companies rose amid deal intrigue in the chip sub sector.

Shares of Intel surged after a report that the chip giant received an investment offer of up to $5 billion from investment firm Apollo Global Management. That followed last week's Wall Street Journal report that chip designer Qualcomm was weighing a buyout offer for its longtime rival, Intel.

Meanwhile, semiconductor fabrication giants Taiwan Semiconductor Manufacturing and Samsung are in talks to build megafactories in the United Arab Emirates in what could be a $100 billion project.

Microsoft shares ticked down after analysts at brokerage DA Davidson cut their rating on the software giant, saying its lead in generative artificial intelligence had largely been eroded by rivals such as Alphabet. Shares of the Google owner slipped, breaking a long winning streak, as investors digested arguments from the Department of Justice, which is making the case that Google has built a monopoly in digital-advertising technology. Tesla shares rose to their highest level since July as traders chased momentum in the economically cyclical electric-vehicle maker's shares in the wake of the Federal Reserve's pivot.

The ARK Innovation exchange-traded fund, a basket of high-risk tech and sustainable-energy stocks, including Tesla -- selected by renowned stock picker Cathie Wood -- has now risen 12 out of the last 13 sessions, its longest winning streak since its 2021 heyday. ARK Innovation shares are roughly halfway between their all-time highs and their recent lows.

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

(END) Dow Jones Newswires

September 23, 2024 18:07 ET (22:07 GMT)

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