Important points
- U.S. stocks rose as of midday on Thursday, Dec. 7, 2023, as enthusiasm for artificial intelligence drove tech stocks higher.
- Alphabet and AMD launched new AI products, and both companies' stock prices rose.
- Take-Two Interactive's stock price fell due to a downgrade related to concerns about the release of Grand Theft Auto VI.
U.S. stocks rose as of midday as tech stocks pushed higher on the back of enthusiasm for artificial intelligence (AI). The Dow, S&P 500, and Nasdaq all rose.
All FAAMG stock prices were in the green. Alphabet (GOOGL) stock soared after the tech giant announced its new AI platform, Gemini.
Advanced Micro Devices (AMD) shares rose after the semiconductor maker introduced new AI chips to rival industry leader Nvidia (NVDA). Nvidia stock also rose.
Shares of Take-Two Interactive Software (TTWO) fell after Bank of America cut its stock price in anticipation of a delay in the release of its new video game Grand Theft Auto VI.
Discount retailer Dollar General (DG)'s stock price also fell as same-store sales declined.
Shares of energy company Hess (HES) fell along with natural gas prices, which fell to three-month lows during trading.
Oil futures were little changed and gold prices fell. The yield on the 10-year US Treasury note rose. The US dollar lost against the euro, pound, and yen. Trading in major cryptocurrencies was mixed.
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