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Chip stocks trigger a strong rally on Wall Street
U.S. stock indices rose sharply following the announcement that Broadcom has extended its agreement with Apple until 2031 for the development and supply of electronic chips, boosting investors' appetite for the technology and artificial intelligence sectors. The gains were also supported by increased demand for chip company stocks, although the market remains cautious about the continued rise in interest rates by the Federal Reserve. Overall, the S&P 500 index has increased by 10% since the beginning of the year, amid anticipation of quarterly earnings reports.
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