Chip stocks surpass software sector
Shares of semiconductor companies achieved a historic milestone at the expense of the software sector, as the Philadelphia Semiconductor Index rose by 4.5%, while the "iShares Technology ETF" declined by 4%. This widened the gap between the two sectors to its largest level in years, driven by Google's parent company Alphabet's announcement of an $80 billion stock offering to fund artificial intelligence, as well as the rise in shares of companies like Broadcom and Marvell Technology. Meanwhile, Microsoft, Oracle, and Palantir fell due to declining profit expectations in the software sector.
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