25.06.202614:52:32UTC+00Tech Stocks Trader Mixed, Dow Rises to Record

US tech giants continued to diverge on Thursday, as hyperscale cloud providers sold off while semiconductor stocks rallied. The S&P 500 and Nasdaq 100 inched higher, and strength in non-tech sectors drove the Dow to a new record high of 52,500.

Micron jumped 10% after beating earnings expectations and forecasting quarterly revenue of $50 billion for the period through August, exceeding market estimates. Qualcomm climbed 5% after it doubled its three-year outlook for non-handset revenue.

By contrast, Nvidia, Oracle, Amazon, Alphabet, and Microsoft each fell more than 2%, underscoring an ongoing rotation away from software providers toward AI infrastructure players. Apple slid 5% after it was forced to raise iPad and Mac prices in response to higher chip costs.

Broader sectors benefited from easing inflation concerns: energy prices continued to decline, and PCE price indices came in line with expectations. Bank stocks also advanced, as lenders signaled plans to increase dividends after clearing the Federal Reserve’s latest stress tests.