TECHNOLOGY (XLK)

Cognizant CEO Ravi Kumar told CNBC that the company is entering a new phase of AI transformation, shifting from a traditional IT integrator to an “AI builder.”

Microsoft has acknowledged the disruption on its Azure and Microsoft 365 support accounts on X.

Analysts at UBS, Melius Research, DA Davidson, and Bank of America raised price targets, citing strong AI demand and partnerships.

Nokia said it will issue about 166 million new shares to Nvidia at a price of $6.01 each.

According to a Reuters report, Oracle CEO Mike Sicilia emphasized there is real value in artificial intelligence as demand far outpaces supply.

His comments come after Qualcomm launched new chips on Monday, marking its foray into the AI accelerator space.

The merger will create a company with about $7.7 billion in annual revenue.

NXP's revenue dipped 2% YoY, but exceeded the midpoint of the guidance slightly.

Tech stocks are nearing their biggest six-month rally since the dot-com era, fueled by Fed rate cuts, AI earnings and cooling inflation.

Qualcomm said new chips are designed to make generative AI more accessible and cost-effective for clients, potentially spelling competition for Nvidia and AMD.

Scott Bessent said the threat of the 100% tariffs and the immediate initiation of a worldwide export control regime by China has gone off.

Wall Street surged to fresh all-time highs Friday as a softer-than-expected inflation reading strengthened market conviction that the Federal Reserve will cut interest rates by 25 basis points at its Oct. 30 policy meeting.

Risk sentiment deteriorated sharply on Wednesday as a wave of disappointing earnings guidance and escalating U.S.-China trade tensions rattled investor confidence.