Wall Street Tech-Led Rally on AI Optimism

United States===Wall Street extended its tech-led rally, reaching two-week highs, as optimism surrounding artificial intelligence's potential benefits overshadowed concerns about its disruption and costs. The Nasdaq Composite led the gains, fueled by chip stocks, with Nvidia reporting strong fourth-quarter revenue that surpassed analyst estimates. The Philadelphia Semiconductor Index and the S&P Software & Services Index also performed strongly. However, not all companies shared in the positive sentiment; Axon Enterprise jumped after beating profit estimates, but First Solar, Lowe s Companies, and GoDaddy saw their shares fall due to weaker-than-expected sales guidance. Alcohol producers like Brown-Forman and Molson Coors also declined following Diageo's negative sales outlook and dividend cut. Richmond Fed President Tom Barkin commented on AI's potential to enable workers rather than displace them.