By George Glover and Kit Norton
Stocks rose Wednesday, with tech and artificial-intelligence plays mounting a comeback ahead of Kevin Walsh's first meeting as chairman of the U.S. central bank.
Intel rose 1.4% after the company said it was ready to start trial runs of the latest version of its chip-manufacturing process.
Other AI-linked stocks were advancing.
Chip maker Advanced Micro Devices added 0.9%. Chips-and-networking company Marvell Technology gained 2.9%. Memory-chip maker Micron Technology added 0.6%. Flash memory product supplier Sandisk fell 1%.
Broadcom rose 4.2% to $392.30. J.P. Morgan reiterated a Buy rating on the shares with a $580 price target. The firm said it would be " aggressive buyers" of the stock "at current levels."
These stocks also were making moves:
SpaceX dropped 3.6%. The rocket and AI company's stock has surged since its trading debut on Friday, although investors could face a reckoning when a lockup period for shares ends.
AST Spacemobile rose 3.9%. An apparently successful mission to deploy satellites is validation for AST Spacemobile and SpaceX, which are rivals in the field of space-based communications. SpaceX said it deployed three of AST SpaceMobile's BlueBird satellites into orbit.
Jabil rose 6.6%, near the top of the S&P 500 for the trading session. The supplier of electronic parts reported better-than-expected fiscal third-quarter earnings. The company also lifted its full-fiscal year profit outlook to $12.70 a share from $12.25, with AI-related revenue expected to total $13.6 billion.
Figma advanced 6% to $19.11. Citi recommended investors pile into Figma stock, initiating coverage at Buy with a $36 price target, representing 90% upside. The design-software maker has been battered by fears of AI disruption and a broad sector downturn.
BMW dropped 1.3% overseas after the German auto maker slashed its profit outlook, citing intense competition in China and the impact of the Iran war.
CarMax fell 6.2% even as the used-car retailer reported better-than-expected first-quarter earnings and outlined business turnaround plans. Shares of CarMax rival Carvana dropped 6.3% while AutoNation declined 1.3%. Group 1 Automotive also fell 1.3%.
La-Z-Boy jumped 22% after the furniture maker topped analysts' fourth-quarter earnings target, as an aggressive expansion plan paid off.
Write to George Glover at george.glover@dowjones.com and Kit Norton at kit.norton@barrons.com
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(END) Dow Jones Newswires
June 17, 2026 10:23 ET (14:23 GMT)
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