Shares of technology companies gained as companies show signs that demand remains healthy.

Advanced Micro Devices and Anthropic signed a deal for tens of billions of dollars' worth of artificial-intelligence servers, strengthening AMD's competitive position against industry leader Nvidia and supplying Anthropic with much needed computing power. Under the terms of the agreement, Anthropic will purchase up to 2 gigawatts of AMD's latest-generation chips, called the Instinct MI450, starting in the first half of 2027. AMD will also invest up to $5 billion in Anthropic-its first check into the AI firm-as certain deployment milestones are met.

OpenAI is scaling up its data-center ambitions-and its budget for spending on them. The artificial-intelligence company has raised its projected spending on computing power to around $750 billion through 2030, up from a projection of roughly $600 billion earlier this year, according to a person with knowledge of its projections. The increase reflects new agreements with cloud-computing providers as OpenAI races to lock up the enormous amounts of computing capacity it needs to develop and run its AI models.

Super Micro Computer's shares soared after it said gross margins in the fourth quarter will be around twice as high as previously forecast. The server company said it expects gross margins of 15% to 17%, up from its previous guidance for up 8.2% to 8.4%. The increase was due largely to a favorable customer and product mix.

Amazon cut jobs in parts of its artificial general intelligence organization, the latest targeted workforce reduction at a major technology company as the industry continues to pour billions of dollars into artificial intelligence.

Write to Patrick Sheridan at patrick.sheridan@wsj.com

(END) Dow Jones Newswires

July 22, 2026 18:27 ET (22:27 GMT)

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