Chip, Storage shares rallied in after-hours trading. Broadcom up over 6%; SOXL, SanDisk, Applied Materials, Micron up over 3%; Credo, AMD, Lam Research up 2%.

Alphabet said on Wednesday that capital expenditure could as much as double this year, in yet another aggressive spending ramp-up by the Google parent as it deepens investments to push ahead in the AI race.