Shares of technology companies rose, as traders shrugged off a punishing selloff for Intel.

Shares of the chip maker incurred their biggest losses in more than a year, setting back a turnaround after the company issued disappointing first-quarter projections that intensified concerns about its capacity constraints.

Intel executives said the company had misjudged the scale of demand for high-end chips powering data centers. Amazon.com is reportedly set to embark on another round of mass job cuts, with 14,000 people set to lose their jobs, Reuters reported, citing, in part, the substitution of artificial intelligence.

EquipmentShare.com, a company that rents construction equipment both online and at physical branches, made its Wall Street debut on Friday.

Tech-oriented defense contractor Booz Allen Hamilton raised its profit outlook for the fiscal year as its cost-saving efforts, prompted by the Trump administration's cuts to government-contract funding for consultants, began to boost its bottom line.

Rival Palantir Technologies rose in sympathy.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

January 23, 2026 17:01 ET (22:01 GMT)

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