The artificial-intelligence trade has for now stopped spiraling, after a bruising selloff that set back the Nasdaq by about $2.5 trillion Thursday.

The tech-heavy index is gaining more than 1%, reversing some of Thursday's historic losses. The Dow, on the other hand, is about flat on the day after paring morning losses.

The stocks that were hardest-hit this week, including data-center firms like CoreWeave and chip companies Intel, Nvidia, Micron and ARM Holdings, are all climbing.

Meanwhile, Friday morning's jobs report pointed to robust hiring in October. The economy added 165,000 jobs and the unemployment rate slipped to 4.1%, beating economists' expectations.

Global stocks swooned overnight, as tech-heavy indexes in Asia caught up with Thursday's losses in the U.S. SoftBank, one of OpenAI's biggest investors, slid 10% in Tokyo.

The losses came as sentiment toward the AI trade had already grown more fragile. After Democrats' sweeping midterm victory, the question now is whether this week's selloff was a temporary stumble, or the start of a longer-lasting unwinding of the AI trade.