Shares of technology companies rose as artificial-intelligence speculation offset surprisingly weak earnings from one Internet powerhouse.

Shares of Cisco Systems tumbled after the maker of routers and other networking gear posted earnings shy of analysts' expectations. Excitement about the prospects of AI continued to stir tech gains, however.

Shares of Intel surged 6% to their highs of the year after analysts at brokerage Mizuho raised their price target on the chip giant, saying it could be an "under the radar" AI bet.

Lenovo Group's net profit fell 54% in its fiscal second quarter due to a high base in the same period last year when market conditions were more favorable. Shares of semiconductor capital equipment maker Applied Materials fell sharply in late trading.

Write to Rob Curran at

(END) Dow Jones Newswires

11-16-23 1821ET