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Tech Up as Treasury Yields Slide -- Tech Roundup

10/04/2022 | 05:12pm EST

Shares of technology companies rose sharply as Treasury yields continued their decline.

Investors are betting that weakening growth and inflation data will persuade the Federal Reserve to slow rate increases.

Chipmaker Micron Technology agreed to invest as much as $100 billion to build a semiconductor-manufacturing campus in upstate New York, adding to a wave of chip-making plans in the U.S. as Washington tries to boost domestic manufacturing of those critical components.

Tesla shares rose after Cathie Wood's ARK Invest bought more shares of the electric car maker during Monday's slump.

"Demand for Tesla products exceeds supply," said analysts at brokerage Morgan Stanley, in a note to clients, arguing that price increases will likely offset a hit to margins from supply-chain constrained deliveries in the current quarter.

Lawyers for Nikola Corp. founder Trevor Milton's defense are relying on the testimony of Harvard Professor Allen Ferrell, seeking to persuade jurors that the former chief executive's allegedly misleading tweets and podcast interviews didn't move markets.

Alphabet's Google will pay the state of Arizona $85 million to settle a 2020 lawsuit in which the search giant was accused of deceiving users by recording their locations even after they tried to turn off the company's tracking technology.

DXC Technology shares jumped Tuesday after the information-technology consulting firm said management had been approached by a financial sponsor regarding a potential acquisition of the company.


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

(END) Dow Jones Newswires

10-04-22 1711ET

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -1.02% 97.46 Delayed Quote.-32.72%
DXC TECHNOLOGY COMPANY 0.24% 29.68 Delayed Quote.-7.80%
MICRON TECHNOLOGY, INC. -0.88% 58.41 Delayed Quote.-37.29%
MORGAN STANLEY 1.09% 90.91 Delayed Quote.-8.38%
NIKOLA CORPORATION 0.42% 2.39 Delayed Quote.-75.79%
TESLA, INC. -0.19% 182.86 Delayed Quote.-48.09%
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