Shares of technology companies rose as traders bet on a sustained artificial-intelligence boom.
Meta Platforms created a new "top-level initiative" for AI infrastructure, led by top executives. As part of that initiative, Meta named a new president and vice chair, Dina Powell McCormick, to work on developing partnerships with governments to finance and deploy data centers across the world.
Strategists at brokerage Morgan Stanley said broad technology trends bode well for many software companies. This bullish view is "supported by: 1) lower rates - current yields on 10-year treasuries stand at +4.2% compared to +4.8% this time last year; 2) stable 2026 software budget spend expectations; 3) public cloud growth rates that are accelerating; and 4) the return of digital transformation and cloud migration initiatives," said the Morgan Stanley strategists, in a note to clients.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-12-26 1751ET
