Shares of technology companies rose as traders continued to chase gains in artificial-intelligence concerns.

Shares of Advanced Micro Devices rose by almost 6%, taking gains to roughly 30% for the year to date. Investors poured about $4 billion into tech funds over the two weeks that ended Jan. 17, the largest two-week inflow since August, according to Bank of America strategists.

Shares of the Magnificent Seven -- the seven largest tech stocks -- more than doubled in 2023 and are showing similar momentum in 2024.

Alibaba Group shares rose on news that co-founders Jack Ma and Joe Tsai bought about $200 million of the company's stock in the latest quarter, giving the Chinese technology giant some welcome relief amid a monthslong slide.

German business software maker SAP launched a business overhaul that could lead to 8,000 job losses and a new focus on AI technology.

EBay will lay off about 9% of its full-time workforce, part of efforts to boost performance at a time of rising competition and softer consumer spending.

Apple is planning to add new fees and restrictions when it begins allowing third-party software downloads outside its App Store in response to a new European law intended to tear down its closed iPhone app ecosystem.


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

(END) Dow Jones Newswires

01-24-24 1811ET