The $500 billion initiative is set to develop AI infrastructure in the U.S. over the next four years.
According to OpenAI, “this infrastructure will secure American leadership in AI, create hundreds of thousands of American jobs, and generate massive economic benefit for the entire world.”
The iShares Semiconductor ETF (NASDAQ:SOXX) was up 2.3% by midday trading in New York, eyeing their fourth straight positive session, the longest streak since late September.
The earnings season continues to be off to a strong start, with companies surpassing fourth-quarter expectations, showcasing the resilience of corporate America. Netflix Inc. (NASDAQ:NFLX) delivered a stronger-than-expected quarterly performance across the board, driving its shares up 12%.
Elsewhere, small caps paused for a breather following Tuesday’s outperformance vis-à-vis large-cap counterparts.
Chinese stocks slipped, with the iShares China Large-Cap ETF (NYSE:FXI) down 0.8%, after Trump floated the idea of imposing a 10% tariff on China starting from Feb. 1.
In commodities, gold prices surged to an 11-week-high, marking their tenth gain in the past eleven sessions, as investors flocked to safe-haven assets amid rising geopolitical risks.
On Wednesday, Trump warned Russian President Vladimir Putin of potential new sanctions if a peace deal for Ukraine is not reached. Meanwhile, oil prices remained flat after three consecutive sessions of losses.
In the crypto market, selling pressure is mounting as traders react to the absence of crypto-related commentary from the new administration, which had previously positioned itself as crypto-friendly. Bitcoin (CRYPTO: BTC) retreated nearly 2% to $104,000.
Wednesday’s Performance In Major US Indices, ETFs
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Wednesday’s Stock Movers
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