U.S. equities rise midday on tech gains, though Alphabet’s record $80 billion stock offering sparks dilution concerns.
The S&P 500 rose 0.20% to 7,615.12 at midday, led by Marvell Technology and Hewlett Packard Enterprise, while the Nasdaq and Dow Jones gained 0.20% and 0.23%, respectively. AI-driven strength offset geopolitical uncertainty and oil supply disruptions.
Marvell surged nearly 30% after Nvidia CEO Jensen Huang called it the “next trillion-dollar company,” while HPE soared on strong earnings and raised guidance. Alphabet’s $80 billion stock sale, the largest on Wall Street, pressured its shares amid dilution fears, though Berkshire Hathaway’s $10 billion participation signaled confidence.
Software stocks faced renewed pressure, with Atlassian, ServiceNow, and Salesforce all declining as AI replacement concerns resurfaced.