[New York Stock Market] AMD Surges Over 7%... Three Major Indexes Rebound in a Day After AI Jitters

AMD Signs AI Chip Deal With Meta
Software Stocks Gain Ground
Anthropic's AI Enterprise Demo Also in Focus

Reuters Yonhap News Agency

On February 24 (local time), the three major U.S. stock indexes in New York were on the rise as investor sentiment recovered, led by software stocks, following news that AMD had signed an AI chip supply contract with Meta.

As of 10:42 a.m. on the New York Stock Exchange (NYSE), the Dow Jones Industrial Average was up 386.43 points (+0.79%) from the previous trading day at 49,190.49. The large-cap S&P 500 Index was up 39.39 points (+0.57%) at 6,877.14, and the tech-heavy Nasdaq Composite Index was trading at 22,837.04, up 209.77 points (+0.92%).

On this day, the New York market was being driven higher by technology stocks centered on AMD. AMD said it had signed an AI chip supply contract worth 60 billion dollars with Meta Platforms, the parent company of Facebook, sending its share price up 7.95%.

Software companies also gained on bargain-hunting. Salesforce and ServiceNow rose 5.15% and 3.31%, respectively. Home Depot, a retailer, climbed more than 3% as key sales indicators for the most recent quarter showed an upward trend.

Among large-cap stocks by market capitalization, the strength of technology names stood out. Nvidia was up 0.29%, Apple 2.94%, Microsoft 0.59%, Amazon.com 1.13%, TSMC 4.27%, and Tesla 1.33%. In contrast, Alphabet A was down 0.46%, Broadcom 1.82%, and Eli Lilly 0.96%.

The AI enterprise agent demonstration hosted by Anthropic on this day was also in the spotlight. The previous day, Anthropic said that using Claude Code it could automatically handle modernization of COBOL systems, and the stock market reeled on fears about AI. Mark Taylor, head of sales trading at Panmure Liberum, said the event was "the biggest risk event today."

In a report that day, Mizuho traders wrote, "No one wants to make a hasty judgment ahead of the announcement of new AI products," adding, "Anthropic's new model has been interpreted as 'incremental competition' for existing software, but it is questionable whether that interpretation is valid. Therefore, investors are choosing to stay on the sidelines rather than trying to game the outcome."

Tariff risks from the Donald Trump administration also lingered over the market. A White House official said that U.S. President Donald Trump had not changed his mind about raising global tariffs to 15% and that working-level preparations were under way to raise the current global tariff rate from 10% to 15%. However, the specific timing of the increase was not disclosed.

Peter Cardillo, chief market economist at Spartan Capital Securities, said, "The market is not worried about only one thing," pointing out that "in addition to AI trades, there are also geopolitical concerns, macroeconomic concerns, and tariff concerns."