US stocks rebound as chipmakers rally after AI selloff

Wall Street stocks rebounded Friday as chipmakers rallied, with the Philadelphia Semiconductor Index surging 4.2%, though all three major US indexes still posted weekly losses after an AI-driven selloff. The S&P 500 rose 0.31% and Nasdaq gained 1.1%, led by technology and industrial stocks, while the Dow fell 0.46%. Nvidia climbed nearly 3% after its worst day since January 2025, with AMD, Intel, and Micron up 5% to 11%. The bounce followed fears that Democratic election wins would tighten AI regulations, with Texas' governor-elect pledging new data centre laws. Global markets remained weak, as Europe's STOXX 600 fell 1% and Japan's Nikkei slumped 6%, while US payrolls beat forecasts at 165,000.