Wall Street rebounds from 18-month low as chipmakers rally

Wall Street rebounded from an 18-month low on Friday, led by a sharp recovery in semiconductor stocks, as investors weighed potential regulatory changes to the AI industry following Democratic election victories. The Philadelphia Semiconductor Index gained 4.2%, with Nvidia climbing nearly 3% and AMD, Intel, and Micron rising between 5% and 11%. The S&P 500 rose 0.31% and the Nasdaq advanced 1.1%, though all three indices ended the week lower. Uncertainty persists over AI regulation, including Texas Governor-elect Gina Hinojosa's plans to restrict data centre development. Global markets continued declining, with Japan's Nikkei and South Korea's KOSPI plunging around 6%.