US stocks end higher as tech rally continues, led by Micron Tech

US STOCKS closed higher on Friday after a rocky start to the week, as a rebound in technology shares offset tumbling consumer stocks such as Nike.

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Megacaps extended gains from Thursday, when chipmaker Micron Technology’s strong forecasts reignited optimism around artificial intelligence (AI)-related shares, which had recently come under pressure over lofty valuations and funding concerns.

Micron reached a record closing high on Friday, ending the day up 7%. Nvidia rose 3.9% as the US launched a review that could allow the first shipments to China of Nvidia’s second-most powerful AI chip.

Meanwhile, Oracle jumped 6.6% after TikTok’s Chinese owner, ByteDance, signed binding agreements to hand control of the short-form video app’s US operations to a group of investors, including the cloud computing giant.