All three major stock indexes on the New York Stock Exchange rebounded after Anthropic, which has become the "public enemy" of the tech industry recently, announced partnerships with some technology corporations.
On the 24th (Eastern time), the Dow Jones Industrial Average rose 370.44 points, or 0.76%, to close at 49,174.50 at the New York Stock Exchange (NYSE). The Standard & Poor's (S&P) 500 increased 52.32 points, or 0.77%, to 6,890.07, and the Nasdaq composite climbed 236.41 points, or 1.04%, to 22,863.68.
This year, concerns spread that "Claude Co-Work," a corporate AI tool unveiled by the artificial intelligence (AI) startup Anthropic, could threaten the entire software (SW) industry, triggering broad-based selling and dealing a heavy blow to the tech sector.
However, news that Anthropic formed partnerships with major software corporations lifted shares of corporations that had been the focus of the sell-off. By introducing a feature that integrates its Claude Co-Work into various enterprise apps such as Salesforce, Inc., expectations grew that they could coexist with AI.
On the news, Salesforce, Inc. rose 4%, Adobe jumped more than 3%, and ServiceNow gained 1.71%. AppLovin, a digital advertising platform, advanced 3.31%, and DocuSign, a digital signature service corporation, climbed 2.63%, extending the rebound.
Semiconductor stocks strengthened on news that Meta made large-scale purchases of AMD's AI chips. AMD surged 8.77% on the report, while TSMC rose 4.25% and Intel gained 5.71%. The Philadelphia Semiconductor Index also jumped 1.45%.