Shares of technology companies were flat amid concerns about an artificial-intelligence bubble.

Shares of chipmaker Nvidia ticked down but remained roughly 45% higher for the first six weeks of the year. The rally in AI stocks is "very extended and definitely exposed to a pullback," said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund. "I doubt it's the end," he said.

Shares of Japanese tech conglomerate SoftBank surged in their biggest daily jump in nearly two years, thanks to an increase in sales at its unit, Arm, a giant chip-design company that has benefited from the AI boom.

Billionaire Masayoshi Son's firm drew criticism for its headlong rush into startup-investing in Silicon Valley over the last decade, with major missteps, including its backing of WeWork. Softbank's investments in Uber Technologies, Arm and others are going Softbank's way so far in 2024.

GoPro's previous sales growth targets in 2024 and beyond are starting to look unlikely, Wedbush analysts say in a research note.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

02-08-24 1739ET