US stocks climb; Meta CEO rejects claim of excess computing power

On July 9 the three major U.S. stock indexes closed higher – the Nasdaq Composite rose 1.3%, the S&P 500 gained 0.81% and the Dow Jones Industrial Average increased 0.27%. Large‑cap technology shares moved in mixed directions, but Meta Platforms surged more than 4% after CEO Mark Zuckerberg told reporters the company has no idle computing capacity and that all available power is fully deployed. He added that market rates for compute remain high, making the idea of renting out surplus capacity potentially more economical.

Chip and semiconductor stocks led the rally, with the Philadelphia Semiconductor Index up over 3%. Arm Holdings jumped more than 9%, while other chip makers such as AMD, Intel, Qualcomm and Texas Instruments each rose 2‑6%. Light‑communication stocks also performed strongly, with Lumentum up 11% and Corning up 4%.

The market’s optimism was reflected in analyst commentary that AI‑related spending remains robust and that earnings growth for S&P 500 constituents is expected to stay strong through 2026.