Shares of technology companies rose after Amazon.com's artificial-intelligence plans sparked another wave of AI speculation.

Amazon shares tested all time highs, rising over 4% after Chief Executive Andy Jassy said capital spending will go up "meaningfully" this year from its nearly $49 billion in capital expenditures and equipment finance leases last year, as the online megastore enters the Silicon Valley AI arms race in earnest.

Bitcoin prices tumbled after a spike in recent weeks. CDW shares fell as the company said first-quarter market conditions were weaker than expected and reported earnings below Wall Street estimates.

CoreWeave, a cloud-computing startup backed by Nvidia, nearly tripled its valuation to $19 billion in a new funding round that highlights booming demand for the cutting-edge systems that power AI. CoreWeave rents out equiopment in data centers that supports AI computing.


Write to Amy Pessetto at amy.pessetto@dowjones.com

(END) Dow Jones Newswires

05-01-24 1744ET