Shares of technology companies rose slightly amid mixed earnings reports.

President Biden joined Microsoft President Brad Smith at an event celebrating the software giant's plan to invest $3.3 billion on an artificial intelligence data center in Wisconsin, the latest stop in a global spending spree by the tech giant to build AI infrastructure.

Shares of Nvidia hovered near all-time highs, roughly twice its value at the start of the year.

One strategist said the AI craze in the stock market is not necessarily an instance of "irrational exuberance."

"If you look at the earnings growth of let's pick on Nvidia as the prime example...Nvidia earnigns are up 300% in the last two years, that should be rewarded," said Oliver Pursche, senior vice president at financial advisory Wealthspire.

"So I'm not sure that we can easily say there's an irrational exuberance in AI names across the board," said Pursche.

Shopify shares plunged after the e-commerce platform said it expects sales growth to slow in the current quarter.

Uber Technologies slid, giving back roughly half the ride-hailing giant's year-to-date gains, after it warned that it swung to a loss last quarter as legal settlements and equity investments weighed on its results even as demand for its rides and deliveries rose.


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

(END) Dow Jones Newswires

05-08-24 1728ET