DJIA up 254.80 points (Il Sole 24 Ore Radiocor) - New York, 25 Jun - US shares were trading mixed at midday as AI darling Nvidia rebounded from three straight sessions of losses to give support to the tech sector.

Nvidia's three-day fall wiped 430 billion dollars off the stock just days after it had risen to post record highs and briefly become the most valuable company on the stock market.

The 13% fall raised questions about the speed of the group's rise to fame and the creation of a possible bubble as other AI-related stocks rise in tandem.

The tech giant has boomed thanks to growing demand for chips that train and run generative AI models like OpenAI's ChatGPT. It has surged more than 1,000% since October 2022 and is up 139% so far this year. The stock was up 4.5%.

On the data front, US consumer confidence fell to 100.4 in June from 101.3 in May, but was above expectations for a decline to 100.

Hopes for an early interest rate cut are fast fading and took another blow today when Federal Reserve governor Michelle Bowman said she expected inflation to remain elevated for a while and that steady interest rates "for some time" were likely what was needed to bring inflation under control. She also said she was willing to raise rates should progress on inflation stall or even reverse.

On the earnings front, Carnival and FedEx are among companies due to report quarterly results.

At 1610 GMT, the Dow Jones was losing 254.80 points, or 0.65%, at 39,156.61 points.

The S&P 500 was 9.66 points, or 0.18%, higher at 5,457.53 points.

The Nasdaq was gaining 151.65 points, or 0.87%, at 17,648.74 points.

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(RADIOCOR) 25-06-24 17:22:52 (0564) 5 NNNN