By STAN CHOE, AP Business Writer<\/p>\n
NEW YORK (AP) \u2014 A rebound for\u00a0AI stocks<\/a>\u00a0is helping to support Wall Street and keep indexes mixed\u00a0on Monday<\/a>.<\/p>\n The S&P 500 rose 0.5%, even though the majority of stocks within the index fell. The strength for companies in the\u00a0artificial-intelligence<\/a>\u00a0technology industry had the Nasdaq composite 1.1% higher, as of 9:35 a.m. Eastern time, but the Dow Jones Industrial Average was down 160 points, or 0.3%.<\/p>\n AI stocks have been\u00a0swinging sharply<\/a>\u00a0in recent weeks on worries that their prices shot too high in the euphoria around AI. Doubts are rising about whether all the dollars flowing into AI chips and data centers can possibly create enough productivity and profit gains to make back all the investments.<\/p>\n Broadcom rose 5.3% and was one of the strongest forces lifting the S&P 500, coming off losses of more than 2% from both Wednesday and Thursday at the end of last week, before the\u00a0holiday for the Fourth of July<\/a>. Micron Technology climbed 4.2%.<\/p>\n The global appetite for AI from investors will face an additional test later this week when SK Hynix, the South Korean maker of computer memory, plans to raise $28 billion by selling shares of stock that will trade in the United States on the Nasdaq. That would make it one of the biggest U.S. offerings ever, behind\u00a0SpaceX\u2019s IPO from last month<\/a>, which raised $75 billion.<\/p>\n SK Hynix\u2019s stock in Seoul has already more than tripled so far this year because of the AI boom, but its day-to-day swings have included sharp losses in recent weeks. It fell 14.6% on Thursday alone, for example.<\/p>\n SpaceX, which owns the xAI business, has seen its stock likewise swing following its ballyhooed initial public offering. It rose 1.2% in the last day of trading before it\u2019s scheduled to join the Nasdaq 100 index of the largest non-financial stocks on the Nasdaq. That\u00a0inclusion will force funds<\/a>\u00a0like the QQQ exchange-traded fund, which mimic the index, to buy SpaceX themselves.<\/p>\n Elsewhere in AI, TeraWulf jumped 12.5% after it said Anthropic agreed to a 20-year deal to use its data center in Kentucky. TeraWulf expects the deal to bring in roughly $19 billion in revenue. TeraWulf is in the midst of transitioning its business away from mining bitcoin and into high-performance computing.<\/p>\n