Stock Market Update

[BRIEFING.COM] The major averages continue to tick modestly higher despite widening losses in the information technology sector (-0.3%).

After opening higher, the PHLX Semiconductor Index is now down 1.2%. Broadcom (AVGO 367.47, +3.44, +0.95%) has given up the bulk of its opening gain but remains higher after Bloomberg reported that the company is in talks with lenders to raise more than $60 billion through a special-purpose vehicle for an AI chip financing deal, with a possible $60-$70 billion senior-secured tranche and roughly $30 bln of junior debt potentially lifting the total package toward $100 billion. Investors appear to be treating the preliminary proposal - reportedly benefiting Anthropic and potentially other AI customers - as evidence of a much larger deployment pipeline, consistent with management's description of AI demand as "simply insatiable," Q2 AI semiconductor bookings above $30 billion against $10.8 billion shipped, and Q3 AI semiconductor revenue guidance of $16 billion.