STOCKS | Wall Street Rebounds as Chipmakers Rise on Dip Buying

Wall Street rebounded as dip buyers stepped in, and chipmakers moved higher. According to Odaily, investors are betting that the artificial intelligence trade driving the current bull market still has room to rise. UBS's trading desk said the sharp selloff in momentum stocks may be nearing an end, creating an opportunity for investors to rebuild positions in artificial intelligence and semiconductor stocks. UBS said part of the reason the sector may be bottoming is that much of the speculative positioning has already been unwound. UBS prime brokerage data showed hedge funds cut long positions in momentum and semiconductor stocks by about 5% of total market value, one of the largest declines on record.