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<\/div>\n<\/div>\n<\/div>\nUS stock market today: Shares of chipmakers and other companies that have benefited from the artificial intelligence boom retreated again on Wednesday, dragging Wall Street lower, while oil prices climbed another 2% as the conflict with Iran continued to intensify.The S&P 500 slipped 0.2%, despite a majority of its constituent stocks trading higher. As of 9:35 a.m. Eastern time, the Dow Jones Industrial Average had gained 89 points, or 0.2%, while the Nasdaq Composite was down 0.5%.Artificial intelligence-related stocks have remained the key driver of recent market volatility. After surging on optimism surrounding massive investments in AI chips and data centres, the sector has experienced sharp swings as investors question whether valuations have become excessive. There are also growing concerns that spending on AI could slow if the technology fails to deliver the expected gains in profitability and productivity.Micron Technology declined 1.6% after rallying 14.4% over the previous two trading sessions, a move that had almost fully recovered its 13.3% decline from the prior week. Even after the latest pullback, the stock remains up nearly 235% so far this year.<\/p>\n Investors are now awaiting one of the week’s most closely watched earnings announcements. Alphabet, Google’s parent company and one of the world’s largest investors in artificial intelligence, is scheduled to release its quarterly results after the US market closes. The report is expected to provide fresh insight into whether the company’s heavy AI investments are translating into stronger profits and improved productivity.Corporate earnings in the United States have, so far, generally exceeded expectations for the spring quarter. However, with stock prices already trading close to record highs, companies are under pressure to at least meet the market’s elevated expectations.AT&T rose 4.4% after posting quarterly earnings that surpassed analysts’ forecasts, although its revenue came in below expectations. Chief Executive Officer John Stankey also said the telecom company is speeding up plans to return about $10 billion to shareholders this year through share buybacks.Philip Morris International advanced 4.6% after the tobacco company posted quarterly profit and revenue that exceeded analysts’ expectations.Super Micro Computer surged 15.6% after the AI server manufacturer said it expects to report stronger profit margins for the latest quarter than it had previously projected. The company, however, said revenue is likely to come in at the lower end of its earlier guidance range of $11 billion to $12.5 billion.In contrast, GE Vernova declined 6% after reporting quarterly earnings that fell short of analysts’ forecasts.The broader market also remained under pressure as oil prices continued to rise, increasing operating costs for businesses and weighing on corporate profitability.<\/p>\n Brent crude, the international oil benchmark, climbed 2.6% to $93.40 a barrel. Earlier this month, before the conflict with Iran began, it had been trading below $72 a barrel. During Wednesday’s session, Brent briefly moved above $95 a barrel, reaching its highest level in nearly six weeks.The sustained increase in oil prices has renewed concerns that inflation could accelerate again after showing signs of easing faster than economists had anticipated. That, in turn, could prompt the Federal Reserve and other central banks to raise interest rates, a move that would slow economic activity and put pressure on equities and other financial assets.The yield on the benchmark 10-year US Treasury note was unchanged at 4.63%, the same level as Tuesday’s close. Before the outbreak of the Iran conflict, the yield had stood at 3.97%. The sharp rise in yields has already pushed long-term US mortgage rates to their highest levels in almost a year.Crude prices have risen as the conflict in the Middle East continues to disrupt shipping through the Strait of Hormuz, preventing oil tankers from leaving the Persian Gulf and reaching international markets. Under normal conditions, around one-fifth of the world’s traded oil and natural gas passes through the strategically important waterway.The American Automobile Association (AAA) said on Wednesday that the average price of regular gasoline in the United States had increased again overnight to $4.06 per gallon. Although this remains below the peak of about $4.56 per gallon recorded in May, gasoline prices had been below $3 per gallon before the United States and Israel launched attacks on Iran in late February.European equity markets traded higher following a mixed performance across Asia. London’s FTSE 100 gained 1.6%, while Hong Kong’s Hang Seng index fell 1%, marking two of the larger moves among major global markets.<\/div>\nCorporate earnings in focus<\/h2>\n<\/p>\n