US stocks waver as chip selloff offsets US-Iran hopes: Markets Wrap

A rout in chipmakers sent stocks wavering, following an earlier rally fueled by a drop in oil prices, as pressure is building for the biggest spenders on artificial intelligence to justify their investments. While most shares in the S&P 500 rose, the index fluctuated. A gauge of semiconductor giants sank 3.5%. The cost of protecting Nvidia Corp.’s debt against default surged on a fresh round of AI infrastructure deals potentially topping $750 billion. ASML Holding NV tumbled on a report that a Chinese state-backed firm is producing chipmaking machines that could threaten its sales. Those tech jitters were revived ahead…