US equity indices closed mixed on Thursday, as tech volatility gripped trading ahead of the holiday, despite easing concerns over rate hikes.
The S&P 500 was flat and the Nasdaq 100 fell 0.8%.
Chipmaker stocks fell for a second day as investors questioned whether AI optimism had pushed valuations beyond reasonable levels.
Fresh developments included reports that OpenAI was in talks to sell a 5% stake to the US government, while Meta (-4.9%) said it may monetize its excess compute capacity.
Micron Technology sank 7%, Applied Materials slipped 7.4%, and Advanced Micro Devices dropped 4.3%.
SanDisk (-14%) and Marvell (-9.8%) tanked.
Tesla fell 7.5% despite a strong deliveries report.
Still, the Dow climbed 595 points to a new record high amid strength in traditional sectors, as a softer-than-expected June jobs report pushed back expectations of an imminent Fed hike.
Apple gained 4.8%, while Visa and Walmart both rose around 3%.
For the week, the index added about 1.8%.