AI stocks bounce back after trillions wiped from market values

Shares in artificial intelligence and technology firms have started to climb following an enormous sell-off that wiped trillions of dollars off stock values.

The tech-heavy Nasdaq stock index opened higher following a market rout that began in the US on Thursday before spilling over to Asian and European markets into Friday.

Investors had been selling off tech shares in part due to concerns the Democrat victory in the midterm elections would mean slower artificial intelligence development.

However the latest US employment figures added to a mixed picture for American markets on Friday morning, with an unexpectedly strong 165,000 jobs added to the economy in September.

On Thursday, businesses closely linked to artificial intelligence development took a hammering on stock markets, particularly chip and semiconductor makers.

But the Nasdaq Composite opened up 1.23% on Friday and continued to gain in early trading, reversing some of its 5.5% fall.

The S&P 500 which is home of the largest publicly-traded US companies also opened up slightly and gained, while the Dow Jones Industrial Average opened a little down and then stayed flat.

Nvida, which shed hundreds of billions in market value on Thursday after shares slid more than 9%, began Friday trading up more than 6%.

SpaceX and Tesla shares, which were also hammered on Thursday, saw more mixed gains, up more than 7% and nearly 3% respectively.

Chipmakers AMD and Micron both dropped by more than 17% on Thursday, but AMD shares had risen by about 12% on Friday while Micron was up more than 8%.