Chip Stocks Shine. Arm Holdings Rockets 16%; SOXL up 6%; Nvidia up 4.5%; Applied Materials up 3%.

President Donald Trump on Tuesday announced a major investment in artificial-intelligence infrastructure that calls for OpenAI, SoftBank Group Corp. and Oracle Corp. to create a joint venture named Stargate that will focus on data centers and other infrastructure projects.

On Monday, Trump revoked an order requiring AI developers, that pose a risk to national security, to share any results of safety tests with the government before they are disclosed to the public.