Banque Suisse,
Focus Méditerranéen

A selloff in chipmakers sent stocks wavering, offsetting a decline in oil prices, as pressure keeps building for the biggest spenders on artificial intelligence to justify their investments. While most S&P 500 shares rose, the index was little changed. A gauge of semiconductor giants fell 2.2%. The cost of protecting Nvidia Corp.’s debt against default surged amid a round of AI deals worth more than $750 billion. SK Hynix Inc. slipped below its US initial public offering price. ASML Holding NV sank on a report that a Chinese state-backed firmis producing certain chipmaking machines that could threaten its sales. Stocks tumbled as mounting doubts over returns from billions of dollars of artificial- intelligence spending triggered another selloff in chipmakers from Wall Street to Asia. Bonds gained as oil retreated.