NEW YORK — A rally in AI stocks is sending indexes higher on Wall Street on Monday.

the&The P 500 rose 0.7%, even though most stocks in the index fell. Strength in companies in the artificial intelligence technology industry sent the Nasdaq composite up 1.3% by midday ET, but the Dow Jones Industrial Average was down 40 points, or 0.1%.

AI stock has been swinging wildly in recent weeks on concerns that its prices have jumped too high. Doubts are growing about whether all the dollars flowing into AI chips and data centers can generate enough productivity and profits to recoup all investments.

Broadcom rose 3.8% and was one of the strongest forces driving the S&P500 after announcing long-term deals to provide silicon products to Apple. It’s coming off two consecutive losses of more than 2% on Wednesday and Thursday late last week, ahead of the July 4 holiday.

Micron Technology rose 3.5% and Advanced Micro Devices jumped 9.2%.

Global investor appetite for AI will face an additional test later this week when SK Hynix, the South Korean computer memory maker, plans to raise $28 billion by selling shares that will be listed in the United States on the Nasdaq. That would make it one of the biggest US offerings in history, behind last month’s SpaceX IPO, which raised $75 billion.

Shares of SK Hynix in Seoul have already more than tripled so far this year on the rise of AI, but its daily swings have included steep losses in recent weeks. On Thursday alone, for example, it fell 14.6%.

SpaceX, owner of the xAI business, has also seen its shares swing after its much-hyped initial public offering. It erased an early gain to fall 0.7% in the final day of trading before joining the Nasdaq 100 index of the Nasdaq’s largest non-financial stocks. That inclusion will force funds like the QQQ exchange-traded fund, which mimics the index, to buy SpaceX themselves.

Elsewhere in AI, TeraWulf jumped 12.3% after it said Anthropic agreed to a 20-year deal to use its data center in Kentucky. TeraWulf expects the deal to generate approximately $19 billion in revenue. TeraWulf is in the midst of transitioning its business from bitcoin mining to high-performance computing.

In the oil market, prices fell after OPEC+ announced on Sunday that seven of its members plan to expand oil production by a combined 188,000 barrels per day in August. It was the fifth consecutive month that OPEC+ members agreed to increase production.

The price of a barrel of Brent crude, the international standard, rose less than 0.1% to $72.13. That’s close to where it was before the United States and Israel attacked Iran in late February and sent prices soaring.

In the bond market, Treasury yields remained relatively stable. The 10-year Treasury yield fell to 4.48% from 4.49% late Thursday.

A report showed that growth last month in U.S. recreation, finance and other services businesses was roughly in line with economists’ expectations. The Institute for Supply Management survey said some companies said they were seeing lower gasoline and diesel prices, easing inflationary pressures.

In foreign stock markets, indices fell modestly in much of Europe and Asia. Hong Kong’s Hang Seng was an outlier, rising 1.1%.

___

AP Business writers Yuri Kageyama and Matt Ott contributed to this report.