US stocks closed higher on Thursday, with the S&P 500 rising 0.8%, the Nasdaq advancing 1.3%, and the Dow Jones adding 139 points. Renewed strength in chipmakers counterbalanced uncertainty surrounding the economic outlook. Sentiment towards AI-linked stocks has been volatile lately amid concerns over high valuations, but was buoyed by strong demand for SK Hynix's US share offering, which was more than seven times oversubscribed. Micron and Sandisk climbed 5.2% and 7.6%, respectively. Meanwhile, oil prices and bond yields eased amid evidence of continued tanker traffic through the Strait of Hormuz despite renewed US-Iran hostilities. This provided a boost to the financial sector, with Morgan Stanley, Goldman Sachs and American Express all rising. Meta surged 4% after announcing it will target production of its own AI chip by September.