U.S. stocks swung lower on Friday as rising long-maturity Treasury yields and renewed inflation concerns offset earlier optimism around technology and artificial intelligence spending. The S&P 500 eased 0.2% from its record high, while the Dow Jones Industrial Average and the Nasdaq 100 fell by as much as 0.5%. Investors weighed seemingly cool price data released this week against worries that the Federal Reserve could still be complacent about higher inflation. Large-cap technology shares including Alphabet, Amazon, Broadcom and Oracle moved into losses, and Applied Materials dropped 5% despite beating forecast estimates. At the same time, memory-chip makers extended their rally, with Sandisk rising more than 5% after a 14% jump the previous day and Micron gaining 4% on bullish recommendations from analysts and brokers. The move highlighted a more selective risk appetite within technology, as fresh long positions tied to AI infrastructure were supported by expectations of further spending by hyperscalers. OpenAI and Anthropic are aiming for IPOs this year, while Anthropic also moved to acquire Decart.