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Micron, Nvidia, and AMD lead chip stocks' rebound
Semiconductor stocks rebounded Tuesday, with the PHLX Semiconductor Index (^SOX) rising as major chipmakers bounced following steep losses.
Shares of memory chipmaker Micron Technology (MU) jumped 2%, reversing some of Monday's 7% decline. Peer SK Hynix (SKHY), along with memory and storage names Sandisk (SNDK), Seagate (STX), and Western Digital (WDC), also opened higher.
AI chipmakers Nvidia (NVDA) and AMD (AMD) rallied 3% and 5%, respectively. AMD shares erased some of their 7% losses from the prior session, ahead of the company's quarterly results due after the closing bell Tuesday.
Elsewhere, Broadcom (AVGO) edged up 3%, while Intel (INTC) jumped 1% after an 8% decline on Monday.
As Yahoo Finance's Jared Blikre pointed out, chip and memory stocks have lost about $3.7 trillion in market value since Oct. 6, by Yahoo Finance calculations. Nvidia lost the most in dollar terms, but Intel's nearly 50% drop is the steepest among the giants.
Allegro MicroSystems, Entegris, Photronics, and Amtech shares skyrocket, what you need to know
A number of stocks jumped in the afternoon session after investors returned to major chipmakers following steep previous-session declines and an aggregate $3.7 trillion sell-off sparked by concerns over artificial intelligence spending and neocloud debt.Â
As reported by CNBC, the rebound brought relief across the semiconductor landscape, lifting key players including Nvidia, AMD, and Intel alongside the broader Philadelphia Semiconductor Index. The sector had faced intense downward pressure in prior sessions, weighed down by growing skepticism surrounding massive corporate outlays on artificial intelligence infrastructure and the sustainability of neocloud debt, which refers to financing raised by specialized cloud providers to purchase advanced computing hardware.Â
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