US chip-related stocks rebound from recent rout
SOXX•US chip-related shares rose premarket after a broader selloff since Oct. 7. The Philadelphia Semiconductor Index had fallen more than 15% in the previous two weeks, despite being up 57.24% year to date as of the last close.
1. Chip shares rise
Nvidia rose 1.44% premarket and Advanced Micro Devices gained 3.22%. CoreWeave advanced about 3% after falling more than 25% last week; Broadcom rose, Qualcomm gained about 2.5%, and Marvell and Intel advanced about 4%.
2. Other chip-related stocks
Micron gained 3.34%, while Western Digital rose 2.67% and Sandisk gained 4.06%. Rising Treasury yields and concerns about Federal Reserve rate hikes have threatened to raise borrowing costs and curb AI infrastructure spending.
