| | | Semi stocks rise helps propel Nasdaq above 20,000 points
Dec. 11, 2024 1:13 PM ET
By: Brandon Evans, SA News Editor
 luchezar
Semiconductor stocks moved higher by early afternoon trading on Wednesday, helping propel the Nasdaq Composite ( COMP:IND) above 20,000 points.
Nvidia (NASDAQ: NVDA) was up 2.5% while AMD (NASDAQ: AMD) edged up nearly 1%. It was reported earlier today that both companies have invested in semiconductor startup Ayar Labs.
Meanwhile, Broadcom (NASDAQ: AVGO) led the charge as it more than recovered from Tuesday's decline as it climbed 5%. It was revealed today that Broadcom is working with Apple ( AAPL) to design an in-house chip specifically for artificial intelligence applications. Taiwan Semiconductor (NYSE: TSM) will reportedly produce the chip, which is expected for mass production by 2026. TSM inched up 1%.
Broadcom is slated to release its fourth quarter financial results post-market on Thursday.
Micron Technology (NASDAQ: MU) increased nearly 3% by afternoon trading. The Idaho-based memory chipmaker announced yesterday it is on track to receive more than $6B in direct funding under the CHIPS and Science Act.
Marvell Technology (NASDAQ: MRVL) had gained 4.5%. The company announced late on Wednesday it had made a breakthrough in custom high-bandwidth memory used in artificial intelligence processors.
Other semi stocks moving up by Wednesday afternoon included Texas Instruments ( TXN) +0.7%, Analog Devices ( ADI) +0.6%, NXP Semiconductors ( NXPI) +0.7%, Qualcomm ( QCOM) +1.5%, and Applied Materials ( AMAT) +1.6%.
Intel ( INTC) was one of the few semi stocks trending lower during the day, as it was down about a quarter of a percent.
Many U.S. stocks across the board seemed to benefit from an in-line consumer inflation report that solidified expectations of another quarter-point rate cut by the Federal Reserve next week. |
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