Semiconductor-Fueled Intel Rally Sends QQQA Volume Soaring

ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) has seen unusual trading volume, which is 19× higher than its average daily volume.

QQQA is heavily tilted toward semiconductor names, and its top holding Intel has been rallying sharply on reports of advanced talks with Apple about using Intel’s foundry to produce main processors for U.S. devices, as well as upbeat Q1 results featuring strong AI and data center growth and a series of bullish analyst and investor comments despite a still‑cautious Street consensus. Fellow chip giant AMD, another key holding, is surging after a major Q1 earnings beat driven by accelerating AI data center demand, with multiple analysts hiking price targets and emphasizing long-term AI infrastructure upside even as some warn about valuation and rising costs, while Seagate and Western Digital are also in focus after each delivered blowout AI‑storage‑driven quarters that led to strong share gains and more optimistic analyst coverage. ARM and AppLovin round out the momentum theme in the fund, with ARM climbing ahead of its AI‑focused earnings report amid target hikes from Wall Street, and AppLovin drawing attention as options markets price in a big swing around Q1 results on expectations for continued strength from its Axon AI ad engine, while Alphabet’s recent “blockbuster” quarter and deepening AI and cloud deals, including with Anthropic, support its role as a core mega-cap growth holding in the ETF.