Shares in chipmaker Advanced Micro Devices (AMD) are up nearly 20% following its first-quarter earnings beat and stellar forecast for the next quarter on strong AI demand. The rally has also begun to spread to select chipmakers and chip equipment companies.
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New trading tool for LRCX bullsShares in the following chipmakers were up as of 7:41 a.m. EST:
- Intel (INTC) — about 5% to $113.38
- Qualcomm (QCOM) — over 6% to $197.79
- Nvidia (NVDA) — about 3% to $201.74
- Broadcom (AVGO) — more than 2% to $436.30
Chip gear stocks also rose in Wednesday’s pre-market trading session:
- ASML Holding (ASML) — roughly 6% to $1,529.29
- Lam Research (LRCX) — about 4% to $286.12
- Applied Materials (AMAT) — about 4% to $425.21
- KLA Corporation (KLAC) — 3% to $1,785.71
Memory chip makers Micron (MU) and SanDisk (SNDK) were also not left out, with their shares up by approximately 6% and 5%, respectively. The former’s shares have jumped by about 23% over the past five days, driven by multiple factors, including recent blowout earnings by industry peers.