U.S. chip stocks were already in their hottest run since 2000. Now, Intel’s (INTC) blockbuster first-quarter fiscal 2026 earnings have added more fuel to the fire.
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As of 11:16 a.m. EST, Intel’s shares had skyrocketed by 24%, with the rally spreading to other American chipmakers.
Outside of Intel, leading the pack is Advanced Micro Devices (AMD), whose shares surged by more than 14% to reach $349.54. Qualcomm (QCOM) was also up by over 8% to $144.85, while Nvidia (NVDA) rose by roughly 5% to $208.61.
Moreover, the Philadelphia SE Semiconductor Index, the benchmark index for American chipmakers, climbed by 3.64% to hit a record-breaking 18 consecutive days of gains.
Rally Spreads to Chip Equipment Stocks
Chip equipment companies are also tapping into the rally, although at a more modest rate. This is even as chipmaker Broadcom (AVGO) failed to tap into the rally, declining by over 1% as of the time of writing.
Chip gear stocks rose:
- Lam Research (LRCX) — about 5% to $272.22
- KLA Corporation (KLAC) — roughly 6% to $1,920.16
- ASML Holding (ASML) — about 3% to $1,467
- Applied Materials (AMAT) — about 3% to $417.76
Intel’s Q1 Earnings Fire Up Nasdaq 100
However, the impact of Intel’s surprising earnings beat is much wider, helping to push the Nasdaq 100 (NDX) to an all-time intraday high on Friday. The earnings mark a turnaround for the chipmaker.
During the quarter, Intel reported earnings per share of $0.29 per share, far exceeding the Wall Street estimate of $0.01. Its revenue also climbed by 7% to $13.58 billion.
Already, analysts have started to see how the AI-fueled growth could aid peers, with D.A. Davidson viewing it “as a precursor for a huge step-up for Advanced Micro Devices’ CPU franchise.”
Which Is the Best Chip Stock to Buy?
Of all chipmakers featured in this article, Nvidia (NVDA) currently offers the biggest upside of roughly 31%. This comes with a Strong Buy rating and an average price target of $273.49.
