Chip stocks rallied on Tuesday as AI jitters eased following a recent selloff and affected sentiment.
The PHLX Semiconductor Index (^SOX) erased early morning losses to climb 1%, extending gains of more than 1.5% on Monday.
AI chip giants Nvidia (NVDA) and AMD (AMD) also erased early morning gains to move into green territory. U.S. chipmaker Intel (INTC) extended gains from Monday when JPMorgan upgraded the stock to a buy rating.
Concerns about the AI business briefly resurfaced after the disappointing market debut of South Korean neocloud provider Elice (0158S0.KQ).
The massive sell-off in technology products in the United States at the start of the session, however, was short-lived. Shares of CoreWeave (CRWV), a data center operator that rents computing capacity, gained 3% during the session after an attempted rebound failed in the previous session.
(NVDA)
217.18 +0.09 (+0.04%)
At 2:09:02 p.m. EDT. Open market.
NVDA AMD CRWV
Other chip stocks advanced Tuesday, including contract chipmaker Taiwan Semiconductor (TSM).
Memory stocks Micron Technology (MU) and SK Hynix (SKHY) turned green after declining earlier in the session.
Ines Ferre is a senior economics reporter for Yahoo Finance.
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