Chip stocks rebounded Monday as investors bought the dip following a sharp selloff in AI last week.
The PHLX Semiconductor Index (^SOX) rose 2%, reversing the recent semiconductor rout.
Intel (INTC) stock jumped 5% after JPMorgan upgraded it to buy, citing “strong execution.” AI chip giants Nvidia (NVDA) and AMD (AMD) also gained.
Sentiment surrounding AI trading also strengthened on Monday after CoreWeave (CRWV) was upgraded at Goldman Sachs to a buy rating from neutral.
(INTC)
94.79 +4.94 (+5.49%)
At 11:56:45 a.m. EDT. Open market.
INTC SOXX ^SOX
Shares of central processing unit (CPU) designer Arm Holdings (ARM) and memory companies Micron Technology (MU) and SK Hynix (SKHY) also rebounded after sharp declines last week.
Ines Ferre is a senior economics reporter for Yahoo Finance.
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