Stock Track | Semiconductor Stocks Rally, Driving Surge in Leveraged ETF SOXL

Stock Track07-23

The Direxion Daily Semiconductors Bull 3x Shares (SOXL), a leveraged exchange-traded fund (ETF) that aims to provide triple the daily returns of the semiconductor industry, surged 12.55% in intraday trading on Monday. This significant rally was fueled by a broad rebound in technology stocks, particularly in the semiconductor sector.

Leading the charge was Nvidia, a prominent chip maker, which gained 4.8% after reports surfaced that the company is working on a version of its AI chips compatible with U.S. export controls to China. This development sparked optimism among investors about Nvidia's ability to navigate the geopolitical tensions and maintain its competitive edge in the AI chip market.

The semiconductor industry's resurgence on Monday was a welcome relief after a rough period last week, when major tech indexes like the Nasdaq Composite experienced substantial declines. The rebound in semiconductor stocks, which are heavily weighted in SOXL, drove the leveraged ETF's impressive intraday gains.

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