Stock Track | SOXL (Direxion Daily Semiconductors Bull 3x Shares) Surges 5.09% on Semiconductor Shares Rally Driven by AI Demand

Stock Track12-13

The Direxion Daily Semiconductors Bull 3x Shares ETF (SOXL) soared 5.09% in the 24-hour period, significantly outperforming the broader market. This surge came on the back of a rally in semiconductor shares during the overnight trading session.

The semiconductor sector witnessed significant gains, with major players like Broadcom (AVGO) soaring 13%, Marvell (MRVL) jumping over 5%, and ARM Holdings Ltd (ARM) rising over 2%. Chip giants Nvidia (NVDA) and AMD (AMD) also posted gains of around 1%.

The rally was driven by the growing demand for artificial intelligence (AI) chips and components. Broadcom, a leading semiconductor company, revealed that its AI product sales are expected to surge 65% in the first quarter, significantly outpacing its overall semiconductor growth of around 10%. The company also predicted that the addressable market for AI components it designs for data center operators could reach as high as $90 billion by fiscal 2027.

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