SOX Surges Over 4%, AMD Jumps More Than 7%, Broadcom and Qualcomm Gain Over 6%

Tiger Newspress07-06 21:51

Chip stocks rallied broadly at Monday's open. The Philadelphia Semiconductor Index surged more than 4%, while Advanced Micro Devices jumped over 7%. Broadcom and Qualcomm climbed more than 6%, Intel advanced over 5%, Taiwan Semiconductor Manufacturing and Marvell Technology gained over 4%, and ASML Holding NV rose more than 3%.

Bank of America (BofA) said in a report that the recent pullback in the semiconductor sector is merely a temporary correction rather than a fundamental shift in AI demand.

The firm noted that the PHLX Semiconductor Index (SOX) notched an 11% pullback in the third quarter following its staggering 88% surge in the second quarter. This move aligns with the sector’s historical seasonal weakness and represents a "healthy reset" instead of a trend reversal.

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