The artificial-intelligence trade selloff couldn't keep Skyworks Solutions stock down for long as it stormed back on Tuesday.
Skyworks Solutions stock rose 11% to $87.92 on Tuesday and was the best-performing stock in the S&P 500 after falling more than 10% on Monday as widespread AI worries hit the stock market.
It didn't take long for investors to pile back into the stock, which advanced 19% last week and was up 31% this month as of last check on Tuesday.
The stock's recent surge accelerated after Skyworks Solutions CEO Philip Brace on Thursday spoke at the Goldman Sachs communications and technology conference.
Brace said he was "very confident" that the pending merger with Qorvo will close "this calendar year" and that the companies are "preparing to close this fiscal year."
That would place the closing at the end of September or in early October.
Investors have been focused on the merger between Skyworks and Qorvo and view it as a massive shift for the analog and mixed-signal semiconductors industry.
The two companies agreed last year to merge in a cash-and-stock deal that marries two of the primary suppliers for components in Apple's iPhones, and creates a $22 billion U.S.-based radio frequency, or RF, analog and mixed-signal semiconductor enterprise.
"I really think this is a transformative deal for both the company and the industry," Brace said last week.
The CEO added that along with the new company's strong mobile business, it will have "super attractive" business opportunities in aerospace and defense for its products.
Along with Skyworks, Qorvo stock rose 7.2% to $115.79 on Tuesday after ending Monday down 7.4%. Similar to Skyworks, Qorvo stock gained 13% last week and has risen 21% in September.
Even with recent performance of Skyworks stock, shares remained down 56% from their record closing high of $199.66 on April 26, 2021. The stock, however, has risen 39% this year and has gained 18% over the past 12 months.
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