Market
April 22, U.S. stocks opened higher, with the Dow Jones up 0.69%, the S&P 500 up 0.69% and the Nasdaq up 0.81% as investors cheered robust semiconductor demand and easing inflation concerns while Treasury yields dipped.
High-flyers dominated early trade. POET Technologies Inc jumps 16.98% after landing a photonics supply deal, AXT Inc rallies 12.79% on strong substrate orders, Avis Budget adds 11.20% on record travel bookings, Navitas Semiconductor Corp gains 6.26% after unveiling a new GaN chip, Direxion Daily Semiconductors Bull 3x Shares rises 5.33%, Micron Technology advances 4.07% on DRAM price optimism, Intel climbs 3.73% on data-center momentum, while Vertiv Holdings LLC falls 1.44% as investors lock in recent gains.
Broader movers include Strategy up 7.61%, Circle Internet Corp. up 5.13%, Corning up 3.09% and ProShares UltraPro QQQ up 2.53% as growth themes strengthen; United States Oil Fund LP slips 0.37% with crude easing and Direxion Daily Semiconductors Bear 3x Shares sinks 5.25% amid short covering.
News
POET Technologies Inc soars after photonics pact. The chip designer announced a multi-year manufacturing agreement for its AI optical engines. The deal boosts revenue visibility and stokes hopes for wider adoption.
Avis Budget rallies on record reservation data. Management said summer bookings are running 15% above last year, signaling resilient consumer travel. Higher fleet utilization is expected to lift margins.
Micron Technology climbs on DRAM price momentum. Industry checks show contract prices rising for the June quarter. Analysts raised earnings estimates amid tightening supply and AI server demand.
AXT Inc jumps on upbeat substrate demand. Preliminary Q1 sales landed at the high end of guidance. Management highlighted accelerating orders from RF and optical customers.
Advanced Micro Devices gains as MI300 shipments expand. Channel data indicate strong uptake of the firm’s latest AI accelerator by cloud providers, pointing to upside for second-half revenue.
Intel rises on U.S. defense foundry prepayment. The Department of Defense committed $3.5 billion to secure advanced packaging capacity, strengthening Intel Foundry’s backlog and revenue mix.
Navitas Semiconductor pops on new GaN power IC unveil. The 1,200-V device targets AI data-center power supplies and broadens the company’s addressable market.
Vertiv Holdings LLC slips amid profit taking. Shares eased after a 40% year-to-date surge even as management reaffirmed guidance, suggesting investors are locking in gains.
United States Oil Fund LP edges lower with crude retreat. EIA data showed a surprise inventory build, pressuring WTI futures and sparking modest selling in energy ETFs.
Strategy advances as bitcoin tops $70,000. The software firm’s large crypto holdings make it a proxy for digital-asset prices, and renewed risk appetite lifted the stock sharply.
