Chip Stocks Extend Rally. SOXL Pops 7%; Applied Materials, ASML Jump Around 4%; Nvidia, Arm Holdings Jump Nearly 3%
Chip stocks gained on Friday after Bloomberg News reported that looming US restrictions on the Chinese semiconductor industry may be less severe than expected. $Direxion Daily Semiconductor Bull 3x Shares$ rose 7%; $Applied Materials$, $ASML$ rose about 4%; , $Nvidia$, and $Arm$ rose nearly 3%.A report said the Biden administration's crackdown on semiconductor sales to China will be less severe than some had expected.The rally came after news about the U.S. government's plan to restrict sales of