AMD, Nvidia stand out as chip stocks join in broad-market rally
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Semiconductor stocks largely rose Tuesday, with gains across the board as tech companies on the whole joined in a broad-market rally fueled by hopes that the crisis between Russia and Ukraine might just be subsiding.
Earlier in the day, Russia said it would pull back some of its troops from the Ukraine border and send those soldiers back to their bases. The move buoyed investors enthusiasm and helped spur stock gains in Europe and the United States.
Among those shares heading north were those of several bellwether chip companies. Advanced Micro Devices (NASDAQ:AMD) was up by 5%, as it also benefitted from closing its $50 billion acquisition of Xilinx on Monday, and memory chipmaker Micron Technology (NASDAQ:MU) also rose 5% one day after getting upgraded by Wedbush Securities analyst Matthew Bryson.
Elsewherem Qualcomm (NASDAQ:QCOM) climbed almost 4%, chip-equipment maker Applied Materials (NASDAQ:AMAT) saw its shares rise 5% and Taiwan Semiconductor (NYSE:TSM) rose 3%.
Investors also threw their weight behind Nvidia (NASDAQ:NVDA), sending the graphics chipmaker's shares up by 8% one day before the company delivers its fourth-quarter earnings results.
Intel (NASDAQ:INTC) shares edged up by 1% after the chip kingpin confirmed it will acquire Tower Semiconductor (NASDAQ:TSEM) for almost $6 billion. The deal will help Intel (INTC) expand its analog and mixed-signal line of technologies.