AMD leads chip stocks as sector firms up after Powell testimony
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AMD (NASDAQ:AMD) led the seminconductor sector on Wednesday as the sector was in firmer ground on the second day of testimony by Federal Reserve Chairman Jerome Powell before Congress.
AMD (AMD) gained more than 4% to $85.52, approaching a one-month high. Competitors Intel (INTC) and Nvidia (NVDA) saw more modest gains, gaining 0.8% and 2.2%, respectively.
Micron Technology (NASDAQ:MU) shares rose nearly 1% even as investment firm Cleveland Research highlighted recent pricing weakness for memory.
Analyst Chandler Converse noted the average selling prices for both dynamic random access memory, or DRAM, and NAND look to be down between 15% and 20% (and in some cases as much as 25% or more), compared to a prior view of 10% to 15%.
"Limited clarity on timing of price stabilization, feedback suggests [third-quarter average selling prices] flat/down with potential for increases in [the fourth-quarter]," Converse wrote.
Semiconductor stocks tied to smartphones also saw strength as a couple of analysts said they had seen signs of better-than-expected iPhone demand.
Skyworks Solutions (SWKS), Qorvo (QRVO) and Cirrus Logic (CRUS), all of which supply Apple (NASDAQ:AAPL) with content for the iPhone, all rose more than 1% in mid-day trading.
Apple (AAPL) shares also gained more than 1% on Wednesday.
ON Semiconductor (NASDAQ:ON) shares gained nearly 3.5%, continuing gains from Tuesday when investment firm Rosenblatt Securities said the company's long-term supply agreement with BMW was a positive for the company. 
Qualcomm (NASDAQ:QCOM) gained 1.5% after the company announced it was raising its quarterly dividend by 7% to 80 cents per share.
NXP Semiconductors (NXPI), Texas Instruments (TXN) and Broadcom (AVGO) were also higher in mid-day Wednesday trade. 
Last week, it was disclosed that hedge fund Third Point had taken a passive stake in AMD (AMD), buying the position when shares "struggled."