Qualcomm, AMD among chips stocks rising along with Intel's gains
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Qualcomm (NASDAQ:QCOM) and Advanced Micro Devices (NASDAQ:AMD) shares headed toward ending the week with strong gains as chipmakers rose in the wake of a strong market performance from Intel (NASDAQ:INTC).
Qualcomm (QCOM) climbed more than 3%, to an intraday high of $118.90, while AMD (AMD) rose as much as 5%. Gains also came from Nvidia (NVDA), up by almost 3%; Broadcom (AVGO), which rose more than 3%; Teradyne (TER), also up by more than 3%, and Applied Materials (AMAT), which was up by almost 3%.

The impetus for the gain was market enthusiasm for Intel (INTC), which despite cutting its full-year revenue outlook, saw its share surge as much as 10% after the chip giant said it would implement broad cost-cutting measures, including job cuts that Chief Executive Pat Gelsinger called "steps to optimize our headcount."