Nvidia, AMD lead chips higher as Broadcom seeks early EU approval of VMware acquisition
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Semiconductor stocks jumped on Monday as investors were eased by fiscal policies coming out of Britain and Broadcom (NASDAQ:AVGO) reportedly asked the European Union for early approval of its acquisition of VMware (VMW).
Nvidia (NASDAQ:NVDA) gained nearly 6% while Advanced Micro Devices (AMD) tacked on nearly 3.6% to close at $57.96.
Wolfspeed (NYSE:WOLF) and ON Semiconductor (NASDAQ:ON) also saw healthy gains, rising 4.7% and 3.5%, respectively, as investment firm William Blair started both companies with outperform ratings as part of a larger coverage of the silicon carbide industry.
The firm noted that $21B of the $78B power analog segment is likely to be disrupted by silicon carbide, with the aforementioned companies set to play a role in some shape or form.
"We believe that Wolfspeed (WOLF), ON Semi (ON), and Aehr Test Systems (AEHR) will enjoy an outsized benefit relative to peers as the S-curve adoption of SiC semiconductors begins," William Blair analyst Jed Dorsheimer wrote. 
The investment firm also started covering STMicroelectronics (STM), Coherent (COHR) and Applied Materials (AMAT), all of which received market perform ratings.
Broadcom (AVGO) shares gained more than 1.9% as the company reportedly pressed the European Union for early approval of its VMware (VMW) deal.
Reuters reported that Broadcom (AVGO) may argue to the European antitrust regulator that VMware competes with Amazon (AMZN), Google (GOOGL) and Microsoft (MSFT) as it hopes to avoid a protracted review by the antitrust regulator.
Separately on Monday, Reuters reported that Taiwan has received roughly $940M in new spending after the country's economy minister met with four U.S. tech companies, including Nvidia (NVDA), Cisco Systems (CSCO), Applied Materials (AMAT) and Synopsys (SNPS).
Taiwan Semiconductor (TSM), the world's largest semiconductor foundry, rose more than 1.5% to finish at $64.89.
Other semiconductor stocks also gained on Monday, including Intel (INTC), Qualcomm (QCOM), Analog Devices (ADI), Texas Instruments (TXN) and Micron Technology (MU).
In May, Broadcom (AVGO) announced that it was acquiring VMware (VMW) for $61B in cash and stock.