- Sandisk shares rose 4.16% to $1,323.94 in premarket trading on August 12
- Micron shares increased 2.62% to $891.3 and Intel stock gained 1.34% to $99.02
- AMD shares traded 1.04% higher at $474.32 amid strong semiconductor demand
Major chip stocks such as Sandisk, SK Hynix, Intel, Micron and AMD surged during the pre market trading session on Wednesday, August 12 as investors stayed bullish in semiconductor and artificial intelligence sector.
The gains in these stocks was led by Sandisk, rising around 4.16% to $1,323.94, followed by Micron Technology shares, up 2.62% at $ 891.3, Intel stock jumped 1.34% to $ 99.02, while AMD shares traded 1.04% higher at $474.32.
Notably, SK Hynix American depositary receipts (ADRs), primarily a US-listed stock, were up around 5%, while the Korean listing rose 5.5%. This surge came after a Asia Business Daily report said that Temasek, Singapore's $400 billion state-owned investment company was planning to invest in the company, while the timing is being considered.
SK Hynix peers also jumped amid strong AI infrastructure demand signals from CoreWeave and Super Micro Computer provided a positive outlook for data-center memory and storage demand, according to reports.
The broader market also contributed to the gains with Nasdaq futures up 0.69%, while S&P 500 futures rose 0.24%.
The significant jump in chip stocks come amid volatilty in the sector with cycles of profit-taking and massive sell-offs, as concerns grow over heavy artificial intelligence spending by big tech companies, and pressures from new domestic chip production and memory IPOs in China, according to reports.
ALSO READ: Nasdaq, S&P 500 Futures Jump Ahead Of Opening Bell: Inflation Optimism Among Key Reasons
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
