Chips stocks such as Sandisk, SK Hynix, Intel, Micron, AMD Nvidia and Broadcom rebounded, surging up to 4% before the opening bell on Monday, August 24 as broader market recovered, while Gartner expects investment in AI infrastructure and memory prices will boost the semiconductor space.
The rally in these stocks was led by Sandisk, surging 3.8% to $1,493.12, followed by Intel shares, rising 3.5% to $87.26, SK Hynix, up 3% to $155.37, while Micron shares rose 2.5% to $910.43. Nasdaq 100 surged 0.88% to $29,360.5, Dow Jones Industrial Average jumped 0.42% to $53,712, while S&P 500 climbed 0.41% to $53,712.
The pre-market gains come following a selling pressure in the previous session as shares tanked nearly 12% on Monday, with memory and chip stocks falling sharply as investors booked profits after a powerful rally across the sector. Micron Technology shares fell around 7.25% to $896.73, while SanDisk declined 8.66% to $1,457.43, while Intel fell 4.32% to $86.18 as of 11:23 a.m. EDT.
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