- Chip stocks rebounded after weeks of sell-off ahead of AMD earnings release
- SanDisk led gains, rising 7.15% to $1151.9 per share on November 3
- AMD shares increased 6.14% to $496.76 with strong earnings expectations
Chip stocks such as SanDisk, SK Hynix, Intel, Micron, AMD, Nvidia rebounded after the opening bell on Tuesday, November 3, following weeks of sell off as investors wait for Advanced Micro Devices (AMD) earnings.
Among major chip stocks, SanDisk surged the most, up 7.15% to $1,151,9 apiece, followed by AMD, which rose 6.14% to $496.76 and Micron traded 4.42% higher at $870.48. SK Hynix jumped 4.04% to $153.68, Intel climbed 4% to 62.37, while Nvidia was up 3.12% to $208.36.
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The rally in chip stocks come ahead of AMD earnings, due today, with Wall Street analysts expecting the chipmaker to post a 92% surge in third-quarter earnings and revenue to rise 41%, and both figures are estimated to advance more next year. The company is expecting a “very high” chip demand that exceeds supply in the next few years, Bllomberg reported citing Chief Executive Officer Lisa Su.
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Chip stocks rebounded after posting a heavy multi-trillion-dollar sell-off following worries over artificial intelligence (AI) spending, high debt levels, and weak personal computer (PC) demand. Intel plunged 28.6% last week after reporting a big cash burn. Nvidia lost 4.2% and AMD 10.9%, while the Philadelphia semiconductor index shed 7.2% on the day and has lost more than 15% this month.
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