- 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.
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 and Amazon's weaker-than-expected quarterly performances added to the pressure. Intel shares plunged 28.6% on Friday, marking their steepest single-day decline since 1974. Nvidia fell 4.2%, while AMD dropped 10.9%. The semiconductor sector declined 7.2%.
Market participants are questioning whether the enormous sums being committed to AI will translate into meaningful returns and how long companies may have to wait before seeing those benefits.
"Investors are getting more concerned over whether companies will be able to see any return from their AI investment and how quickly they will see it," Oliver Pursche, senior vice president at Wealthspire Advisors, told Reuters.
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