- SanDisk shares rose 8.1% amid a chip stock rally on August 12
- The Nasdaq Composite increased by 0.66% during the trading session
- Softer US inflation data boosted investor confidence in chip stocks
Shares of SanDisk jumped 8% as major chip stocks rally during the trading session on Wednesday, August 12 amid investors' bullish sentiment AI demand.
SanDisk shares advanced as much as 8.1% to $1,375.2, while benchmark Nasdaq Composite was up 0.66%.
The rally in chip stocks come follwoing softer-than-expected US inflation data and strong indications of AI infrastructure demand from companies such as CoreWeave and Super Micro Computer that boosted confidence of investors in the semiconductor space. However, SanDisk shares, typically more volatile than its peers, is witnessing a sharper move higher. Peers such as, Micron Technology shares rose 6% to $922.18, Intel stock jumped 3.35% to $100.98, while AMD shares traded 2.4% higher at $485.68.
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