Semiconductor stocks especially linked to artificial intelligence led by Nvidia Corp (NASDAQ:NVDA), Advanced Micro Devices, Inc (NASDAQ:AMD), Intel Corp (NASDAQ:INTC), Broadcom Inc (NASDAQ:AVGO), Taiwan Semiconductor Manufacturing Co (NYSE:TSM), Arm Holdings Plc (NASDAQ:ARM), Qualcomm Inc (NASDAQ:QCOM) are trading higher Thursday in sympathy with Micron Technology, Inc’s (NASDAQ:MU).
Micron’s upbeat fourth-quarter performance is pushing the sector higher. AI server company Super Micro Computer, Inc (NASDAQ:SMCI) has also gained momentum.
On Wednesday, Micron reported quarterly revenue of $7.75 billion, up by 93%, beating the analyst consensus of $7.64 billion. This was driven by a strong ramp of its data center DRAM and high-bandwidth memory products.
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The upbeat quarterly prints of Nvidia, Broadcom, and Micron bear testimony to the continued AI frenzy as hyperscalers remain invested in their AI endeavors.
Some positive updates bearing testimony to continued AI momentum include Microsoft earmarking $1.3 billion to boost AI infrastructure and skills in Mexico and Taiwan Semiconductor bagging smartphone chip deals from Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) and Apple Inc (NASDAQ:AAPL).
BofA Securities analyst Justin Post also hailed the latest partnership between rival cloud providers Amazon.Com Inc (NASDAQ:AMZN) and Oracle Corp (NYSE:ORCL), which can unlock demand for infrastructure and applications.
Struggling chipmaker Intel’s Amazon deal and U.S. grant also reflect further optimism.
The semiconductor sector also benefited from the key rate cuts by the U.S. and China, which aim to spur discretionary spending by capital-intensive companies.
Price Actions: NVDA stock is up 2.51% at $126.62 premarket at last check Thursday. AMD is up 3.10% at $167.04, and INTC is up 3.70% at $24.41.
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This article What's Going On With Nvidia, Broadcom, Intel, And Other Chip Stocks On Thursday? originally appeared on Benzinga.com
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