AMD jumps 8%, Intel and Nvidia climb 5% after worst chip sell-off since 2020
Advanced Micro Devices jumped 8% to $437.11 following Thursday's rout.
The short version
- Intel gained 5% to $55.09 and Nvidia added 5% to $189.80.
- Both remain down over the past month.
Advanced Micro Devices, the semiconductor company known for its EPYC processors, surged 8% to $437.11 in morning trading after Thursday's rout, according to Yahoo Finance. That gain follows a 17% drop for the chipmaker in Thursday's session, leaving the stock down 33% over the past month.
Intel, the personal computer and server chipmaker, climbed 5% to $55.09 following a 10% slide on Thursday, and is down 51% over the past month. Nvidia, the chip designer known for its data center graphics processing units, rose 5% to $189.80 after a 9% decline on Thursday, with a 21% loss over the past month.
The PHLX Semiconductor Index plunged 12% on November 5 in its worst sell-off since 2020 as investors sold off artificial intelligence stocks on concerns that Democratic policymakers could block U.S. data center projects. Micron Technology, the memory chip maker, jumped 8% to $709.50, and Broadcom, the custom accelerator and networking chip maker, gained 6% to $307.65.
Lisa Su, the chief executive officer of Advanced Micro Devices, noted that the company has more demand than supply as third-quarter revenue rose 44.7% year over year to $13.38 billion, with its data center segment up 97%. Yet unresolved fears about data center project limits threaten to fade the bounce if fresh headlines revive political opposition.
Across the wider economy, the United States added 165,000 jobs in October, pushing the unemployment rate down to 4.1% and supporting risk appetite for chip names. Traders are now watching for fresh policy headlines and Nvidia's upcoming earnings report as the next major checkpoint for the sector.
