BUZZ-US chip stocks rise with Nvidia results in focus
NVIDIA Corporation NVDA | 0.00 | |
Broadcom Limited AVGO | 0.00 | |
Sandisk SNDK | 0.00 | |
Seagate Technology STX | 0.00 | |
Western Digital WDC | 0.00 |
** Shares of U.S. chipmakers rise premarket, with results from chip heavyweight Nvidia NVDA.O due later on Wednesday
** NVDA rises 1.4%, Broadcom AVGO.O up 1.2%
** "A strong report (from Nvidia) with strong forward guidance would likely reinforce the AI trade and support the semiconductor companies that have rallied alongside it" - Anthony Saglimbene, chief market strategist at Ameriprise Financial
** iShares Semiconductor ETF SOXX.O rise 2.1% premarket after gaining nearly 65% YTD
** Memory chip stocks also gained: Micron MU.O, Sandisk SNDK.O and Western Digital WDC.O advance 3.9%, 2.4% and 2.1%, respectively
** Supply of memory chips can be disrupted as the labor union at Samsung Electronics 005930.KS plans to begin an 18-day strike on Thursday
** Samsung is the world's largest memory chip maker, and the supply disruption can increase chip prices at a time when the AI boom has already led to a shortage