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Chip stocks rally, but still far from AI highs



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Main U.S. indexes rally: Nasdaq out front, up ~2.3%

All S&P 500 sectors green; Tech leads

Euro STOXX 600 index up ~0.1%

Dollar edges up; crude up ~1%; gold up >1%; bitcoin up >8%

U.S. 10-Year Treasury yield rises to ~4%

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com


CHIP STOCKS RALLY, BUT STILL FAR FROM AI HIGHS

Chip stocks are ripping on Thursday, showing the AI rally may still have legs as new economic data eases fears of a U.S. recession.


Nvidia NVDA.O jumped 4% and Broadcom AVGO.O rallied over 5%, climbing along with other growth stocks after data showed the number of Americans filing new applications for unemployment benefits fell more than expected last week.

The PHLX chip index .SOX rallied 5%, recovering some of the steep losses it suffered in recent sessions over worries about the U.S. economy and concerns that AI-related stocks had rallied too much, too quickly.

Arm Holdings O9Ty.F jumped over 7%, and it remains down over 20% from before Aug. 1, when its weaker-than-expected revenue forecast sparked worries it would take longer than expected to benefit from spending on AI infrastructure.

Including Thursday's recovery, the chip index is down about 20% from its record high close on July 10, and it remains up 12% so far in 2024.

In a client note on Thursday, Yardeni Research reminds investors that while AI-related stocks like Nvidia and Advanced Micro Devices AMD.O make headlines, several chipmakers are suffering from weak demand due to an inventory correction.

Texas Instruments TXN.O in late July pointed to weak demand for its chips used in PCs and industrial and communications equipment and said its communications business was hurt by weak demand from wireless base stations.

Texas Instruments' stock added 4.4% on Thursday, lifting its 2024 gain to 13%.

"Fortunately, inventory corrections end eventually, and semiconductors stocks may perk up in anticipation of a recovery even if it‘s a few quarters away," Yardeni writes.

All 30 stocks in the PHLX index were up as of mid-day.


(Noel Randewich)

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EURO ZONE EQUITIES "LESS THAN STELLAR" - PICTET AM - CLICK HERE


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NO LET UP IN VOLATILITY - CLICK HERE



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