Market Update: Chip Stocks Rally
Intel’s stock surged nearly 12% on reports that major companies like Google, Nvidia, and Tesla are considering its chip manufacturing services, with Google reportedly placing a firm order for 3 million AI chips. Micron Technology also jumped over 10% despite Nvidia’s partnership with SK Hynix for memory chips.
As of 12:46 p.m. ET, the Nasdaq Composite index has gained 1.5%, recovering some of the losses from a 4% drop last Friday. Meanwhile, the S&P 500 is up 0.8%, and the Dow Jones Industrial Average is up 0.2%. On the geopolitical front, tensions between Iran and Israel led to a spike in oil prices, with Brent crude nearly reaching $98 a barrel before retreating.
The week ahead is significant, with key reports including the Consumer Price Index and Oracle earnings expected on Wednesday, which could influence market trends. SpaceX is set to go public later this week, potentially marking the largest IPO ever.
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