Semiconductor ETF Surges on AI Demand
The Direxion Daily Semiconductor Bull 3X ETF (NYSEMKT: SOXL) experienced a near 21% increase by noon today, driven by strong performance in the semiconductor sector linked to a resurgence in AI-related spending.
The surge follows a significant decline on Friday and is bolstered by news of Google’s order for 3 million proprietary tensor processing units (TPUs) to be manufactured at Intel’s foundry. This comes amid a growing consensus that the semiconductor industry is entering a multi-year expansion phase due to demand for AI infrastructure, with key players like Nvidia and Taiwan Semiconductor also positioned to benefit from this trend.
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