The Tech Download: Chip stocks surge in ‘historic’ month as investors’ AI buildout concerns ease
Chip stocks rebounded strongly in April, recovering from a March downturn as investor concerns about the AI buildout eased. The PHLX Semiconductor Sector Index surged 35.2% since the start of the month, driven by strong earnings and guidance from major players. Analysts described the rally as historic, with broad gains across U.S. and European semiconductor firms.
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This report is from this week's The Tech Download newsletter. Like what you see? You can subscribe here.After a month or so in the doldrums as investors rode a wave of anxiety about the AI buildout, chip stocks have hit a real purple patch again in April.In March, Nasdaq's PHLX Semiconductor Sector Index — comprising the 30 largest U.S.-traded chip companies — saw a 6.3% decrease. Last month, the narrative reversed, with the index soaring 35.2% since the start of April as of market close Wednesday as investors ploughed into the sector. Intel has been one of the standouts. The company had its best day since 1987 last Friday, on the back of earnings that topped estimates and issued upbeat guidance.
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