Semiconductor stocks are heating up on Wednesday after new plans to advance the industry was announced by President Joe Biden’s administration.
These new plans come from a fact sheet shared by the White House today. The section going over plans for the semiconductor industry is below.
“President Biden believes we must produce, here at home, the technologies and goods that meet today’s challenges and seize tomorrow’s opportunities. President Biden is calling on Congress to invest $50 billion to create a new office at the Department of Commerce dedicated to monitoring domestic industrial capacity and funding investments to support production of critical goods. The President also is calling on Congress to invest $50 billion in semiconductor manufacturing and research, as called for in the bipartisan CHIPS Act.”
It’s no surprise that semiconductor stocks would get a boost from today’s news. Let’s take a look at how some of the strongest movements among stocks in this field today.
- Applied Materials (NASDAQ:AMAT) — AMAT stock is up 6.7% as of this writing with more than 13 million shares changing hands. Its daily average trading volume is about 9 million shares.
- Cree (NASDAQ:CREE) — CREE is up next with shares heading 6.4% higher and more than 950,000 trading. Its normal trading levels are roughly 1.9 million shares.
- Teradyne (NASDAQ:TER) — TER stock is climbing 5.7% higher on today’s news with over 1.2 million shares moving. The company’s daily average trading volume is about 2.2 million shares.
- Lattice Semiconductor (NASDAQ:LSCC) — LSCC stock is sitting 5.1% higher with some 603,000 shares changing hands. Its average trading volume for one day is roughly 1.1 million shares.
- ON Semiconductor (NASDAQ:ON) — ON stock is also getting about a 5.2% boost today as roughly 4.6 million shares trade. The company’s average trading volume is closer to 7.5 million shares.
- KLA Corporation (NASDAQ:KLAC) — KLAC stock is up 4.7% today with more than 876,000 shares changing hands. Its daily trading average is approximately 1.4 million shares.
- Lam Research (NASDAQ:LRCX) — LRCX stock finishes up the list with shares up 4.5% higher and some 1.7 traded. This roughly matches its daily average trading volume.
Semiconductor stocks aren’t the only ones on the move today following news of President Biden’s new infrastructure plan.
Stocks across several different markets today are also experiencing the effects of the plan. Some examples of this are Lucid Motors (NYSE:CCIV), U.S. Steel (NYSE:X), Caterpillar (NYSE:CAT), and more. Investors can catch up on this latest news below.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.