Chip stocks are on the rise Thursday and investors are wondering what news is behind this sector’s gains.
First off, we have Nvidia (NASDAQ:NVDA) releasing its latest earnings report. The company did well in the quarter with a specific call out to an increasing interest in artificial intelligence (AI). This comes as ChatGPT continues to rise in popularity and causes more companies to take AI offerings seriously.
Following that, President Joe Biden’s administration revealed its plans to bolster the semiconductor sector in the U.S. The administration has set aside $50 billion as part of this plan. Some of its efforts include the creation of two semiconductor research and development hubs in the country.
With these two bits of news on Thursday, shares of chip stocks are getting a boost. Let’s go over those details below!
Chip Stocks Up On Thursday
- NVDA stock starts us off with the company’s shares gaining more than 13% thanks to its latest earnings report.
- Advanced Micro Devices (NASDAQ:AMD) shares are next with the company’s stock jumping over 3% on today’s semiconductor news.
- Intel (NASDAQ:INTC) stock also joins our coverage with a slight gain today after seeing a bigger boost earlier this morning.
- Taiwan Semiconductor (NYSE:TSM) stock is also climbing higher today with the company’s shares up 4%.
- Micron Technology (NASDAQ:MU) is the last of the chip stocks we’re checking on today and it’s getting a 1.6% boost as of this writing.
Investors looking for more of the latest stock market news today will want to stick around!
We’ve got all of the most recent stock coverage that traders need to know about on Thursday! A few examples include why shares of Vascular Biogenics (NASDAQ:VBLT), Walgreens Boots Alliance (NASDAQ:WBA) and Teladoc (NYSE:TDOC) stock are moving today. You can catch up on that news at the following links!
More Thursday Stock Market News
- Why Is Vascular Biogenics (VBLT) Stock Up 52%?
- Can Walgreens (WBA) Stock Soar 20% From Here? Why This Analyst Thinks So.
- TDOC Stock Alert: What to Know as SVB Securities Upgrades Teladoc
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.