Chip stocks rally as Lam Research forecasts sales ahead of estimates on AI boom

Ai Holdings

27/07/2023 11:22

** Shares of U.S. semiconductor companies rally in premarket
trading after upbeat sales forecast from chip-making tools
supplier Lam Research  LRCX.O 
    ** LRCX forecasts quarterly revenue above Wall Street
estimates, betting on a surge in demand fueled by rising
adoption of artificial intelligence (AI) technology; shares jump
3.6% before the bell  
    ** Nvidia  NVDA.O , Advanced Micro Devices  AMD.O , Broadcom
 AVGO.O , Micron Technology  MU.O  and Marvell Technology
 MRVL.O  gain between 1.5% and 3.7%
    ** Shares in Taiwan Semiconductor Manufacturing  2330.TW 
closed 0.5% higher in Asia trading, while its U.S.-listed shares
 TSM.N  gain 1.3% premarket 
    ** Intel  INTC.O  up 1.3%, while chip equipment maker
Applied Materials  AMAT.O  up 2.7%
    ** European chipmakers also rise after reporting a series of
earnings, with ASM International  ASMI.AS , BE Semiconductor
 BESI.AS  and ASML Holding  ASML.AS  advancing between 3.9% and
8.2%
    ** AI-linked firms including C3.ai  AI.N , Palantir
Technologies  PLTR.N , SoundHound AI  SOUN.O , Guardforce AI
 GFAI.O  and BigBear.ai Holdings  BBAI.N  gain between 1% and 5%
premarket
    ** AI optimism has pushed the Philadelphia SE Semiconductor
index  .SOX  up 46% YTD, outperforming the S&P 500  .SPX  which
has gained ~19% during the same period

 (Reporting by Shreyashi Sanyal)
 ((Shreyashi.Sanyal@thomsonreuters.com))