US chip-related stocks advance on upbeat AI demand outlook

Intel

Today 13:34

** Shares of US chip-related companies rise premarket, following SpaceX SPCX.O and Super Micro's SMCI.O strong results
** SMCI sees Q1 revenue and margins above estimates, while SpaceX's Q3 revenue also jumped, signaling stronger AI demand
** "This momentum is expected to be driven by the ramp of next-generation AI systems," says Needham 
** Chip giant Nvidia NVDA.O up 1.9%, peer Advanced Micro Devices AMD.O up 2%
** Marvell MRVL.O, Applied Materials AMAT.O, Intel INTC.O gain between 2.1%-2.5%
** Credo Technology CRDO.O up 7.1%, one of the biggest gainers 
** Memory-chip maker Micron MU.O up 3%, data-storage cos Western Digital WDC.O, Sandisk SNDK.O and Seagate Technology STX.O up between 3.5%-3.9%
** The gains follow last week’s sharp selloff, driven by rising Treasury yields and Fed rate-hike concerns that threatened to increase borrowing costs and curb AI infrastructure spending 
** As of last close, Philadelphia Semiconductor Index .SOX up nearly 60% YTD 

(Reporting by Jayasree Prabhu)
((jayasree.prabhu@thomsonreuters.com))