US chip stocks rebound, SOX touches record high

Intel

Yesterday 16:41

Updates
** Chip stocks jump in morning trading, rebounding from recent losses to touch fresh peaks

    ** Intel INTC.O jumps 8.9% to all-time high after U.S. President Donald Trump said that Apple AAPL.O has agreed to work with Intel to design and manufacture its chips in the United States
** The broader Philadelphia SE Semiconductor index .SOX climbs 6.1% to a record high

    ** Marvell Technology leads gains, with a near 12% jump, Nvidia NVDA.O up 2.4%, trading above $5 trillion market cap
  

    ** Micron Technology MU.O up 8% after Stifel, Rosenblatt Securities and Wedbush raise PT on stock ahead of quarterly results on June 24
  

    ** "We see potential for HBM (high bandwidth memory) price increases which will narrow the gross margin gap with DDR5 (double data rate memory 5th gen) and further expand corporate gross margin," Rosenblatt analysts say, calling it a "stronger for longer memory cycle"
  

    ** They set a PT of $1200; median PT is $1,105 and avg. rating is buy, as per LSEG data 
  

    ** Other memory stocks: Sandisk SNDK.O, Western Digital WDC.O, Seagate STX.O up 2.7%-11.2%
  
** ARM Holdings ARM.O up 6%, Microchip MCHP.O gains 5.4%, Applied Material AMAT.O adds 6.5%, and Qualcomm QCOM.O up 4.4%
** iShares semiconductor ETF SOXX.O up 6%, Vaneck semiconductor ETF SMH.O up 5%, Roundhill memory ETF DRAM.Z up 10%

 (Reporting by Tharuniyaa Lakshmi and Sruthi Shankar in Bengaluru)
 ((tharuniyaa@thomsonreuters.com))