US chip stocks rally after Intel's upbeat forecast fuels optimism

Lam Research

24/04/2026 16:14

Updates

** Shares of U.S. chipmakers advance after Intel's upbeat forecast on demand for its central processing units (CPU)

** The Philadelphia Semiconductor Index .SOX hit a new peak and was on track for its eighteenth session of gains, its longest streak on record

** INTC said it expects Q2 revenue of $13.8 billion-$14.8 billion and adjusted EPS of 20 cents

** Analysts on an average expected revenue of $13.07 billion and EPS of 9 cents - data compiled by LSEG

** Rivals Advanced Micro Devices AMD.O and Arm ARM.O jump 13.6% and 16% respectively on prospects of the AI boom restoring demand for CPUs

** AMD set for its biggest daily jump since Oct

** Shares of AI chipmaker Nvidia NVDA.O up 4.6% while smartphone chipmaker Qualcomm QCOM.O adds 7.7%

** U.S.-listed shares of contract chipmaker Taiwan Semiconductor Manufacturing TSM.N and memory chipmaker Micron Technology MU.O edge up 5.2% and 4.4% respectively

** Shares of chip-making equipment companies like Applied Materials AMAT.O, Lam Research LRCX.O and KLA Corp KLAC.O also gain between 3% to 5%

** The iShares Semiconductor ETF SOXX.O and the VanEck Semiconductor ETF SMH.O added over 4% each

** The Philadelphia Semiconductor Index .SOX has added about 48% YTD, including session's gains, largely outperforming the S&P 500's .SPX 4.2% rise

 (Reporting by Purvi Agarwal in Bengaluru)

 ((Purvi.Agarwal@thomsonreuters.com;))